Mitchell Capital Management Co. increased its holdings in shares of Chevron Co. (NYSE:CVX) by 8.5% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 12,663 shares of the oil and gas company’s stock after acquiring an additional 995 shares during the quarter. Mitchell Capital Management Co.’s holdings in Chevron were worth $1,326,000 at the end of the most recent reporting period.
A number of other institutional investors and hedge funds have also bought and sold shares of CVX. BlackRock Inc. boosted its position in Chevron by 4.1% during the first quarter. BlackRock Inc. now owns 132,016,229 shares of the oil and gas company’s stock worth $13,833,978,000 after acquiring an additional 5,193,990 shares during the last quarter. Morgan Stanley boosted its holdings in Chevron by 13.9% in the 1st quarter. Morgan Stanley now owns 21,789,121 shares of the oil and gas company’s stock valued at $2,283,280,000 after purchasing an additional 2,666,433 shares during the last quarter. Cullen Capital Management LLC boosted its holdings in Chevron by 316.9% in the 1st quarter. Cullen Capital Management LLC now owns 1,934,292 shares of the oil and gas company’s stock valued at $202,695,000 after purchasing an additional 1,470,277 shares during the last quarter. Mn Services Vermogensbeheer B.V. acquired a new position in Chevron in the 2nd quarter valued at about $125,336,000. Finally, Ameriprise Financial Inc. boosted its holdings in Chevron by 7.4% in the 1st quarter. Ameriprise Financial Inc. now owns 17,136,152 shares of the oil and gas company’s stock valued at $1,795,221,000 after purchasing an additional 1,177,532 shares during the last quarter. Hedge funds and other institutional investors own 65.78% of the company’s stock.
Several brokerages have recently commented on CVX. Zacks Investment Research upgraded shares of Chevron from a “hold” rating to a “strong-buy” rating and set a $118.00 price objective on the stock in a report on Wednesday, August 4th. Mizuho upped their target price on shares of Chevron from $127.00 to $135.00 and gave the company a “buy” rating in a report on Wednesday, July 7th. Truist upped their target price on shares of Chevron from $130.00 to $144.00 and gave the company a “buy” rating in a report on Thursday, July 1st. They noted that the move was a valuation call. Wells Fargo & Company lowered their target price on shares of Chevron from $110.00 to $107.00 and set an “equal weight” rating for the company in a report on Wednesday. Finally, HSBC cut shares of Chevron from a “buy” rating to a “hold” rating and decreased their price target for the stock from $127.00 to $112.00 in a research note on Thursday, July 22nd. Eleven research analysts have rated the stock with a hold rating, sixteen have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat.com, the company presently has a consensus rating of “Buy” and an average target price of $118.29.
Chevron (NYSE:CVX) last announced its quarterly earnings results on Thursday, July 29th. The oil and gas company reported $1.71 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.59 by $0.12. Chevron had a net margin of 3.01% and a return on equity of 3.89%. The company had revenue of $37.60 billion during the quarter, compared to the consensus estimate of $35.98 billion. During the same quarter in the previous year, the company posted ($1.59) earnings per share. The company’s revenue for the quarter was up 169.5% compared to the same quarter last year. Analysts predict that Chevron Co. will post 6.74 EPS for the current year.
The company also recently declared a quarterly dividend, which was paid on Friday, September 10th. Stockholders of record on Thursday, August 19th were issued a dividend of $1.34 per share. This represents a $5.36 annualized dividend and a dividend yield of 5.57%. The ex-dividend date was Wednesday, August 18th. Chevron’s dividend payout ratio (DPR) is -2,680.00%.
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 exploration, development, and production of crude oil and natural gas; liquefaction, transportation, and regasification associated with liquefied natural gas; transporting crude oil by major international oil export pipelines; processing, transporting, storage, and marketing of natural gas; and a gas-to-liquids plant.
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