Oppenheimer Asset Management Inc. Buys 59,825 Shares of Chevron Co. (NYSE:CVX)

Oppenheimer Asset Management Inc. increased its stake in Chevron Co. (NYSE:CVX) by 10.5% in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 632,178 shares of the oil and gas company’s stock after purchasing an additional 59,825 shares during the period. Chevron makes up 1.3% of Oppenheimer Asset Management Inc.’s holdings, making the stock its 8th largest position. Oppenheimer Asset Management Inc.’s holdings in Chevron were worth $98,885,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other large investors have also recently added to or reduced their stakes in the company. Wrapmanager Inc. boosted its position in Chevron by 84.1% during the 2nd quarter. Wrapmanager Inc. now owns 8,505 shares of the oil and gas company’s stock worth $1,330,000 after acquiring an additional 3,885 shares during the last quarter. Fidelity National Financial Inc. lifted its position in shares of Chevron by 63.8% in the second quarter. Fidelity National Financial Inc. now owns 172,000 shares of the oil and gas company’s stock worth $26,904,000 after purchasing an additional 67,000 shares in the last quarter. Stolper Co boosted its holdings in Chevron by 2.4% during the second quarter. Stolper Co now owns 51,412 shares of the oil and gas company’s stock worth $8,042,000 after purchasing an additional 1,188 shares during the last quarter. SYM FINANCIAL Corp grew its position in Chevron by 32.9% in the second quarter. SYM FINANCIAL Corp now owns 2,866 shares of the oil and gas company’s stock valued at $448,000 after purchasing an additional 710 shares in the last quarter. Finally, Client 1ST Advisory Group LLC increased its stake in Chevron by 85.8% in the 2nd quarter. Client 1ST Advisory Group LLC now owns 3,588 shares of the oil and gas company’s stock valued at $561,000 after buying an additional 1,657 shares during the last quarter. Institutional investors own 72.42% of the company’s stock.

Analysts Set New Price Targets

A number of equities analysts have recently commented on CVX shares. Sanford C. Bernstein downgraded shares of Chevron from an “outperform” rating to a “market perform” rating and reduced their price objective for the stock from $183.00 to $167.00 in a research note on Wednesday, July 17th. Barclays decreased their price target on Chevron from $203.00 to $185.00 and set an “overweight” rating for the company in a research note on Tuesday, August 6th. Scotiabank decreased their price target on Chevron from $195.00 to $180.00 and set a “sector outperform” rating for the company in a research note on Friday, July 12th. Wolfe Research initiated coverage on Chevron in a research note on Thursday, July 18th. They issued a “peer perform” rating for the company. Finally, Royal Bank of Canada decreased their price target on Chevron from $190.00 to $180.00 and set an “outperform” rating for the company in a research note on Monday, August 5th. Seven investment analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company. Based on data from MarketBeat.com, Chevron has a consensus rating of “Moderate Buy” and an average price target of $183.82.

Chevron Stock Performance

NYSE:CVX opened at $140.61 on Friday. The stock has a market cap of $257.16 billion, a P/E ratio of 12.94, a PEG ratio of 2.37 and a beta of 1.09. The stock has a 50 day simple moving average of $149.12 and a 200 day simple moving average of $154.72. The company has a current ratio of 1.16, a quick ratio of 0.85 and a debt-to-equity ratio of 0.13. Chevron Co. has a 1-year low of $135.37 and a 1-year high of $171.70.

Chevron (NYSE:CVX) last released its quarterly earnings results 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). The firm had revenue of $51.18 billion for the quarter, compared to analyst estimates of $48.68 billion. Chevron had a return on equity of 13.70% and a net margin of 9.31%. The business’s revenue for the quarter was up 4.7% on a year-over-year basis. During the same period in the previous year, the business posted $3.08 earnings per share. Research analysts anticipate that Chevron Co. will post 11.63 earnings per share for the current year.

Chevron Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Tuesday, September 10th. Investors of record on Monday, August 19th were issued a dividend of $1.63 per share. The ex-dividend date of this dividend was Monday, August 19th. This represents a $6.52 annualized dividend and a yield of 4.64%. Chevron’s payout ratio is currently 59.98%.

Chevron Company 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.