Flagship Harbor Advisors LLC grew its holdings in shares of Chevron Co. (NYSE:CVX – Get Rating) by 3.2% during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 22,528 shares of the oil and gas company’s stock after buying an additional 688 shares during the quarter. Flagship Harbor Advisors LLC’s holdings in Chevron were worth $3,262,000 at the end of the most recent reporting period.
Several other institutional investors and hedge funds have also recently added to or reduced their stakes in CVX. Norges Bank bought a new stake in Chevron during the 4th quarter worth about $3,111,594,000. Vanguard Group Inc. increased its stake in shares of Chevron by 2.7% during the 1st quarter. Vanguard Group Inc. now owns 167,767,288 shares of the oil and gas company’s stock worth $27,317,547,000 after purchasing an additional 4,367,157 shares during the last quarter. 1832 Asset Management L.P. increased its stake in shares of Chevron by 1,886.8% during the 1st quarter. 1832 Asset Management L.P. now owns 2,346,162 shares of the oil and gas company’s stock worth $376,786,000 after purchasing an additional 2,228,072 shares during the last quarter. Dimensional Fund Advisors LP increased its stake in shares of Chevron by 17.3% during the 1st quarter. Dimensional Fund Advisors LP now owns 9,763,275 shares of the oil and gas company’s stock worth $1,589,915,000 after purchasing an additional 1,437,047 shares during the last quarter. Finally, Swiss National Bank increased its stake in shares of Chevron by 13.6% during the 1st quarter. Swiss National Bank now owns 8,349,332 shares of the oil and gas company’s stock worth $1,359,522,000 after purchasing an additional 998,700 shares during the last quarter. 69.30% of the stock is owned by institutional investors.
Analysts Set New Price Targets
Several research firms have recently weighed in on CVX. Societe Generale upgraded shares of Chevron from a “hold” rating to a “buy” rating in a research note on Thursday, August 4th. Cowen boosted their price objective on shares of Chevron from $119.00 to $120.00 and gave the stock an “outperform” rating in a research note on Monday, August 15th. Credit Suisse Group restated an “outperform” rating and set a $202.00 price objective on shares of Chevron in a research note on Thursday, August 11th. HSBC upgraded shares of Chevron from a “hold” rating to a “buy” rating and lowered their price objective for the stock from $183.00 to $167.00 in a research note on Wednesday, July 20th. Finally, Truist Financial decreased their price target on shares of Chevron from $170.00 to $166.00 and set a “hold” rating on the stock in a research note on Tuesday, July 19th. One investment analyst has rated the stock with a sell rating, six have assigned a hold rating and fifteen have given a buy rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $169.20.
Chevron Stock Performance
Chevron (NYSE:CVX – Get Rating) last posted its quarterly earnings data on Friday, July 29th. The oil and gas company reported $5.82 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $4.66 by $1.16. Chevron had a net margin of 13.45% and a return on equity of 19.73%. The firm had revenue of $68.76 billion during the quarter, compared to the consensus estimate of $57.69 billion. During the same quarter in the previous year, the firm posted $1.71 EPS. The business’s revenue for the quarter was up 82.9% compared to the same quarter last year. Analysts anticipate that Chevron Co. will post 18.37 earnings per share for the current year.
Chevron Announces Dividend
The company also recently declared a quarterly dividend, which was paid on Monday, September 12th. Stockholders of record on Friday, August 19th were issued a dividend of $1.42 per share. This represents a $5.68 dividend on an annualized basis and a dividend yield of 3.67%. The ex-dividend date of this dividend was Thursday, August 18th. Chevron’s dividend payout ratio (DPR) is presently 37.89%.
Insider Transactions at Chevron
In other news, EVP James William Johnson sold 85,300 shares of the company’s stock in a transaction that occurred on Thursday, August 25th. The shares were sold at an average price of $164.01, for a total transaction of $13,990,053.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. In related news, CFO Pierre R. Breber sold 22,500 shares of the stock in a transaction that occurred on Thursday, August 11th. The shares were sold at an average price of $158.11, for a total value of $3,557,475.00. Following the completion of the transaction, the chief financial officer now owns 7 shares of the company’s stock, valued at approximately $1,106.77. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, EVP James William Johnson sold 85,300 shares of the stock in a transaction that occurred on Thursday, August 25th. The shares were sold at an average price of $164.01, for a total transaction of $13,990,053.00. The disclosure for this sale can be found here. In the last 90 days, insiders sold 141,732 shares of company stock valued at $23,024,499. Company insiders own 0.32% of the company’s stock.
Chevron Corporation, through its subsidiaries, engages in integrated energy and chemicals operations worldwide. 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 associated with liquefied natural gas; transportation of crude oil through pipelines; and transportation, storage, and marketing of natural gas, as well as operates a gas-to-liquids plant.
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