Van ECK Associates Corp Purchases 265,437 Shares of Chevron Co. (NYSE:CVX)

Van ECK Associates Corp lifted its position in Chevron Co. (NYSE:CVX) by 152.9% during the 2nd quarter, according to its most recent disclosure with the SEC. The fund owned 439,057 shares of the oil and gas company’s stock after purchasing an additional 265,437 shares during the period. Van ECK Associates Corp’s holdings in Chevron were worth $68,677,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently made changes to their positions in CVX. American Capital Advisory LLC boosted its holdings in Chevron by 403.2% in the first quarter. American Capital Advisory LLC now owns 156 shares of the oil and gas company’s stock valued at $25,000 after acquiring an additional 125 shares in the last quarter. Bare Financial Services Inc bought a new stake in Chevron in the fourth quarter valued at $27,000. Frank Rimerman Advisors LLC bought a new stake in Chevron in the fourth quarter valued at $30,000. Anfield Capital Management LLC lifted its position in Chevron by 118.0% during the second quarter. Anfield Capital Management LLC now owns 218 shares of the oil and gas company’s stock valued at $34,000 after buying an additional 118 shares during the period. Finally, Cooksen Wealth LLC purchased a new position in Chevron during the fourth quarter valued at $40,000. Institutional investors own 72.42% of the company’s stock.

Chevron Trading Up 0.4 %

NYSE:CVX traded up $0.53 during midday trading on Friday, hitting $147.95. 6,414,755 shares of the company traded hands, compared to its average volume of 7,744,871. The firm’s fifty day moving average is $152.27 and its 200-day moving average is $155.61. Chevron Co. has a 12-month low of $139.62 and a 12-month high of $171.70. The firm has a market capitalization of $272.67 billion, a P/E ratio of 13.61, a P/E/G ratio of 2.46 and a beta of 1.10. 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 (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 company had revenue of $51.18 billion for the quarter, compared to analysts’ expectations of $48.68 billion. Chevron had a net margin of 9.31% and a return on equity of 13.70%. The business’s quarterly revenue was up 4.7% on a year-over-year basis. During the same quarter in the previous year, the company posted $3.08 EPS. On average, sell-side analysts predict that Chevron Co. will post 11.96 EPS for the current year.

Chevron Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 10th. Shareholders 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%.

Analyst Ratings Changes

Several brokerages have commented on CVX. Barclays lowered their price objective on Chevron from $203.00 to $185.00 and set an “overweight” rating for the company in a research report on Tuesday, August 6th. Mizuho lifted their price objective on Chevron from $200.00 to $205.00 and gave the stock a “buy” rating in a report on Monday, May 13th. Truist Financial cut their price target on Chevron from $156.00 to $154.00 and set a “hold” rating for the company in a research note on Monday, August 5th. Sanford C. Bernstein downgraded Chevron from an “outperform” rating to a “market perform” rating and cut their price objective for the company from $183.00 to $167.00 in a research note on Wednesday, July 17th. Finally, Royal Bank of Canada lowered their price target on Chevron from $190.00 to $180.00 and set an “outperform” rating on the stock in a report on Monday, August 5th. Seven analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company’s stock. According to MarketBeat, Chevron currently has an average rating of “Moderate Buy” and an average price target of $183.82.

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.