Navellier & Associates Inc. raised its position in Chevron Co. (NYSE:CVX – Get Rating) by 44.6% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 17,398 shares of the oil and gas company’s stock after acquiring an additional 5,367 shares during the quarter. Navellier & Associates Inc.’s holdings in Chevron were worth $3,123,000 as of its most recent SEC filing.
Other institutional investors also recently bought and sold shares of the company. Worth Asset Management LLC acquired a new position in shares of Chevron during the first quarter worth about $36,000. Red Tortoise LLC acquired a new position in shares of Chevron during the fourth quarter worth about $37,000. JDM Financial Group LLC acquired a new position in shares of Chevron during the fourth quarter worth about $42,000. Luken Investment Analytics LLC acquired a new position in shares of Chevron during the fourth quarter worth about $45,000. Finally, Global Wealth Strategies & Associates acquired a new position in shares of Chevron during the fourth quarter worth about $46,000. 69.37% of the stock is owned by institutional investors and hedge funds.
Insiders Place Their Bets
In other news, VP Rhonda J. Morris sold 19,666 shares of the business’s stock in a transaction that occurred 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 completion of the sale, the vice president now directly owns 3,967 shares in the company, valued at approximately $674,390. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. 0.32% of the stock is owned by company insiders.
Chevron Price Performance
Chevron (NYSE:CVX – Get Rating) last posted its quarterly earnings data on Friday, January 27th. The oil and gas company reported $4.09 earnings per share (EPS) for the quarter, missing the consensus estimate of $4.16 by ($0.07). Chevron had a return on equity of 23.52% and a net margin of 14.40%. The business had revenue of $56.47 billion for the quarter, compared to analysts’ expectations of $53.97 billion. During the same quarter in the prior year, the firm earned $2.56 earnings per share. Chevron’s revenue for the quarter was up 17.1% compared to the same quarter last year. Analysts predict that Chevron Co. will post 14.39 earnings per share for the current fiscal year.
Chevron announced that its Board of Directors has authorized a share buyback plan on Wednesday, January 25th that permits the company to repurchase $75.00 billion in shares. This repurchase authorization permits the oil and gas company to purchase up to 21.7% of its stock through open market purchases. Stock repurchase plans are generally a sign that the company’s management believes its shares are undervalued.
Chevron Increases Dividend
The firm also recently disclosed a quarterly dividend, which was paid on Friday, March 10th. Shareholders of record on Thursday, February 16th were issued a dividend of $1.51 per share. The ex-dividend date of this dividend was Wednesday, February 15th. This is an increase from Chevron’s previous quarterly dividend of $1.42. This represents a $6.04 annualized dividend and a yield of 3.57%. Chevron’s payout ratio is currently 33.04%.
Wall Street Analyst Weigh In
A number of brokerages have recently commented on CVX. UBS Group initiated coverage on Chevron in a research report on Wednesday, April 19th. They set a “buy” rating and a $212.00 price objective for the company. Raymond James decreased their target price on Chevron from $212.00 to $208.00 and set an “outperform” rating for the company in a research note on Friday, April 14th. Wells Fargo & Company decreased their target price on Chevron from $204.00 to $199.00 and set an “overweight” rating for the company in a research note on Thursday, March 2nd. Cowen decreased their target price on Chevron from $185.00 to $170.00 and set an “outperform” rating for the company in a research note on Friday, February 24th. Finally, Morgan Stanley decreased their target price on Chevron from $195.00 to $192.00 and set an “equal weight” rating for the company in a research note on Monday, March 27th. Nine research analysts have rated the stock with a hold rating and eleven have given a buy rating to the stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $193.50.
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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