Ford Financial Group LLC raised its stake in Chevron Co. (NYSE:CVX) by 25.0% during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 14,288 shares of the oil and gas company’s stock after acquiring an additional 2,854 shares during the period. Chevron makes up 0.7% of Ford Financial Group LLC’s portfolio, making the stock its 26th biggest position. Ford Financial Group LLC’s holdings in Chevron were worth $1,035,000 as of its most recent filing with the Securities and Exchange Commission.
Several other large investors also recently modified their holdings of CVX. Andra AP fonden raised its holdings in Chevron by 6.3% in the 3rd quarter. Andra AP fonden now owns 40,200 shares of the oil and gas company’s stock worth $4,768,000 after acquiring an additional 2,400 shares during the last quarter. Altfest L J & Co. Inc. lifted its holdings in shares of Chevron by 20.4% during the fourth quarter. Altfest L J & Co. Inc. now owns 9,998 shares of the oil and gas company’s stock valued at $1,205,000 after purchasing an additional 1,693 shares in the last quarter. Lenox Wealth Advisors LLC boosted its position in shares of Chevron by 54.6% during the fourth quarter. Lenox Wealth Advisors LLC now owns 433 shares of the oil and gas company’s stock valued at $52,000 after buying an additional 153 shares during the last quarter. Nexus Investment Management Inc. increased its holdings in Chevron by 83.3% in the 4th quarter. Nexus Investment Management Inc. now owns 11,000 shares of the oil and gas company’s stock worth $1,326,000 after buying an additional 5,000 shares in the last quarter. Finally, Rockland Trust Co. raised its position in Chevron by 3.6% in the 4th quarter. Rockland Trust Co. now owns 195,311 shares of the oil and gas company’s stock worth $23,537,000 after buying an additional 6,721 shares during the last quarter. Hedge funds and other institutional investors own 66.85% of the company’s stock.
Chevron stock traded down $0.43 during mid-day trading on Monday, reaching $89.01. 564,126 shares of the company’s stock traded hands, compared to its average volume of 13,185,731. Chevron Co. has a 12-month low of $51.60 and a 12-month high of $127.00. The company has a market cap of $166.98 billion, a price-to-earnings ratio of 43.64 and a beta of 1.31. The stock has a 50 day moving average of $78.14 and a two-hundred day moving average of $104.97. The company has a quick ratio of 0.85, a current ratio of 1.07 and a debt-to-equity ratio of 0.16.
Chevron (NYSE:CVX) last issued its quarterly earnings data 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 8.17% and a net margin of 2.71%. The company had revenue of $31.50 billion for the quarter, compared to analysts’ expectations of $30.46 billion. During the same period in the previous year, the firm posted $1.47 earnings per share. The firm’s revenue for the quarter was down 10.5% on a year-over-year basis. As a group, sell-side analysts forecast that Chevron Co. will post -0.9 earnings per share for the current year.
The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, June 10th. Shareholders of record on Tuesday, May 19th will be paid a $1.29 dividend. This represents a $5.16 annualized dividend and a yield of 5.80%. The ex-dividend date of this dividend is Monday, May 18th. Chevron’s payout ratio is currently 82.30%.
A number of brokerages recently weighed in on CVX. Independent Research downgraded shares of Chevron to a “hold” rating in a research report on Tuesday, April 14th. Argus reissued a “buy” rating and issued a $88.00 target price (down from $150.00) on shares of Chevron in a research report on Thursday, March 26th. Mizuho reduced their price target on shares of Chevron from $140.00 to $100.00 and set a “buy” rating for the company in a research report on Wednesday, April 8th. Craig Hallum upped their target price on shares of Chevron from $81.00 to $100.00 and gave the company a “buy” rating in a report on Monday. Finally, Wells Fargo & Co upped their price objective on Chevron from $107.00 to $111.00 and gave the stock an “overweight” rating in a research note on Monday. Seven investment analysts have rated the stock with a hold rating and seventeen have assigned a buy rating to the stock. Chevron currently has an average rating of “Buy” and a consensus target price of $113.05.
In related news, Director John Frank bought 400 shares of the stock in a transaction dated Monday, February 24th. The stock was purchased at an average cost of $104.61 per share, with a total value of $41,844.00. Following the completion of the purchase, the director now owns 5,114 shares of the company’s stock, valued at $534,975.54. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Corporate insiders own 0.31% of the company’s stock.
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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