Cross Staff Investments Inc increased its position in shares of Chevron Co. (NYSE: CVX – Get Rating) by 7.9% during the first quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 5,179 shares of the oil and gas company after purchasing an additional 380 shares during the period. Cross Staff Investments Inc’s holdings in Chevron were worth $843,000 when it last filed with the SEC.
A number of other hedge funds and other institutional investors have also recently changed their positions in CVX. Norges Bank bought a new stake in Chevron during the fourth quarter worth $3,111,594,000. Allspring Global Investments Holdings LLC bought a new position in Chevron during the fourth quarter worth $119,040,000. Invesco Ltd. increased its stake in Chevron by 6.8% during the fourth quarter. Invesco Ltd. now owns 14,400,260 shares of the oil and gas company valued at $1,689,870,000 after purchasing an additional 917,773 shares last quarter. Los Angeles Capital Management LLC increased its stake in Chevron by 534.8% during the fourth quarter. Los Angeles Capital Management LLC now owns 946,854 shares of the oil and gas company valued at $111,113,000 after buying an additional 797,701 shares last quarter. Finally, Renaissance Technologies LLC increased its stake in Chevron by 28.9% during the fourth quarter. Renaissance Technologies LLC now owns 3,253,895 shares of the oil and gas company valued at $381,845,000 after purchasing an additional 730,170 shares last quarter. 65.89% of the shares are currently held by hedge funds and other institutional investors.
Shares of CVX opened at $146.51 on Friday. Chevron Co. has a 1-year low of $92.86 and a 1-year high of $182.40. The stock has a market capitalization of $287.86 billion, a PE ratio of 13.77, a P/E/G ratio of 0.63 and a beta of 1.09. The company has a 50-day simple moving average of $164.13 and a two-hundred-day simple moving average of $150.85. The company has a debt ratio of 0.20, a current ratio of 1.43 and a quick ratio of 1.22.
Chevron (NYSE:CVX – Get Rating) last reported quarterly results on Friday, April 29. The oil and gas company reported earnings per share of $3.36 for the quarter, missing consensus analyst estimates of $3.44 per ($0.08). Chevron had a net margin of 11.10% and a return on equity of 14.66%. The company posted revenue of $54.37 billion for the quarter, versus analyst estimates of $54.96 billion. In the same quarter a year earlier, the company had earned earnings per share of $0.90. Chevron’s revenue grew 69.8% year over year. As a group, sell-side analysts expect Chevron Co. to post earnings per share of 17.5 for the current fiscal year.
The company also recently disclosed a quarterly dividend, which was paid on Friday, June 10. Shareholders of record on Thursday, May 19 received a dividend of $1.42. This represents an annualized dividend of $5.68 and a dividend yield of 3.88%. The ex-dividend date was Wednesday, May 18. Chevron’s payout ratio is 53.38%.
In other news, Executive Vice Chairman James William Johnson sold 55,600 shares of the company in a deal that took place on Wednesday, May 4. The shares were sold at an average price of $165.94, for a total value of $9,226,264.00. Following the completion of the transaction, the executive vice president now owns 1,243 shares of the company, valued at $206,263.42. The transaction was disclosed in a legal filing with the SEC, which is available on the SEC’s website. Additionally, Vice Chairman Eimear P. Bonner sold 68,032 shares of the company in a trade that took place on Wednesday, May 4. The shares were sold at an average price of $165.00, for a total transaction of $11,225,280.00. The disclosure of this sale can be found here. In the past three months, insiders have sold 561,726 shares of the company valued at $94,057,396. Insiders own 0.32% of the shares of the company.
CVX has been the subject of several recent analyst reports. Wells Fargo & Company raised its price target on Chevron shares from $150.00 to $184.00 and gave the company an “overweight” rating in a Friday, March 11 report. Cowen lowered his price target on Chevron shares from $179.00 to $160.00 and set an “outperform” rating on the stock in a report on Friday. Truist Financial cut its price target on Chevron shares from $181.00 to $170.00 and placed a “hold” rating on the stock in a research note Tuesday. Raymond James raised his price target on Chevron shares from $173.00 to $191.00 and gave the stock an “outperform” rating in a Monday, April 18 research note. Finally, Goldman Sachs Group lowered its price target on Chevron shares from $181.00 to $162.00 and set a “neutral” rating on the stock in a Wednesday, June 22 research note. One analyst gave the stock a sell rating, eight issued a hold rating and fifteen issued a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $167.24.
Chevron Company Profile (Get an evaluation)
Chevron Corporation, through its subsidiaries, has integrated energy and chemical businesses worldwide. The company operates in two segments, Upstream and Downstream. The Upstream segment is involved in the exploration, development, production and transportation of crude oil and natural gas; processing, liquefaction, transportation and regasification associated with liquefied natural gas; transportation of crude oil by pipelines; and the transportation, storage and marketing of natural gas, as well as the operation of a gas-to-liquids plant.
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