CIBC Asset Management Inc Has $95.86 Million Stock Position in Chevron Co. (NYSE:CVX)

CIBC Asset Management Inc lessened its holdings in Chevron Co. (NYSE:CVX) by 5.3% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 612,868 shares of the oil and gas company’s stock after selling 34,288 shares during the period. CIBC Asset Management Inc’s holdings in Chevron were worth $95,864,000 at the end of the most recent reporting period.

Several other large investors also recently made changes to their positions in the stock. Verus Capital Partners LLC boosted its position in Chevron by 28.6% during the second quarter. Verus Capital Partners LLC now owns 21,299 shares of the oil and gas company’s stock worth $3,332,000 after purchasing an additional 4,741 shares during the period. Convergence Investment Partners LLC increased its position in Chevron by 22.6% in the 2nd quarter. Convergence Investment Partners LLC now owns 17,172 shares of the oil and gas company’s stock worth $2,686,000 after buying an additional 3,166 shares during the period. DDD Partners LLC lifted its holdings in shares of Chevron by 0.3% during the second quarter. DDD Partners LLC now owns 127,281 shares of the oil and gas company’s stock worth $19,909,000 after buying an additional 360 shares during the last quarter. Resonant Capital Advisors LLC boosted its position in shares of Chevron by 3.2% in the second quarter. Resonant Capital Advisors LLC now owns 33,504 shares of the oil and gas company’s stock valued at $5,241,000 after acquiring an additional 1,029 shares during the period. Finally, Mechanics Financial Corp increased its position in Chevron by 1.4% during the second quarter. Mechanics Financial Corp now owns 11,084 shares of the oil and gas company’s stock worth $1,734,000 after acquiring an additional 156 shares during the period. Institutional investors own 72.42% of the company’s stock.

Wall Street Analysts Forecast Growth

CVX has been the subject of a number of research analyst reports. Truist Financial cut their price objective on shares of Chevron from $156.00 to $154.00 and set a “hold” rating for the company in a research report on Monday, August 5th. Royal Bank of Canada lowered their price objective on Chevron from $190.00 to $180.00 and set an “outperform” rating on the stock in a research report on Monday, August 5th. Scotiabank lowered their price target on shares of Chevron from $195.00 to $180.00 and set a “sector outperform” rating on the stock in a report on Friday, July 12th. Mizuho raised their price target on shares of Chevron from $200.00 to $205.00 and gave the stock a “buy” rating in a research note on Monday, May 13th. Finally, Barclays lowered their price objective on Chevron from $203.00 to $185.00 and set an “overweight” rating on the stock in a research note on Tuesday, August 6th. Seven investment analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $183.82.

Chevron Price Performance

Shares of NYSE:CVX traded up $0.53 during midday trading on Monday, reaching $147.95. The company’s stock had a trading volume of 6,414,700 shares, compared to its average volume of 7,744,875. The business’s fifty day simple moving average is $152.27 and its 200-day simple moving average is $155.68. The company has a debt-to-equity ratio of 0.13, a current ratio of 1.16 and a quick ratio of 0.85. Chevron Co. has a fifty-two week low of $139.62 and a fifty-two week high of $171.70. The company has a market capitalization of $272.67 billion, a P/E ratio of 13.61, a P/E/G ratio of 2.50 and a beta of 1.10.

Chevron (NYSE:CVX) last posted its quarterly earnings data on Friday, August 2nd. The oil and gas company reported $2.55 earnings per share for the quarter, missing the consensus estimate of $2.93 by ($0.38). Chevron had a net margin of 9.31% and a return on equity of 13.70%. The company had revenue of $51.18 billion during the quarter, compared to analyst estimates of $48.68 billion. During the same quarter in the previous year, the business posted $3.08 EPS. The company’s revenue was up 4.7% compared to the same quarter last year. As a group, equities research analysts expect that Chevron Co. will post 11.86 EPS for the current fiscal year.

Chevron Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 10th. Investors of record on Monday, August 19th will be given a $1.63 dividend. This represents a $6.52 annualized dividend and a yield of 4.41%. The ex-dividend date is Monday, August 19th. Chevron’s dividend payout ratio (DPR) is presently 59.98%.

Chevron Profile

Chevron Corporation, through its subsidiaries, engages in the integrated energy and chemicals operations in the United States and internationally. 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 of liquefied natural gas; transportation of crude oil through pipelines; transportation, storage, and marketing of natural gas; and carbon capture and storage, as well as a gas-to-liquids plant.