LGT Group Foundation lifted its stake in shares of Chevron Co. (NYSE:CVX – Free Report) by 18.5% during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 101,180 shares of the oil and gas company’s stock after buying an additional 15,812 shares during the period. LGT Group Foundation’s holdings in Chevron were worth $16,509,000 at the end of the most recent quarter.
Other hedge funds also recently modified their holdings of the company. Morgan Stanley boosted its position 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 raised its stake in shares of 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 valued at $4,395,858,000 after buying an additional 24,467,521 shares during the period. Norges Bank bought a new stake in shares of Chevron in the fourth quarter valued at $3,058,235,000. Charles Schwab Investment Management Inc. raised its stake in shares of 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 valued at $2,393,138,000 after buying an additional 189,762 shares during the period. Finally, Franklin Resources Inc. raised its stake in shares of 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 valued at $2,542,358,000 after buying an additional 354,084 shares during the period. Hedge funds and other institutional investors own 69.65% of the company’s stock.
Wall Street Analyst Weigh In
A number of analysts recently issued reports on the company. BNP Paribas upgraded Chevron from an “underperform” rating to a “neutral” rating and set a $200.00 price objective on the stock in a research note on Tuesday, April 4th. UBS Group assumed coverage on Chevron in a research note on Wednesday, April 19th. They set a “buy” rating and a $212.00 price objective on the stock. HSBC upgraded Chevron from a “hold” rating to a “buy” rating and set a $189.00 price objective on the stock in a research note on Tuesday, May 23rd. StockNews.com assumed coverage on Chevron in a research note on Thursday, May 18th. They set a “hold” rating on the stock. Finally, Royal Bank of Canada upgraded 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 research note on Thursday, June 1st. Nine equities research analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company. According to MarketBeat, Chevron has a consensus rating of “Moderate Buy” and an average target price of $191.68.
Chevron Trading Down 0.1 %
Chevron (NYSE:CVX – Free Report) last issued its earnings results on Friday, April 28th. The oil and gas company reported $3.55 earnings per share for the quarter, beating the consensus estimate of $3.41 by $0.14. The company had revenue of $50.79 billion during the quarter, compared to analysts’ expectations of $49.49 billion. Chevron had a return on equity of 23.15% and a net margin of 14.74%. Chevron’s quarterly revenue was down 6.6% compared to the same quarter last year. During the same period in the prior year, the business posted $3.36 EPS. As a group, sell-side analysts anticipate that Chevron Co. will post 13.83 earnings per share for the current year.
Chevron Announces Dividend
The firm also recently declared a quarterly dividend, which was paid on Monday, June 12th. Shareholders of record on Friday, May 19th were given a dividend of $1.51 per share. This represents a $6.04 dividend on an annualized basis and a yield of 3.84%. The ex-dividend date of this dividend was Thursday, May 18th. Chevron’s payout ratio is 32.61%.
Chevron 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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