Pettee Investors Inc. raised its position in shares of Chevron Co. (NYSE:CVX – Get Rating) by 2.8% in the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 18,100 shares of the oil and gas company’s stock after purchasing an additional 485 shares during the quarter. Chevron accounts for approximately 1.6% of Pettee Investors Inc.’s holdings, making the stock its 16th biggest position. Pettee Investors Inc.’s holdings in Chevron were worth $3,249,000 at the end of the most recent quarter.
A number of other large investors have also made changes to their positions in the company. Cantor Fitzgerald Investment Advisor L.P lifted its position in shares of Chevron by 85.1% during the 1st quarter. Cantor Fitzgerald Investment Advisor L.P now owns 159,115 shares of the oil and gas company’s stock valued at $25,908,000 after buying an additional 73,141 shares in the last quarter. Axiom Financial Strategies LLC lifted its position in shares of Chevron by 25.2% during the 1st quarter. Axiom Financial Strategies LLC now owns 7,335 shares of the oil and gas company’s stock valued at $1,155,000 after buying an additional 1,476 shares in the last quarter. GQG Partners LLC lifted its position in shares of Chevron by 4.7% during the 1st quarter. GQG Partners LLC now owns 40,538 shares of the oil and gas company’s stock valued at $6,598,000 after buying an additional 1,813 shares in the last quarter. Lumature Wealth Partners LLC lifted its holdings in Chevron by 43.5% in the 1st quarter. Lumature Wealth Partners LLC now owns 5,837 shares of the oil and gas company’s stock worth $950,000 after purchasing an additional 1,770 shares in the last quarter. Finally, First Trust Advisors LP lifted its holdings in Chevron by 13.8% in the 1st quarter. First Trust Advisors LP now owns 2,068,600 shares of the oil and gas company’s stock worth $336,830,000 after purchasing an additional 250,840 shares in the last quarter. 69.37% of the stock is currently owned by institutional investors.
Wall Street Analysts Forecast Growth
CVX has been the topic of a number of research analyst reports. Bank of America cut Chevron from a “buy” rating to a “neutral” rating and boosted their price target for the stock from $190.00 to $191.00 in a report on Friday, January 6th. Cowen lowered their price target on Chevron from $185.00 to $170.00 and set an “outperform” rating on the stock in a report on Friday, February 24th. Raymond James lowered their price target on Chevron from $215.00 to $212.00 and set an “outperform” rating on the stock in a report on Monday, January 30th. Wells Fargo & Company lowered their price target on Chevron from $204.00 to $199.00 and set an “overweight” rating on the stock in a report on Thursday, March 2nd. Finally, BNP Paribas raised Chevron from an “underperform” rating to a “neutral” rating and set a $200.00 price target on the stock in a report on Tuesday. Eleven equities research analysts have rated the stock with a hold rating and eight have given a buy rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and an average price target of $189.76.
Chevron Stock Performance
Chevron (NYSE:CVX – Get Rating) last released its earnings results on Friday, January 27th. The oil and gas company reported $4.09 earnings per share for the quarter, missing the consensus estimate of $4.16 by ($0.07). The company had revenue of $56.47 billion for the quarter, compared to the consensus estimate of $53.97 billion. Chevron had a net margin of 14.40% and a return on equity of 23.52%. The business’s revenue for the quarter was up 17.1% compared to the same quarter last year. During the same period in the prior year, the firm posted $2.56 EPS. Sell-side analysts predict that Chevron Co. will post 14.56 earnings per share for the current year.
Chevron Increases Dividend
The business also recently announced a quarterly dividend, which was paid on Friday, March 10th. Stockholders of record on Thursday, February 16th were given a dividend of $1.51 per share. The ex-dividend date of this dividend was Wednesday, February 15th. This represents a $6.04 annualized dividend and a dividend yield of 3.60%. This is an increase from Chevron’s previous quarterly dividend of $1.42. Chevron’s payout ratio is currently 33.04%.
Chevron declared that its Board of Directors has approved a stock buyback plan on Wednesday, January 25th that allows the company to repurchase $75.00 billion in outstanding shares. This repurchase authorization allows the oil and gas company to buy up to 21.7% of its shares through open market purchases. Shares repurchase plans are often a sign that the company’s leadership believes its stock is undervalued.
Insider Activity
In other Chevron news, VP Rhonda J. Morris sold 19,666 shares of the company’s stock in a transaction on Tuesday, February 7th. The stock was sold at an average price of $170.00, for a total value of $3,343,220.00. Following the transaction, the vice president now owns 3,967 shares of the company’s stock, valued at approximately $674,390. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Corporate insiders own 0.32% of the company’s stock.
Chevron Company Profile
Chevron Corp. engages in the provision of administrative, financial management, and technology support for energy and chemical operations. It operates through the Upstream and Downstream segments. The Upstream segment consists of the exploration, development, and production of crude oil and natural gas, the liquefaction, transportation, and regasification associated with liquefied natural gas, the transporting of crude oil by major international oil export pipelines, the processing, transporting, storage, and marketing of natural gas, and a gas-to-liquids plant.
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