RMB Capital Management LLC lifted its holdings in shares of Chevron Co. (NYSE:CVX) by 9.2% during the 1st quarter, according to its most recent disclosure with the SEC. The institutional investor owned 96,752 shares of the oil and gas company’s stock after purchasing an additional 8,113 shares during the quarter. RMB Capital Management LLC’s holdings in Chevron were worth $7,010,000 as of its most recent filing with the SEC.
Other institutional investors and hedge funds have also modified their holdings of the company. Exane Derivatives purchased a new stake in shares of Chevron during the fourth quarter worth approximately $119,000. Allen Capital Group LLC increased its stake in shares of Chevron by 6.5% during the fourth quarter. Allen Capital Group LLC now owns 19,010 shares of the oil and gas company’s stock worth $2,291,000 after buying an additional 1,157 shares during the period. Strategic Investment Advisors MI increased its stake in shares of Chevron by 4.0% during the fourth quarter. Strategic Investment Advisors MI now owns 6,938 shares of the oil and gas company’s stock worth $836,000 after buying an additional 265 shares during the period. Weatherly Asset Management L. P. increased its stake in shares of Chevron by 14.9% during the fourth quarter. Weatherly Asset Management L. P. now owns 16,613 shares of the oil and gas company’s stock worth $2,002,000 after buying an additional 2,150 shares during the period. Finally, Merriman Wealth Management LLC increased its stake in shares of Chevron by 2.4% during the fourth quarter. Merriman Wealth Management LLC now owns 6,273 shares of the oil and gas company’s stock worth $756,000 after buying an additional 145 shares during the period. 66.54% of the stock is currently owned by institutional investors and hedge funds.
In related news, Director John Frank purchased 1,000 shares of the firm’s stock in a transaction that occurred on Friday, February 28th. The stock was purchased at an average cost of $96.59 per share, with a total value of $96,590.00. Following the completion of the acquisition, the director now directly owns 5,114 shares in the company, valued at $493,961.26. The acquisition was disclosed in a document filed with the SEC, which is accessible through this link. 0.31% of the stock is owned by company insiders.
Chevron (NYSE:CVX) last issued its quarterly earnings results on Friday, May 1st. The oil and gas company reported $1.93 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.64 by $1.29. Chevron had a return on equity of 8.28% and a net margin of 2.71%. The firm had revenue of $31.50 billion during the quarter, compared to the consensus estimate of $30.46 billion. During the same period last year, the company earned $1.47 earnings per share. The company’s revenue for the quarter was down 10.5% on a year-over-year basis. Analysts anticipate that Chevron Co. will post -0.39 earnings per share for the current fiscal year.
The business also recently declared a quarterly dividend, which will be paid on Wednesday, June 10th. Investors of record on Tuesday, May 19th will be issued a dividend of $1.29 per share. This represents a $5.16 annualized dividend and a dividend yield of 5.72%. The ex-dividend date of this dividend is Monday, May 18th. Chevron’s dividend payout ratio is presently 82.30%.
A number of analysts recently weighed in on CVX shares. Bank of America upped their target price on shares of Chevron from $75.00 to $90.00 and gave the stock a “buy” rating in a research note on Monday, April 20th. Raymond James dropped their price target on shares of Chevron from $125.00 to $105.00 and set an “outperform” rating on the stock in a research note on Tuesday, March 17th. Cowen dropped their price target on shares of Chevron from $134.00 to $127.00 and set an “outperform” rating on the stock in a research note on Monday, February 3rd. Craig Hallum increased their price target on shares of Chevron from $81.00 to $100.00 and gave the company a “buy” rating in a research note on Monday, May 4th. Finally, JPMorgan Chase & Co. increased their price target on shares of Chevron from $97.00 to $103.00 and gave the company an “overweight” rating in a research note on Monday, May 4th. Seven equities research analysts have rated the stock with a hold rating and sixteen have issued a buy rating to the company’s stock. The company currently has a consensus rating of “Buy” and a consensus price target of $113.05.
Chevron Company Profile
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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