Gradient Investments LLC raised its holdings in Chevron Co. (NYSE:CVX – Free Report) by 22.4% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 223,183 shares of the oil and gas company’s stock after buying an additional 40,774 shares during the period. Chevron comprises about 1.0% of Gradient Investments LLC’s holdings, making the stock its 22nd largest position. Gradient Investments LLC’s holdings in Chevron were worth $36,415,000 at the end of the most recent quarter.
A number of other large investors also recently made changes to their positions in the company. Morgan Stanley lifted its position in shares of Chevron by 12.7% during the fourth quarter. Morgan Stanley now owns 32,906,060 shares of the oil and gas company’s stock valued at $5,906,309,000 after purchasing an additional 3,711,923 shares in the last quarter. Moneta Group Investment Advisors LLC lifted its position in shares of 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 valued at $4,395,858,000 after purchasing an additional 24,467,521 shares in the last quarter. Norges Bank bought a new position in shares of Chevron during the fourth quarter valued at about $3,058,235,000. Charles Schwab Investment Management Inc. lifted its position in shares of 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 valued at $2,393,138,000 after purchasing an additional 189,762 shares in the last quarter. Finally, Franklin Resources Inc. lifted its position in shares of 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 valued at $2,542,358,000 after purchasing an additional 354,084 shares in the last quarter. 69.65% of the stock is owned by institutional investors.
Analysts Set New Price Targets
CVX has been the topic of a number of recent analyst reports. BNP Paribas raised shares of Chevron from an “underperform” rating to a “neutral” rating and set a $200.00 price target on the stock in a research report on Tuesday, April 4th. Piper Sandler decreased their price objective on shares of Chevron from $196.00 to $188.00 in a report on Tuesday, June 13th. Truist Financial decreased their price objective on shares of Chevron from $193.00 to $190.00 in a report on Monday, May 1st. Royal Bank of Canada upgraded shares of Chevron from a “sector perform” rating to an “outperform” rating and raised their price objective for the stock from $165.00 to $180.00 in a report on Thursday, June 1st. Finally, Scotiabank upgraded shares of Chevron from a “sector perform” rating to a “sector outperform” rating and raised their price objective for the stock from $195.00 to $200.00 in a report on Thursday, April 13th. Nine analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $191.68.
Chevron Trading Up 0.9 %
Chevron (NYSE:CVX – Free Report) last announced its quarterly earnings data on Friday, April 28th. The oil and gas company reported $3.55 earnings per share for the quarter, topping analysts’ consensus estimates of $3.41 by $0.14. The firm had revenue of $50.79 billion during the quarter, compared to analyst estimates of $49.49 billion. Chevron had a net margin of 14.74% and a return on equity of 23.15%. The business’s quarterly revenue was down 6.6% on a year-over-year basis. During the same period in the previous year, the business posted $3.36 EPS. Analysts expect that Chevron Co. will post 13.83 earnings per share for the current fiscal year.
Chevron Announces Dividend
The firm also recently disclosed a quarterly dividend, which was paid on Monday, June 12th. Stockholders of record on Friday, May 19th were issued 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 3.90%. Chevron’s payout ratio is 32.61%.
Chevron Company Profile
Chevron Corporation, through its subsidiaries, engages in the integrated energy and chemicals operations in the United States and internationally. The company operates in two segments, Upstream and Downstream. The Upstream segment is involved in the exploration, development, production, and transportation of crude oil and natural gas; liquefaction, transportation, and regasification associated with liquefied natural gas; transportation of crude oil through pipelines; and processing, transportation, storage, and marketing of natural gas, as well as a gas-to-liquids plant.
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