National Bank of Canada FI grew its holdings in Chevron Co. (NYSE:CVX – Get Rating) by 18.6% in the first quarter, according to its most recent disclosure with the SEC. The fund owned 310,962 shares of the oil and gas company’s stock after buying an additional 48,858 shares during the period. National Bank of Canada FI’s holdings in Chevron were worth $51,068,000 at the end of the most recent reporting period.
A number of other institutional investors and hedge funds have also made changes to their positions in CVX. Rebalance LLC purchased a new position in Chevron during the fourth quarter worth about $26,000. Worth Asset Management LLC acquired a new stake in shares of Chevron during the 1st quarter valued at approximately $36,000. Red Tortoise LLC acquired a new stake in shares of Chevron during the 4th quarter valued at approximately $37,000. Western Pacific Wealth Management LP acquired a new stake in shares of Chevron during the 4th quarter valued at approximately $37,000. Finally, JDM Financial Group LLC acquired a new stake in shares of Chevron during the 4th quarter valued at approximately $42,000. 69.65% of the stock is owned by hedge funds and other institutional investors.
Analyst Upgrades and Downgrades
A number of research firms have recently issued reports on CVX. JPMorgan Chase & Co. upgraded shares of Chevron from an “underweight” rating to a “neutral” rating and lifted their price target for the company from $161.00 to $170.00 in a research report on Wednesday, May 31st. Morgan Stanley raised their price objective on shares of Chevron from $192.00 to $198.00 in a research note on Tuesday, May 23rd. HSBC raised shares of Chevron from a “hold” rating to a “buy” rating and set a $189.00 price objective for the company in a research note on Tuesday, May 23rd. Piper Sandler dropped their price objective on shares of Chevron from $196.00 to $188.00 in a research note on Tuesday, June 13th. Finally, UBS Group assumed coverage on shares of Chevron in a research note on Wednesday, April 19th. They set a “buy” rating and a $212.00 price objective for the company. Nine analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company. According to MarketBeat, Chevron presently has a consensus rating of “Moderate Buy” and an average target price of $191.68.
Chevron Stock Down 0.8 %
Chevron (NYSE:CVX – Get Rating) last announced its quarterly earnings data on Friday, April 28th. The oil and gas company reported $3.55 earnings per share (EPS) for the quarter, beating 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 period in the previous year, the company earned $3.36 EPS. The business’s quarterly revenue was down 6.6% compared to the same quarter last year. On average, analysts anticipate that Chevron Co. will post 13.83 EPS for the current year.
Chevron Dividend Announcement
The business also recently disclosed a quarterly dividend, which was paid on Monday, June 12th. Stockholders of record on Friday, May 19th were paid a dividend of $1.51 per share. The ex-dividend date was Thursday, May 18th. This represents a $6.04 annualized dividend and a dividend yield of 3.99%. Chevron’s dividend payout ratio is presently 32.61%.
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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