CIBC Asset Management Inc raised its position in shares of Chevron Co. (NYSE:CVX) by 63.5% in the first quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 490,777 shares of the oil and gas company’s stock after purchasing an additional 190,516 shares during the period. CIBC Asset Management Inc’s holdings in Chevron were worth $35,556,000 at the end of the most recent quarter.
A number of other institutional investors have also recently bought and sold shares of CVX. Wealth Quarterback LLC bought a new stake in shares of Chevron during the 4th quarter worth about $16,676,410,000. Norges Bank bought a new stake in shares of Chevron during the 4th quarter worth about $2,565,385,000. State Street Corp raised its position in shares of Chevron by 1.5% during the 4th quarter. State Street Corp now owns 114,141,035 shares of the oil and gas company’s stock worth $13,755,136,000 after buying an additional 1,659,702 shares in the last quarter. Capital International Investors raised its position in shares of Chevron by 4.6% during the 4th quarter. Capital International Investors now owns 32,580,587 shares of the oil and gas company’s stock worth $3,926,286,000 after buying an additional 1,429,639 shares in the last quarter. Finally, Johanson Financial Advisors Inc. raised its position in shares of Chevron by 11,524.8% during the 4th quarter. Johanson Financial Advisors Inc. now owns 1,399,163 shares of the oil and gas company’s stock worth $11,614,000 after buying an additional 1,387,127 shares in the last quarter. 66.85% of the stock is owned by hedge funds and other institutional investors.
CVX has been the topic of a number of recent analyst reports. Credit Suisse Group boosted their price target on shares of Chevron from $81.00 to $100.00 and gave the stock an “outperform” rating in a research report on Monday. Royal Bank of Canada boosted their target price on shares of Chevron from $85.00 to $100.00 and gave the stock a “sector perform” rating in a report on Tuesday, April 14th. JPMorgan Chase & Co. boosted their target price on shares of Chevron from $97.00 to $103.00 and gave the stock an “overweight” rating in a report on Monday. UBS Group reiterated a “buy” rating and issued a $95.00 target price on shares of Chevron in a report on Tuesday, April 7th. Finally, Mizuho dropped their target price on shares of Chevron from $140.00 to $100.00 and set a “buy” rating on the stock in a report on Wednesday, April 8th. Seven equities research analysts have rated the stock with a hold rating and seventeen have assigned a buy rating to the company’s stock. Chevron presently has an average rating of “Buy” and an average price target of $113.05.
In other news, Director John Frank acquired 1,000 shares of Chevron stock in a transaction dated Friday, February 28th. The stock was acquired at an average cost of $96.59 per share, for a total transaction of $96,590.00. Following the completion of the purchase, the director now owns 5,114 shares of the company’s stock, valued at $493,961.26. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Insiders own 0.31% of the company’s stock.
CVX stock traded down $0.22 during trading hours on Monday, hitting $89.22. The company’s stock had a trading volume of 196,843 shares, compared to its average volume of 13,185,731. The company has a quick ratio of 0.85, a current ratio of 1.07 and a debt-to-equity ratio of 0.16. The company has a market capitalization of $166.98 billion, a PE ratio of 43.64 and a beta of 1.31. Chevron Co. has a 12 month low of $51.60 and a 12 month high of $127.00. The stock has a 50 day moving average price of $78.14 and a two-hundred day moving average price of $104.97.
Chevron (NYSE:CVX) last posted its earnings results on Friday, May 1st. The oil and gas company reported $1.93 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.64 by $1.29. The company had revenue of $31.50 billion during the quarter, compared to the consensus estimate of $30.46 billion. Chevron had a net margin of 2.71% and a return on equity of 8.17%. The company’s revenue for the quarter was down 10.5% compared to the same quarter last year. During the same period in the previous year, the firm posted $1.47 earnings per share. Sell-side analysts expect that Chevron Co. will post -0.9 earnings per share for the current year.
The firm also recently announced a quarterly dividend, which will be paid on Wednesday, June 10th. Shareholders of record on Tuesday, May 19th will be given a $1.29 dividend. This represents a $5.16 annualized dividend and a yield of 5.78%. The ex-dividend date of this dividend is Monday, May 18th. Chevron’s dividend payout ratio is 82.30%.
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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