Newbridge Financial Services Group Inc. increased its holdings in Chevron Co. (NYSE:CVX – Free Report) by 11.3% in the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 3,369 shares of the oil and gas company’s stock after buying an additional 343 shares during the period. Newbridge Financial Services Group Inc.’s holdings in Chevron were worth $550,000 as of its most recent filing with the Securities & Exchange Commission.
Other large investors also recently bought and sold shares of the company. Morgan Stanley grew its holdings in 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 during the last quarter. Moneta Group Investment Advisors LLC grew its holdings in Chevron by 104,997.3% in 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 purchasing an additional 24,467,521 shares during the last quarter. Norges Bank purchased a new position in Chevron in the fourth quarter worth $3,058,235,000. Charles Schwab Investment Management Inc. grew its holdings in Chevron by 1.3% in 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 purchasing an additional 189,762 shares during the last quarter. Finally, Franklin Resources Inc. grew its holdings in Chevron by 2.6% in 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 purchasing an additional 354,084 shares during the last quarter. Institutional investors own 69.65% of the company’s stock.
Analyst Ratings Changes
Several equities analysts have issued reports on CVX shares. Truist Financial cut their price target on shares of Chevron from $193.00 to $190.00 in a report on Monday, May 1st. Royal Bank of Canada raised shares of Chevron from a “sector perform” rating to an “outperform” rating and boosted their price objective for the company from $165.00 to $180.00 in a report on Thursday, June 1st. JPMorgan Chase & Co. raised shares of Chevron from an “underweight” rating to a “neutral” rating and boosted their price objective for the company from $161.00 to $170.00 in a report on Wednesday, May 31st. Morgan Stanley boosted their price objective on shares of Chevron from $192.00 to $198.00 in a report on Tuesday, May 23rd. Finally, Piper Sandler dropped their price objective on shares of Chevron from $196.00 to $188.00 in a report on Tuesday, June 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 MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $191.68.
Chevron Trading Up 0.7 %
Chevron (NYSE:CVX – Free Report) last issued 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 business had revenue of $50.79 billion during 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 was down 6.6% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $3.36 earnings per share. As a group, equities analysts predict that Chevron Co. will post 13.83 earnings per share for the current fiscal year.
Chevron Dividend Announcement
The business also recently declared a quarterly dividend, which was paid on Monday, June 12th. Investors of record on Friday, May 19th were paid a $1.51 dividend. This represents a $6.04 dividend on an annualized basis and a yield of 3.84%. The ex-dividend date was Thursday, May 18th. Chevron’s dividend payout ratio is presently 32.61%.
About Chevron
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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