Summit Financial Strategies Inc. bought a new position in shares of Chevron Co. (NYSE:CVX) during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm bought 1,746 shares of the oil and gas company’s stock, valued at approximately $221,000.
Several other institutional investors and hedge funds have also made changes to their positions in CVX. Stellar Capital Management LLC grew its holdings in shares of Chevron by 1.9% during the 1st quarter. Stellar Capital Management LLC now owns 21,011 shares of the oil and gas company’s stock worth $2,397,000 after purchasing an additional 401 shares during the period. South Street Advisors LLC grew its holdings in shares of Chevron by 5.1% during the 1st quarter. South Street Advisors LLC now owns 8,490 shares of the oil and gas company’s stock worth $968,000 after purchasing an additional 410 shares during the period. Chase Investment Counsel Corp grew its holdings in shares of Chevron by 25.4% during the 1st quarter. Chase Investment Counsel Corp now owns 2,074 shares of the oil and gas company’s stock worth $236,000 after purchasing an additional 420 shares during the period. Concentric Wealth Management LLC grew its holdings in shares of Chevron by 1.9% during the 1st quarter. Concentric Wealth Management LLC now owns 23,656 shares of the oil and gas company’s stock worth $2,698,000 after purchasing an additional 432 shares during the period. Finally, Cornercap Investment Counsel Inc. grew its holdings in shares of Chevron by 0.9% during the 1st quarter. Cornercap Investment Counsel Inc. now owns 49,002 shares of the oil and gas company’s stock worth $5,588,000 after purchasing an additional 440 shares during the period. Institutional investors and hedge funds own 64.72% of the company’s stock.
A number of analysts have recently issued reports on the company. Bank of America reiterated a “neutral” rating and set a $140.00 target price (up previously from $135.00) on shares of Chevron in a report on Monday, November 5th. Credit Suisse Group upgraded Chevron from a “neutral” rating to an “outperform” rating and set a $138.00 price target for the company in a report on Monday, November 5th. Goldman Sachs Group restated a “buy” rating and issued a $141.00 price target on shares of Chevron in a report on Tuesday, July 31st. ValuEngine cut Chevron from a “buy” rating to a “hold” rating in a report on Thursday, August 2nd. Finally, Zacks Investment Research cut Chevron from a “buy” rating to a “hold” rating in a report on Monday, July 23rd. Eight research analysts have rated the stock with a hold rating, sixteen have issued a buy rating and one has given a strong buy rating to the company’s stock. The stock presently has a consensus rating of “Buy” and an average target price of $138.13.
Chevron (NYSE:CVX) last posted its quarterly earnings results on Friday, November 2nd. The oil and gas company reported $2.11 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $2.06 by $0.05. The business had revenue of $43.99 billion for the quarter, compared to analyst estimates of $47.17 billion. Chevron had a return on equity of 8.19% and a net margin of 8.79%. The business’s revenue was up 21.5% compared to the same quarter last year. During the same period in the prior year, the company posted $1.03 EPS. On average, research analysts forecast that Chevron Co. will post 8.3 EPS for the current fiscal year.
The business also recently disclosed a quarterly dividend, which will be paid on Monday, December 10th. Investors of record on Friday, November 16th will be paid a dividend of $1.12 per share. The ex-dividend date is Thursday, November 15th. This represents a $4.48 dividend on an annualized basis and a yield of 3.76%. Chevron’s payout ratio is currently 121.08%.
In related news, insider James William Johnson sold 4,750 shares of the company’s stock in a transaction on Thursday, October 11th. The stock was sold at an average price of $119.97, for a total transaction of $569,857.50. Following the completion of the transaction, the insider now directly owns 4,750 shares in the company, valued at approximately $569,857.50. The sale was disclosed in a document filed with the SEC, which is available through this link. 0.38% of the stock is owned by corporate insiders.
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Chevron Company Profile
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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