GQG Partners LLC decreased its position in Chevron Co. (NYSE:CVX) by 99.3% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 35,849 shares of the oil and gas company’s stock after selling 5,263,822 shares during the quarter. GQG Partners LLC’s holdings in Chevron were worth $3,751,000 at the end of the most recent quarter.
Several other hedge funds have also recently added to or reduced their stakes in the business. Vanguard Group Inc. boosted its stake in shares of Chevron by 3.5% during the 2nd quarter. Vanguard Group Inc. now owns 161,501,973 shares of the oil and gas company’s stock valued at $16,915,716,000 after purchasing an additional 5,427,422 shares in the last quarter. BlackRock Inc. boosted its stake in Chevron by 3.3% during the second quarter. BlackRock Inc. now owns 136,355,706 shares of the oil and gas company’s stock worth $14,281,898,000 after acquiring an additional 4,339,477 shares in the last quarter. Liberty Wealth Management LLC boosted its stake in Chevron by 10,559.1% during the second quarter. Liberty Wealth Management LLC now owns 3,513,656 shares of the oil and gas company’s stock worth $33,546,000 after acquiring an additional 3,480,692 shares in the last quarter. Morgan Stanley boosted its stake in Chevron by 13.9% during the first quarter. Morgan Stanley now owns 21,789,121 shares of the oil and gas company’s stock worth $2,283,280,000 after acquiring an additional 2,666,433 shares in the last quarter. Finally, Mn Services Vermogensbeheer B.V. bought a new stake in Chevron during the second quarter worth about $125,336,000. Hedge funds and other institutional investors own 65.78% of the company’s stock.
Several equities research analysts recently commented on CVX shares. BMO Capital Markets started coverage on shares of Chevron in a research note on Monday, July 12th. They set an “outperform” rating and a $123.00 price objective on the stock. Wells Fargo & Company dropped their price objective on shares of Chevron from $110.00 to $107.00 and set an “equal weight” rating on the stock in a research note on Wednesday, September 15th. HSBC lowered shares of Chevron from a “buy” rating to a “hold” rating and dropped their price objective for the stock from $127.00 to $112.00 in a research note on Thursday, July 22nd. Truist upped their target price on shares of Chevron from $145.00 to $150.00 and gave the stock a “buy” rating in a research note on Thursday, October 7th. Finally, JPMorgan Chase & Co. downgraded shares of Chevron from an “overweight” rating to a “neutral” rating and dropped their target price for the stock from $128.00 to $111.00 in a research note on Wednesday, September 15th. Eleven investment analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of “Buy” and an average target price of $119.00.
Chevron (NYSE:CVX) last announced its earnings results on Thursday, July 29th. The oil and gas company reported $1.71 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $1.59 by $0.12. Chevron had a net margin of 3.01% and a return on equity of 3.89%. The business had revenue of $37.60 billion for the quarter, compared to the consensus estimate of $35.98 billion. During the same quarter in the prior year, the firm posted ($1.59) earnings per share. The business’s revenue for the quarter was up 169.5% on a year-over-year basis. Research analysts forecast that Chevron Co. will post 6.74 earnings per share for the current fiscal year.
The business also recently declared a quarterly dividend, which was paid on Friday, September 10th. Investors of record on Thursday, August 19th were paid a $1.34 dividend. This represents a $5.36 annualized dividend and a yield of 4.94%. The ex-dividend date was Wednesday, August 18th. Chevron’s dividend payout ratio is presently -2,680.00%.
Chevron Company Profile
Chevron Corp. engages in the provision of administrative, financial management, and technology support for energy and chemical operations. It operates through the Upstream and Downstream segments. The Upstream segment consists of exploration, development, and production of crude oil and natural gas; liquefaction, transportation, and regasification associated with liquefied natural gas; transporting crude oil by major international oil export pipelines; processing, transporting, storage, and marketing of natural gas; and a gas-to-liquids plant.
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