Natixis Advisors L.P. boosted its holdings in Chevron Co. (NYSE:CVX) by 7.0% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 799,091 shares of the oil and gas company’s stock after buying an additional 52,132 shares during the quarter. Natixis Advisors L.P.’s holdings in Chevron were worth $83,736,000 at the end of the most recent quarter.
Several other hedge funds have also recently modified their holdings of the business. Norges Bank purchased a new position in shares of Chevron during the fourth quarter worth about $1,787,982,000. Morgan Stanley grew its holdings in shares of Chevron by 6.4% during the fourth quarter. Morgan Stanley now owns 19,122,688 shares of the oil and gas company’s stock worth $1,614,912,000 after purchasing an additional 1,158,022 shares during the last quarter. Charles Schwab Investment Management Inc. grew its holdings in shares of Chevron by 2.7% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 13,874,091 shares of the oil and gas company’s stock worth $1,171,665,000 after purchasing an additional 368,897 shares during the last quarter. FMR LLC grew its holdings in shares of Chevron by 1.0% during the fourth quarter. FMR LLC now owns 9,158,037 shares of the oil and gas company’s stock worth $773,397,000 after purchasing an additional 93,672 shares during the last quarter. Finally, UBS Asset Management Americas Inc. grew its holdings in shares of Chevron by 18.2% during the fourth quarter. UBS Asset Management Americas Inc. now owns 7,727,794 shares of the oil and gas company’s stock worth $652,612,000 after purchasing an additional 1,188,386 shares during the last quarter. 62.27% of the stock is currently owned by institutional investors.
In other Chevron news, Director Enrique Hernandez, Jr. sold 5,101 shares of the stock in a transaction dated Monday, May 10th. The shares were sold at an average price of $110.79, for a total value of $565,139.79. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Company insiders own 0.28% of the company’s stock.
Chevron (NYSE:CVX) last issued its earnings results on Thursday, April 29th. The oil and gas company reported $0.90 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.92 by ($0.02). Chevron had a negative net margin of 10.86% and a positive return on equity of 1.75%. The company had revenue of $32.03 billion during the quarter, compared to analysts’ expectations of $31.82 billion. During the same period last year, the business posted $1.29 earnings per share. The company’s quarterly revenue was up 1.7% on a year-over-year basis. Analysts expect that Chevron Co. will post 0.03 EPS for the current year.
The business also recently announced a quarterly dividend, which will be paid on Thursday, June 10th. Shareholders of record on Wednesday, May 19th will be issued a $1.34 dividend. The ex-dividend date of this dividend is Tuesday, May 18th. This is a boost from Chevron’s previous quarterly dividend of $1.29. This represents a $5.36 dividend on an annualized basis and a yield of 4.90%. Chevron’s dividend payout ratio (DPR) is 82.30%.
CVX has been the topic of several research reports. The Goldman Sachs Group reaffirmed a “neutral” rating and set a $113.00 price objective (down previously from $117.00) on shares of Chevron in a report on Tuesday, April 13th. Jefferies Financial Group lowered Chevron from a “buy” rating to a “hold” rating and set a $98.00 price objective on the stock. in a report on Thursday, January 21st. Argus increased their target price on shares of Chevron from $108.00 to $127.00 and gave the stock a “buy” rating in a research note on Wednesday. Scotiabank reiterated a “sector perform” rating and set a $115.00 target price on shares of Chevron in a research note on Tuesday, March 16th. Finally, Citigroup began coverage on shares of Chevron in a research note on Wednesday, March 10th. They set a “neutral” rating and a $105.00 target price for the company. Ten equities research analysts have rated the stock with a hold rating and seventeen have given a buy rating to the stock. Chevron currently has a consensus rating of “Buy” and a consensus price target of $113.00.
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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