Buffington Mohr McNeal lessened its holdings in shares of Chevron Co. (NYSE:CVX – Free Report) by 1.4% during the 1st quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 27,342 shares of the oil and gas company’s stock after selling 395 shares during the period. Buffington Mohr McNeal’s holdings in Chevron were worth $4,461,000 at the end of the most recent reporting period.
Other hedge funds and other institutional investors have also made changes to their positions in the company. Rebalance LLC acquired a new stake in shares of Chevron during the 4th quarter worth about $26,000. Worth Asset Management LLC purchased a new position in Chevron during the 1st quarter worth approximately $36,000. Red Tortoise LLC purchased a new position in Chevron during the 4th quarter worth approximately $37,000. Western Pacific Wealth Management LP purchased a new position in Chevron during the 4th quarter worth approximately $37,000. Finally, JDM Financial Group LLC purchased a new position in Chevron during the 4th quarter worth approximately $42,000. Institutional investors and hedge funds own 69.65% of the company’s stock.
Wall Street Analyst Weigh In
A number of research analysts recently issued reports on CVX shares. HSBC upgraded Chevron from a “hold” rating to a “buy” rating and set a $189.00 price target on the stock in a research note on Tuesday, May 23rd. BNP Paribas upgraded Chevron from an “underperform” rating to a “neutral” rating and set a $200.00 target price on the stock in a research note on Tuesday, April 4th. Royal Bank of Canada upgraded Chevron from a “sector perform” rating to an “outperform” rating and lifted their target price for the company from $165.00 to $180.00 in a research note on Thursday, June 1st. Raymond James lowered their target price on Chevron from $212.00 to $208.00 and set an “outperform” rating on the stock in a research note on Friday, April 14th. Finally, StockNews.com began coverage on Chevron in a research note on Thursday, May 18th. They issued a “hold” rating on the stock. Eight investment analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $191.63.
Chevron Stock Performance
Chevron (NYSE:CVX – Get Free Report) last released its quarterly earnings results 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. Chevron had a return on equity of 23.15% and a net margin of 14.74%. 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 firm posted $3.36 earnings per share. The business’s revenue for the quarter was down 6.6% compared to the same quarter last year. As a group, analysts predict that Chevron Co. will post 13.75 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 given a $1.51 dividend. This represents a $6.04 dividend on an annualized basis and a dividend yield of 3.93%. The ex-dividend date of this dividend was Thursday, May 18th. Chevron’s dividend payout ratio is currently 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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