Greatmark Investment Partners Inc. trimmed its stake in shares of Chevron Co. (NYSE:CVX – Get Rating) by 0.5% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 23,145 shares of the oil and gas company’s stock after selling 125 shares during the quarter. Greatmark Investment Partners Inc.’s holdings in Chevron were worth $4,154,000 as of its most recent filing with the Securities and Exchange Commission.
A number of other institutional investors also recently added to or reduced their stakes in CVX. Worth Asset Management LLC acquired a new position in shares of Chevron in the 1st quarter worth approximately $36,000. JDM Financial Group LLC acquired a new position in shares of Chevron in the 4th quarter worth approximately $42,000. Global Wealth Strategies & Associates acquired a new position in shares of Chevron in the 4th quarter worth approximately $46,000. Orion Capital Management LLC boosted its holdings in shares of Chevron by 32.9% in the 4th quarter. Orion Capital Management LLC now owns 295 shares of the oil and gas company’s stock worth $53,000 after acquiring an additional 73 shares in the last quarter. Finally, Hillsdale Investment Management Inc. boosted its holdings in shares of Chevron by 127.3% in the 3rd quarter. Hillsdale Investment Management Inc. now owns 375 shares of the oil and gas company’s stock worth $54,000 after acquiring an additional 210 shares in the last quarter. 69.37% of the stock is owned by institutional investors and hedge funds.
Wall Street Analysts Forecast Growth
CVX has been the topic of several research reports. Bank of America downgraded Chevron from a “buy” rating to a “neutral” rating and upped their price objective for the stock from $190.00 to $191.00 in a report on Friday, January 6th. Raymond James reduced their price objective on Chevron from $215.00 to $212.00 and set an “outperform” rating on the stock in a report on Monday, January 30th. Mizuho reaffirmed a “neutral” rating and set a $206.00 price objective on shares of Chevron in a report on Tuesday. Barclays upped their price objective on Chevron from $196.00 to $212.00 and gave the stock an “overweight” rating in a report on Tuesday, January 3rd. Finally, BNP Paribas raised Chevron from an “underperform” rating to a “neutral” rating and set a $200.00 price objective on the stock in a report on Tuesday, April 4th. Ten analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $191.11.
Chevron Price Performance
Chevron (NYSE:CVX – Get Rating) last released its quarterly earnings data on Friday, January 27th. The oil and gas company reported $4.09 EPS for the quarter, missing analysts’ consensus estimates of $4.16 by ($0.07). Chevron had a net margin of 14.40% and a return on equity of 23.52%. The firm had revenue of $56.47 billion during the quarter, compared to the consensus estimate of $53.97 billion. During the same quarter in the prior year, the company earned $2.56 EPS. Chevron’s quarterly revenue was up 17.1% on a year-over-year basis. On average, research analysts expect that Chevron Co. will post 14.53 EPS for the current year.
Chevron Increases Dividend
The company also recently disclosed a quarterly dividend, which was paid on Friday, March 10th. Investors of record on Thursday, February 16th were given a $1.51 dividend. The ex-dividend date of this dividend was Wednesday, February 15th. This represents a $6.04 dividend on an annualized basis and a dividend yield of 3.50%. This is a boost from Chevron’s previous quarterly dividend of $1.42. Chevron’s dividend payout ratio is currently 33.04%.
Chevron declared that its board has initiated a share buyback program on Wednesday, January 25th that permits the company to buyback $75.00 billion in shares. This buyback authorization permits the oil and gas company to reacquire up to 21.7% of its stock through open market purchases. Stock buyback programs are generally an indication that the company’s management believes its shares are undervalued.
Insiders Place Their Bets
In other Chevron news, VP Rhonda J. Morris sold 19,666 shares of the stock in a transaction dated Tuesday, February 7th. The stock was sold at an average price of $170.00, for a total transaction of $3,343,220.00. Following the completion of the transaction, the vice president now owns 3,967 shares in the company, valued at approximately $674,390. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Corporate insiders own 0.32% of the company’s stock.
About Chevron
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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