Tortoise Investment Management LLC Raises Stock Position in Chevron Co. (NYSE:CVX)

Tortoise Investment Management LLC grew its holdings in shares of Chevron Co. (NYSE:CVXGet Rating) by 46.3% during the first quarter, Holdings Channel reports. The firm owned 2,206 shares of the oil and gas company’s stock after purchasing an additional 698 shares during the quarter. Tortoise Investment Management LLC’s holdings in Chevron were worth $359,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently bought and sold shares of the company. Your Advocates Ltd. LLP acquired a new position in shares of Chevron during the first quarter worth about $25,000. Joseph P. Lucia & Associates LLC acquired a new position in shares of Chevron during the first quarter worth about $30,000. Joseph Group Capital Management acquired a new position in shares of Chevron during the fourth quarter worth about $1,105,000. Rational Advisors LLC grew its position in shares of Chevron by 116.3% during the fourth quarter. Rational Advisors LLC now owns 225 shares of the oil and gas company’s stock worth $26,000 after buying an additional 121 shares in the last quarter. Finally, Steward Financial Group LLC grew its position in shares of Chevron by 932.0% during the first quarter. Steward Financial Group LLC now owns 258 shares of the oil and gas company’s stock worth $42,000 after buying an additional 233 shares in the last quarter. 65.89% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling

In other Chevron news, EVP Mark A. Nelson sold 117,400 shares of Chevron stock in a transaction dated Tuesday, May 10th. The shares were sold at an average price of $159.47, for a total transaction of $18,721,778.00. Following the completion of the transaction, the executive vice president now owns 788 shares in the company, valued at $125,662.36. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. In other Chevron news, insider David A. Inchausti sold 5,600 shares of the company’s stock in a transaction dated Wednesday, May 11th. The shares were sold at an average price of $164.85, for a total value of $923,160.00. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, EVP Mark A. Nelson sold 117,400 shares of the company’s stock in a transaction dated Tuesday, May 10th. The shares were sold at an average price of $159.47, for a total transaction of $18,721,778.00. Following the completion of the sale, the executive vice president now directly owns 788 shares in the company, valued at approximately $125,662.36. The disclosure for this sale can be found here. Insiders have sold 399,043 shares of company stock worth $67,010,843 in the last three months. Corporate insiders own 0.32% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of brokerages have recently commented on CVX. The Goldman Sachs Group reissued a “neutral” rating and set a $172.00 price objective on shares of Chevron in a research report on Thursday. Cowen lowered their price target on Chevron from $179.00 to $160.00 and set an “outperform” rating for the company in a report on Friday, July 1st. Citigroup lowered their price target on Chevron from $170.00 to $150.00 and set a “neutral” rating for the company in a report on Wednesday, July 13th. Truist Financial lowered their price target on Chevron from $170.00 to $166.00 and set a “hold” rating for the company in a report on Tuesday, July 19th. Finally, Morgan Stanley upped their price target on Chevron from $185.00 to $190.00 and gave the company an “equal weight” rating in a report on Tuesday, July 19th. One investment analyst has rated the stock with a sell rating, six have assigned a hold rating and fifteen have issued a buy rating to the company. Based on data from MarketBeat.com, Chevron currently has a consensus rating of “Moderate Buy” and an average target price of $173.00.

Chevron Trading Up 1.7 %

NYSE:CVX opened at $153.64 on Friday. The stock has a fifty day moving average price of $154.37 and a two-hundred day moving average price of $155.35. The stock has a market capitalization of $301.87 billion, a price-to-earnings ratio of 10.25, a PEG ratio of 0.61 and a beta of 1.15. The company has a debt-to-equity ratio of 0.20, a quick ratio of 1.22 and a current ratio of 1.43. Chevron Co. has a 1 year low of $92.86 and a 1 year high of $182.40.

Chevron (NYSE:CVXGet Rating) last released its quarterly earnings data on Friday, July 29th. The oil and gas company reported $5.82 earnings per share (EPS) for the quarter, topping the consensus estimate of $4.66 by $1.16. The firm had revenue of $68.76 billion during the quarter, compared to analysts’ expectations of $57.69 billion. Chevron had a return on equity of 20.19% and a net margin of 13.45%. Chevron’s revenue was up 82.9% compared to the same quarter last year. During the same quarter in the prior year, the business posted $1.71 earnings per share. As a group, sell-side analysts anticipate that Chevron Co. will post 17.51 earnings per share for the current fiscal year.

Chevron Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Monday, September 12th. Stockholders of record on Friday, August 19th will be paid a dividend of $1.42 per share. This represents a $5.68 annualized dividend and a dividend yield of 3.70%. The ex-dividend date is Thursday, August 18th. Chevron’s dividend payout ratio (DPR) is presently 37.89%.

Chevron Company Profile

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Chevron Corporation, through its subsidiaries, engages in integrated energy and chemicals operations 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 through pipelines; and transportation, storage, and marketing of natural gas, as well as operates a gas-to-liquids plant.

See Also

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Institutional Ownership by Quarter for Chevron (NYSE:CVX)

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