Objective Capital Management LLC lessened its stake in Chevron Co. (NYSE:CVX – Get Rating) by 4.9% in the 4th quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 2,518 shares of the oil and gas company’s stock after selling 129 shares during the quarter. Objective Capital Management LLC’s holdings in Chevron were worth $452,000 at the end of the most recent reporting period.
A number of other institutional investors have also made changes to their positions in the business. Morgan Stanley lifted its position in shares of Chevron by 12.7% in the fourth quarter. Morgan Stanley now owns 32,906,060 shares of the oil and gas company’s stock worth $5,906,309,000 after purchasing an additional 3,711,923 shares in the last quarter. Moneta Group Investment Advisors LLC raised its position in Chevron by 104,997.3% during the fourth quarter. Moneta Group Investment Advisors LLC now owns 24,490,824 shares of the oil and gas company’s stock worth $4,395,858,000 after acquiring an additional 24,467,521 shares in the last quarter. Norges Bank bought a new stake in Chevron during the fourth quarter worth $3,058,235,000. Charles Schwab Investment Management Inc. raised its position in Chevron by 1.3% during the first quarter. Charles Schwab Investment Management Inc. now owns 14,697,160 shares of the oil and gas company’s stock worth $2,393,138,000 after acquiring an additional 189,762 shares in the last quarter. Finally, Franklin Resources Inc. raised its position in Chevron by 2.6% during the fourth quarter. Franklin Resources Inc. now owns 14,164,343 shares of the oil and gas company’s stock worth $2,542,358,000 after acquiring an additional 354,084 shares in the last quarter. Institutional investors own 69.37% of the company’s stock.
Wall Street Analyst Weigh In
Several research firms have issued reports on CVX. Piper Sandler dropped their price target on shares of Chevron from $196.00 to $188.00 in a research report on Tuesday. Raymond James decreased their price objective on shares of Chevron from $212.00 to $208.00 and set an “outperform” rating on the stock in a report on Friday, April 14th. JPMorgan Chase & Co. upgraded shares of Chevron from an “underweight” rating to a “neutral” rating and upped their price objective for the company from $161.00 to $170.00 in a report on Wednesday, May 31st. Wells Fargo & Company decreased their price objective on shares of Chevron from $204.00 to $199.00 and set an “overweight” rating on the stock in a report on Thursday, March 2nd. Finally, Cowen decreased their price objective on shares of Chevron from $185.00 to $170.00 and set an “outperform” rating on the stock in a report on Friday, February 24th. Nine research analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $191.68.
Chevron Stock Down 0.6 %
Chevron (NYSE:CVX – Get Rating) last issued its quarterly earnings results on Friday, April 28th. The oil and gas company reported $3.55 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $3.41 by $0.14. The firm had revenue of $50.79 billion for the quarter, compared to the consensus estimate of $49.49 billion. Chevron had a net margin of 14.74% and a return on equity of 23.15%. The company’s revenue for the quarter was down 6.6% on a year-over-year basis. During the same quarter in the previous year, the company earned $3.36 EPS. On average, research analysts forecast that Chevron Co. will post 13.82 EPS for the current year.
Chevron Announces Dividend
The company also recently declared a quarterly dividend, which was paid on Monday, June 12th. Stockholders of record on Friday, May 19th were given a $1.51 dividend. The ex-dividend date of this dividend was Thursday, May 18th. This represents a $6.04 dividend on an annualized basis and a dividend yield of 3.84%. Chevron’s dividend payout ratio (DPR) is currently 32.61%.
Chevron 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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