Polar Asset Management Partners Inc. Buys New Position in Chevron Co. (NYSE:CVX)

Polar Asset Management Partners Inc. purchased a new position in Chevron Co. (NYSE:CVX) during the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The fund purchased 166,000 shares of the oil and gas company’s stock, valued at approximately $24,043,000.

Other institutional investors and hedge funds also recently bought and sold shares of the company. ProShare Advisors LLC increased its stake in Chevron by 11.0% in the 4th quarter. ProShare Advisors LLC now owns 1,699,478 shares of the oil and gas company’s stock worth $246,152,000 after purchasing an additional 168,788 shares in the last quarter. Quadcap Wealth Management LLC increased its position in shares of Chevron by 1.6% in the fourth quarter. Quadcap Wealth Management LLC now owns 19,221 shares of the oil and gas company’s stock worth $2,784,000 after acquiring an additional 294 shares in the last quarter. Quantinno Capital Management LP raised its holdings in shares of Chevron by 39.3% during the fourth quarter. Quantinno Capital Management LP now owns 208,060 shares of the oil and gas company’s stock valued at $30,135,000 after acquiring an additional 58,701 shares during the period. Paradigm Capital Management LLC NV raised its holdings in shares of Chevron by 1.8% during the fourth quarter. Paradigm Capital Management LLC NV now owns 13,918 shares of the oil and gas company’s stock valued at $2,016,000 after acquiring an additional 243 shares during the period. Finally, Mufg Securities Americas Inc. purchased a new stake in shares of Chevron in the 4th quarter valued at approximately $3,573,000. 72.42% of the stock is owned by institutional investors and hedge funds.

Chevron Stock Down 0.8%

Shares of NYSE:CVX opened at $141.22 on Thursday. Chevron Co. has a 52 week low of $132.04 and a 52 week high of $168.96. The company has a market capitalization of $246.63 billion, a PE ratio of 14.53, a P/E/G ratio of 1.46 and a beta of 0.83. The company’s fifty day moving average is $147.20 and its 200-day moving average is $151.87. The company has a debt-to-equity ratio of 0.13, a quick ratio of 0.80 and a current ratio of 1.07.

Chevron (NYSE:CVX) last announced its earnings results on Friday, May 2nd. The oil and gas company reported $2.18 EPS for the quarter, topping the consensus estimate of $2.15 by $0.03. Chevron had a return on equity of 11.44% and a net margin of 8.71%. The company had revenue of $47.61 billion for the quarter, compared to analysts’ expectations of $49.05 billion. During the same quarter in the prior year, the business earned $2.93 earnings per share. The business’s revenue for the quarter was down 2.3% on a year-over-year basis. Equities research analysts predict that Chevron Co. will post 10.79 earnings per share for the current fiscal year.

Chevron Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, June 10th. Investors of record on Monday, May 19th will be paid a dividend of $1.71 per share. This represents a $6.84 dividend on an annualized basis and a dividend yield of 4.84%. The ex-dividend date of this dividend is Monday, May 19th. Chevron’s dividend payout ratio (DPR) is 78.17%.

Wall Street Analyst Weigh In

Several brokerages have issued reports on CVX. DZ Bank downgraded shares of Chevron from a “buy” rating to a “sell” rating and set a $130.00 target price on the stock. in a research note on Tuesday, May 6th. HSBC downgraded shares of Chevron from a “buy” rating to a “hold” rating and dropped their price target for the stock from $176.00 to $158.00 in a research note on Tuesday. TD Cowen reduced their target price on shares of Chevron from $155.00 to $150.00 and set a “hold” rating for the company in a research note on Monday, May 5th. Scotiabank downgraded Chevron from a “sector outperform” rating to a “sector perform” rating and cut their price objective for the company from $160.00 to $143.00 in a research note on Friday, April 11th. Finally, Wells Fargo & Company decreased their price target on shares of Chevron from $173.00 to $164.00 and set an “overweight” rating for the company in a report on Monday, May 5th. Three equities research analysts have rated the stock with a sell rating, eight have issued a hold rating and eight have given a buy rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus price target of $160.24.

About Chevron

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.