Huber Capital Management LLC lifted its position in shares of Chevron Co. (NYSE:CVX) by 62.4% in the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 62,200 shares of the oil and gas company’s stock after acquiring an additional 23,900 shares during the period. Chevron makes up approximately 1.7% of Huber Capital Management LLC’s portfolio, making the stock its 19th largest position. Huber Capital Management LLC’s holdings in Chevron were worth $6,515,000 at the end of the most recent quarter.
Several other institutional investors have also modified their holdings of CVX. Principal Financial Group Inc. grew its stake in Chevron by 0.7% in the 1st quarter. Principal Financial Group Inc. now owns 4,523,563 shares of the oil and gas company’s stock worth $474,023,000 after acquiring an additional 30,987 shares in the last quarter. E Fund Management Co. Ltd. acquired a new stake in shares of Chevron in the first quarter worth $355,000. Quilter Plc lifted its holdings in Chevron by 10.9% during the first quarter. Quilter Plc now owns 222,246 shares of the oil and gas company’s stock valued at $23,290,000 after purchasing an additional 21,911 shares in the last quarter. Pinnacle Associates Ltd. lifted its stake in shares of Chevron by 16.2% in the first quarter. Pinnacle Associates Ltd. now owns 115,095 shares of the oil and gas company’s stock worth $12,061,000 after buying an additional 16,006 shares in the last quarter. Finally, Harbour Investments Inc. acquired a new stake in shares of Chevron during the first quarter valued at about $287,000. Institutional investors and hedge funds own 65.78% of the company’s stock.
CVX has been the topic of a number of research reports. DZ Bank downgraded shares of Chevron from a “buy” rating to a “hold” rating and set a $110.00 target price on the stock. in a research note on Wednesday, August 4th. Redburn Partners upgraded shares of Chevron from a “neutral” rating to a “buy” rating in a research note on Thursday, July 22nd. Raymond James boosted their price target on shares of Chevron from $120.00 to $125.00 and gave the company an “outperform” rating in a report on Monday, August 2nd. Truist increased their price target on shares of Chevron from $145.00 to $150.00 and gave the company a “buy” rating in a research report on Thursday, October 7th. Finally, Morgan Stanley raised their target price on shares of Chevron from $127.00 to $149.00 and gave the company an “overweight” rating in a research note on Friday, June 18th. Eleven equities research analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company. According to data from MarketBeat, Chevron has a consensus rating of “Buy” and a consensus target price of $119.00.
Chevron (NYSE:CVX) last released its earnings results on Thursday, July 29th. The oil and gas company reported $1.71 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.59 by $0.12. Chevron had a return on equity of 3.89% and a net margin of 3.01%. The business had revenue of $37.60 billion for the quarter, compared to the consensus estimate of $35.98 billion. During the same quarter in the previous year, the business earned ($1.59) earnings per share. Chevron’s quarterly revenue was up 169.5% on a year-over-year basis. Equities research analysts forecast that Chevron Co. will post 6.74 EPS for the current year.
The company also recently disclosed a quarterly dividend, which was paid on Friday, September 10th. Shareholders of record on Thursday, August 19th were given a dividend of $1.34 per share. The ex-dividend date was Wednesday, August 18th. This represents a $5.36 annualized dividend and a yield of 4.92%. Chevron’s dividend payout ratio is currently -2,680.00%.
Chevron Company Profile
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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