DekaBank Deutsche Girozentrale lowered its holdings in Chevron Co. (NYSE:CVX) by 48.3% in the first quarter, according to its most recent disclosure with the SEC. The institutional investor owned 526,672 shares of the oil and gas company’s stock after selling 492,185 shares during the period. DekaBank Deutsche Girozentrale’s holdings in Chevron were worth $55,773,000 at the end of the most recent reporting period.
Several other hedge funds have also made changes to their positions in CVX. Johnson Midwest Financial LLC purchased a new position in Chevron in the fourth quarter worth approximately $27,000. Joseph P. Lucia & Associates LLC purchased a new position in Chevron in the fourth quarter worth approximately $28,000. Alpha DNA Investment Management LLC purchased a new position in Chevron in the fourth quarter worth approximately $31,000. Kathmere Capital Management LLC purchased a new position in Chevron in the third quarter worth approximately $33,000. Finally, PARK CIRCLE Co lifted its stake in Chevron by 300.0% in the fourth quarter. PARK CIRCLE Co now owns 400 shares of the oil and gas company’s stock worth $34,000 after acquiring an additional 300 shares during the last quarter. Hedge funds and other institutional investors own 62.27% of the company’s stock.
A number of brokerages recently issued reports on CVX. HSBC upgraded shares of Chevron from a “hold” rating to a “buy” rating and lifted their price target for the stock from $103.00 to $105.00 in a research note on Thursday, January 14th. Zacks Investment Research upgraded shares of Chevron from a “hold” rating to a “strong-buy” rating and set a $102.00 price objective for the company in a research report on Friday, January 29th. Truist boosted their price objective on shares of Chevron from $105.00 to $130.00 in a research report on Wednesday, March 10th. Morgan Stanley boosted their price objective on shares of Chevron from $113.00 to $127.00 and gave the stock an “overweight” rating in a research report on Wednesday, March 17th. Finally, Scotiabank restated a “sector perform” rating and set a $115.00 price objective on shares of Chevron in a research report on Tuesday, March 16th. Ten analysts have rated the stock with a hold rating, seventeen have given a buy rating and one has issued a strong buy rating to the stock. Chevron has an average rating of “Buy” and a consensus target price of $110.68.
Chevron (NYSE:CVX) last released 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). The firm had revenue of $32.03 billion during the quarter, compared to analysts’ expectations of $31.82 billion. Chevron had a negative net margin of 10.86% and a positive return on equity of 1.75%. Chevron’s revenue for the quarter was up 1.7% on a year-over-year basis. During the same quarter last year, the company posted $1.29 earnings per share. On average, equities research analysts forecast that Chevron Co. will post 0.03 earnings per share for the current fiscal year.
The business also recently disclosed a quarterly dividend, which will be paid on Thursday, June 10th. Stockholders of record on Wednesday, May 19th will be issued a dividend of $1.34 per share. This is a positive change from Chevron’s previous quarterly dividend of $1.29. This represents a $5.36 annualized dividend and a dividend yield of 5.08%. The ex-dividend date of this dividend is Tuesday, May 18th. Chevron’s dividend payout ratio is presently 82.30%.
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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