Tortoise Investment Management LLC Increases Holdings in Chevron Co. (NYSE:CVX)

Tortoise Investment Management LLC raised its stake in shares of Chevron Co. (NYSE:CVXGet Rating) by 116.3% in the third quarter, Holdings Channel.com reports. The institutional investor owned 4,771 shares of the oil and gas company’s stock after buying an additional 2,565 shares during the quarter. Tortoise Investment Management LLC’s holdings in Chevron were worth $685,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds have also added to or reduced their stakes in the stock. Childress Capital Advisors LLC grew its position in shares of Chevron by 0.8% in the third quarter. Childress Capital Advisors LLC now owns 7,314 shares of the oil and gas company’s stock valued at $1,051,000 after purchasing an additional 57 shares during the period. Klingman & Associates LLC grew its position in shares of Chevron by 1.6% in the third quarter. Klingman & Associates LLC now owns 3,736 shares of the oil and gas company’s stock valued at $537,000 after purchasing an additional 58 shares during the period. SignalPoint Asset Management LLC grew its position in shares of Chevron by 0.4% in the third quarter. SignalPoint Asset Management LLC now owns 14,906 shares of the oil and gas company’s stock valued at $2,141,000 after purchasing an additional 61 shares during the period. Apeiron RIA LLC grew its position in shares of Chevron by 0.8% in the third quarter. Apeiron RIA LLC now owns 7,807 shares of the oil and gas company’s stock valued at $1,224,000 after purchasing an additional 63 shares during the period. Finally, Bridgeworth LLC grew its position in shares of Chevron by 1.5% in the third quarter. Bridgeworth LLC now owns 4,236 shares of the oil and gas company’s stock valued at $609,000 after purchasing an additional 64 shares during the period. 69.37% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several analysts have recently issued reports on CVX shares. StockNews.com assumed coverage on shares of Chevron in a research report on Wednesday, October 12th. They issued a “hold” rating on the stock. Mizuho lowered shares of Chevron from a “buy” rating to a “neutral” rating and boosted their price target for the stock from $185.00 to $200.00 in a research report on Tuesday, January 10th. Morgan Stanley boosted their price target on shares of Chevron from $196.00 to $197.00 and gave the stock an “equal weight” rating in a research report on Tuesday. BNP Paribas lowered shares of Chevron from a “neutral” rating to an “underperform” rating and set a $190.00 price target on the stock. in a research report on Wednesday, December 14th. Finally, Piper Sandler lowered their price target on shares of Chevron from $206.00 to $199.00 and set an “overweight” rating on the stock in a research report on Monday, December 19th. Two research analysts have rated the stock with a sell rating, ten have assigned a hold rating and ten have issued a buy rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus target price of $186.71.

Chevron Price Performance

Shares of CVX opened at $180.83 on Wednesday. Chevron Co. has a fifty-two week low of $125.27 and a fifty-two week high of $189.68. The firm’s 50 day moving average price is $177.39 and its 200 day moving average price is $166.01. The company has a market cap of $349.66 billion, a P/E ratio of 10.29, a PEG ratio of 0.81 and a beta of 1.18. The company has a quick ratio of 1.15, a current ratio of 1.40 and a debt-to-equity ratio of 0.13.

Chevron (NYSE:CVXGet Rating) last announced its earnings results on Friday, October 28th. The oil and gas company reported $5.56 earnings per share for the quarter, topping the consensus estimate of $5.02 by $0.54. Chevron had a net margin of 14.36% and a return on equity of 22.36%. The firm had revenue of $66.64 billion for the quarter, compared to the consensus estimate of $61.44 billion. During the same period in the prior year, the firm earned $2.96 EPS. The firm’s revenue for the quarter was up 49.1% on a year-over-year basis. On average, research analysts forecast that Chevron Co. will post 18.91 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Chevron news, VP R. Hewitt Pate sold 32,391 shares of the business’s stock in a transaction that occurred on Thursday, November 3rd. The shares were sold at an average price of $180.00, for a total transaction of $5,830,380.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other Chevron news, VP R. Hewitt Pate sold 32,391 shares of the business’s stock in a transaction that occurred on Thursday, November 3rd. The shares were sold at an average price of $180.00, for a total transaction of $5,830,380.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Michael K. Wirth sold 34,620 shares of the business’s stock in a transaction that occurred on Monday, November 7th. The stock was sold at an average price of $185.03, for a total transaction of $6,405,738.60. The disclosure for this sale can be found here. Insiders have sold a total of 293,563 shares of company stock valued at $53,186,421 in the last ninety days. Company insiders own 0.32% of the company’s stock.

Chevron Company Profile

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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 the exploration, development, and production of crude oil and natural gas, the liquefaction, transportation, and regasification associated with liquefied natural gas, the transporting of crude oil by major international oil export pipelines, the processing, transporting, storage, and marketing of natural gas, and a gas-to-liquids plant.

See Also

Want to see what other hedge funds are holding CVX? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Chevron Co. (NYSE:CVXGet Rating).

Institutional Ownership by Quarter for Chevron (NYSE:CVX)

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