Norden Group LLC Raises Stock Position in Chevron Co. (NYSE:CVX)

Norden Group LLC boosted its holdings in Chevron Co. (NYSE:CVX) by 13.2% during the fourth quarter, Holdings Channel.com reports. The fund owned 8,044 shares of the oil and gas company’s stock after buying an additional 939 shares during the quarter. Norden Group LLC’s holdings in Chevron were worth $1,200,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently modified their holdings of CVX. Picton Mahoney Asset Management bought a new position in shares of Chevron in the third quarter worth approximately $26,000. Valley Forge Investment Consultants Inc. ADV increased its position in shares of Chevron by 80.0% in the third quarter. Valley Forge Investment Consultants Inc. ADV now owns 180 shares of the oil and gas company’s stock valued at $30,000 after acquiring an additional 80 shares during the period. Valued Wealth Advisors LLC bought a new position in shares of Chevron during the fourth quarter valued at about $33,000. Legacy Financial Group LLC purchased a new stake in shares of Chevron during the third quarter worth about $43,000. Finally, Roble Belko & Company Inc grew its stake in shares of Chevron by 77.3% in the fourth quarter. Roble Belko & Company Inc now owns 344 shares of the oil and gas company’s stock worth $51,000 after purchasing an additional 150 shares during the last quarter. Hedge funds and other institutional investors own 72.42% of the company’s stock.

Wall Street Analysts Forecast Growth

CVX has been the subject of a number of recent analyst reports. HSBC upped their price target on Chevron from $175.00 to $178.00 and gave the company a “buy” rating in a research report on Tuesday. Royal Bank of Canada boosted their price objective on shares of Chevron from $185.00 to $190.00 and gave the company an “outperform” rating in a research report on Monday, February 5th. DZ Bank lowered shares of Chevron from a “buy” rating to a “hold” rating and set a $160.00 target price on the stock. in a research note on Tuesday, February 6th. Barclays began coverage on shares of Chevron in a research note on Wednesday, April 10th. They issued an “overweight” rating and a $203.00 price target for the company. Finally, TD Cowen lifted their price objective on Chevron from $155.00 to $160.00 and gave the company a “hold” rating in a research report on Monday. Six investment analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $185.35.

Chevron Stock Performance

CVX traded down $2.82 during trading on Tuesday, hitting $163.51. The company’s stock had a trading volume of 3,468,454 shares, compared to its average volume of 8,392,471. The company has a quick ratio of 1.01, a current ratio of 1.27 and a debt-to-equity ratio of 0.13. The firm has a market cap of $303.68 billion, a PE ratio of 15.07, a P/E/G ratio of 2.44 and a beta of 1.12. Chevron Co. has a one year low of $139.62 and a one year high of $171.70. The business’s 50 day simple moving average is $156.81 and its 200-day simple moving average is $151.70.

Chevron (NYSE:CVX) last announced its quarterly earnings data on Friday, April 26th. The oil and gas company reported $2.93 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.84 by $0.09. The company had revenue of $48.72 billion during the quarter, compared to the consensus estimate of $48.42 billion. Chevron had a return on equity of 14.38% and a net margin of 10.21%. The firm’s revenue was down 4.1% on a year-over-year basis. During the same period in the previous year, the company posted $3.55 EPS. As a group, sell-side analysts predict that Chevron Co. will post 13.58 EPS for the current fiscal year.

Chevron Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, June 10th. Investors of record on Friday, May 17th will be given a dividend of $1.63 per share. This represents a $6.52 annualized dividend and a dividend yield of 3.99%. The ex-dividend date is Thursday, May 16th. Chevron’s dividend payout ratio is currently 59.98%.

Insider Buying and Selling at Chevron

In other Chevron news, VP Alana K. Knowles sold 2,800 shares of Chevron stock in a transaction on Thursday, April 25th. The shares were sold at an average price of $165.00, for a total value of $462,000.00. Following the sale, the vice president now directly owns 276 shares in the company, valued at approximately $45,540. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Insiders own 0.20% of the company’s stock.

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; processing, liquefaction, transportation, and regasification of liquefied natural gas; transportation of crude oil through pipelines; transportation, storage, and marketing of natural gas; and carbon capture and storage, as well as a gas-to-liquids plant.