UMB Bank n.a. decreased its position in Chevron Co. (NYSE:CVX – Get Rating) by 0.9% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 419,300 shares of the oil and gas company’s stock after selling 4,011 shares during the period. Chevron accounts for approximately 1.1% of UMB Bank n.a.’s investment portfolio, making the stock its 18th largest position. UMB Bank n.a.’s holdings in Chevron were worth $68,413,000 at the end of the most recent quarter.
Several other hedge funds have also made changes to their positions in CVX. Rebalance LLC purchased a new stake in shares of Chevron in the 4th quarter valued at approximately $26,000. Worth Asset Management LLC acquired a new position in shares of Chevron in the 1st quarter worth approximately $36,000. Red Tortoise LLC acquired a new position in shares of Chevron in the 4th quarter worth approximately $37,000. Western Pacific Wealth Management LP acquired a new position in shares of Chevron in the 4th quarter worth approximately $37,000. Finally, JDM Financial Group LLC acquired a new position in shares of Chevron in the 4th quarter worth approximately $42,000. Hedge funds and other institutional investors own 69.65% of the company’s stock.
Analysts Set New Price Targets
Several brokerages have recently commented on CVX. JPMorgan Chase & Co. upgraded shares of Chevron from an “underweight” rating to a “neutral” rating and upped their price objective for the stock from $161.00 to $170.00 in a report on Wednesday, May 31st. BNP Paribas upgraded shares of 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. Scotiabank upgraded shares of Chevron from a “sector perform” rating to a “sector outperform” rating and increased their target price for the stock from $195.00 to $200.00 in a report on Thursday, April 13th. Wells Fargo & Company reduced their target price 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, Raymond James reduced their target price 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. Nine analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $191.68.
Chevron Trading Up 0.8 %
Chevron (NYSE:CVX – Get Rating) last released its earnings results on Friday, April 28th. The oil and gas company reported $3.55 EPS for the quarter, topping the consensus estimate of $3.41 by $0.14. Chevron had a net margin of 14.74% and a return on equity of 23.15%. The company had revenue of $50.79 billion during the quarter, compared to analysts’ expectations of $49.49 billion. During the same quarter last year, the business earned $3.36 EPS. The business’s revenue was down 6.6% on a year-over-year basis. Analysts forecast that Chevron Co. will post 13.82 earnings per share for the current year.
Chevron Announces Dividend
The company also recently announced a quarterly dividend, which was paid on Monday, June 12th. Stockholders of record on Friday, May 19th were paid a $1.51 dividend. This represents a $6.04 annualized dividend and a dividend yield of 3.90%. The ex-dividend date of this dividend was Thursday, May 18th. Chevron’s dividend payout ratio (DPR) is presently 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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