APG Asset Management N.V. lifted its stake in shares of Chevron Co. (NYSE:CVX) by 59.6% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 5,518,090 shares of the oil and gas company’s stock after acquiring an additional 2,061,187 shares during the quarter. Chevron accounts for about 1.0% of APG Asset Management N.V.’s portfolio, making the stock its 12th largest position. APG Asset Management N.V. owned 0.29% of Chevron worth $602,978,000 as of its most recent filing with the Securities and Exchange Commission.
Other hedge funds and other institutional investors also recently made changes to their positions in the company. Guidant Wealth Advisors raised its stake in Chevron by 63.9% in the second quarter. Guidant Wealth Advisors now owns 259 shares of the oil and gas company’s stock valued at $32,000 after buying an additional 101 shares in the last quarter. Evolution Wealth Advisors LLC acquired a new position in Chevron in the second quarter valued at approximately $34,000. Cordasco Financial Network boosted its holdings in Chevron by 55.3% in the second quarter. Cordasco Financial Network now owns 379 shares of the oil and gas company’s stock valued at $47,000 after purchasing an additional 135 shares in the last quarter. CKW Financial Group increased its stake in Chevron by 154.0% in the second quarter. CKW Financial Group now owns 414 shares of the oil and gas company’s stock valued at $51,000 after purchasing an additional 251 shares during the last quarter. Finally, Next Capital Management LLC purchased a new position in Chevron in the second quarter valued at approximately $52,000. Institutional investors and hedge funds own 65.79% of the company’s stock.
Several analysts have recently weighed in on CVX shares. BMO Capital Markets started coverage on shares of Chevron in a research report on Tuesday, August 20th. They set an “outperform” rating and a $165.00 price objective for the company. Cowen set a $140.00 price target on shares of Chevron and gave the stock a “buy” rating in a research note on Friday, August 30th. Barclays began coverage on shares of Chevron in a research report on Monday, August 19th. They issued an “overweight” rating and a $145.00 price target for the company. Morgan Stanley reduced their price target on shares of Chevron from $146.00 to $144.00 and set an “overweight” rating for the company in a research report on Friday, July 12th. Finally, Independent Research set a $127.00 price objective on shares of Chevron and gave the company a “neutral” rating in a research note on Thursday, August 29th. Six research analysts have rated the stock with a hold rating, fourteen have given a buy rating and one has issued a strong buy rating to the company’s stock. The stock presently has an average rating of “Buy” and an average target price of $136.16.
In other news, Chairman Michael K. Wirth sold 33,750 shares of the firm’s stock in a transaction on Friday, June 21st. The shares were sold at an average price of $125.60, for a total value of $4,239,000.00. Following the completion of the sale, the chairman now owns 33,750 shares in the company, valued at approximately $4,239,000. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Debra L. Reed bought 4,250 shares of the stock in a transaction dated Wednesday, August 7th. The stock was purchased at an average cost of $118.14 per share, for a total transaction of $502,095.00. The disclosure for this purchase can be found here. Insiders sold a total of 71,750 shares of company stock worth $8,793,900 over the last three months. 0.31% of the stock is currently owned by corporate insiders.
Shares of CVX stock opened at $121.85 on Wednesday. The stock’s 50-day moving average price is $119.54 and its 200 day moving average price is $121.27. The company has a quick ratio of 0.91, a current ratio of 1.15 and a debt-to-equity ratio of 0.16. The stock has a market capitalization of $224.51 billion, a PE ratio of 14.77, a price-to-earnings-growth ratio of 2.94 and a beta of 1.01. Chevron Co. has a 52-week low of $100.22 and a 52-week high of $127.60.
Chevron (NYSE:CVX) last posted its quarterly earnings data on Friday, August 2nd. The oil and gas company reported $2.27 earnings per share for the quarter, topping analysts’ consensus estimates of $1.74 by $0.53. Chevron had a return on equity of 9.58% and a net margin of 9.18%. The company had revenue of $38.85 billion during the quarter, compared to analysts’ expectations of $40.14 billion. During the same period last year, the firm earned $1.78 EPS. The firm’s revenue for the quarter was down 8.0% on a year-over-year basis. Analysts expect that Chevron Co. will post 6.71 earnings per share for the current fiscal year.
The company also recently disclosed a quarterly dividend, which was paid on Tuesday, September 10th. Investors of record on Monday, August 19th were given a $1.19 dividend. The ex-dividend date of this dividend was Friday, August 16th. This represents a $4.76 dividend on an annualized basis and a yield of 3.91%. Chevron’s dividend payout ratio (DPR) is 57.70%.
Chevron Corporation, through its subsidiaries, engages in integrated energy, chemicals, and petroleum operations worldwide. The company operates in two segments, Upstream and Downstream. The Upstream segment is involved in the exploration, development, and production 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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