Ninety One UK Ltd Grows Position in Chevron Corporation $CVX

Ninety One UK Ltd grew its position in shares of Chevron Corporation (NYSE:CVX) by 5.1% during the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 370,173 shares of the oil and gas company’s stock after acquiring an additional 17,813 shares during the quarter. Ninety One UK Ltd’s holdings in Chevron were worth $57,484,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds also recently made changes to their positions in CVX. Perigon Wealth Management LLC lifted its position in shares of Chevron by 19.3% during the 3rd quarter. Perigon Wealth Management LLC now owns 73,448 shares of the oil and gas company’s stock valued at $11,406,000 after buying an additional 11,875 shares during the last quarter. Solitude Financial Services raised its stake in Chevron by 8.2% in the 2nd quarter. Solitude Financial Services now owns 25,325 shares of the oil and gas company’s stock valued at $3,626,000 after acquiring an additional 1,913 shares during the period. Shell Asset Management Co. lifted its holdings in Chevron by 21.4% during the second quarter. Shell Asset Management Co. now owns 51,115 shares of the oil and gas company’s stock valued at $7,319,000 after purchasing an additional 9,002 shares during the last quarter. Mutual Advisors LLC boosted its position in Chevron by 7.3% during the second quarter. Mutual Advisors LLC now owns 88,759 shares of the oil and gas company’s stock worth $13,743,000 after purchasing an additional 6,058 shares during the period. Finally, Costello Asset Management INC increased its stake in shares of Chevron by 26.9% in the second quarter. Costello Asset Management INC now owns 16,694 shares of the oil and gas company’s stock worth $2,390,000 after purchasing an additional 3,541 shares in the last quarter. Hedge funds and other institutional investors own 72.42% of the company’s stock.

Analyst Ratings Changes

Several research analysts recently commented on the stock. Wells Fargo & Company raised their price objective on shares of Chevron from $190.00 to $196.00 and gave the stock an “overweight” rating in a report on Friday, November 14th. HSBC set a $169.00 price objective on Chevron and gave the company a “buy” rating in a research note on Monday, December 1st. Barclays reduced their target price on Chevron from $160.00 to $158.00 and set an “equal weight” rating for the company in a report on Tuesday, October 7th. Morgan Stanley increased their price target on shares of Chevron from $177.00 to $180.00 and gave the stock an “overweight” rating in a report on Thursday, November 13th. Finally, Scotiabank raised their price objective on shares of Chevron from $160.00 to $165.00 and gave the company a “sector perform” rating in a research report on Thursday, October 9th. One equities research analyst has rated the stock with a Strong Buy rating, eleven have given a Buy rating, eight have given a Hold rating and three have given a Sell rating to the company’s stock. According to MarketBeat, Chevron currently has an average rating of “Hold” and a consensus price target of $166.00.

Chevron Stock Performance

NYSE:CVX opened at $152.44 on Friday. The company has a quick ratio of 0.86, a current ratio of 1.15 and a debt-to-equity ratio of 0.19. The business’s 50-day moving average price is $151.87 and its two-hundred day moving average price is $152.96. The stock has a market cap of $306.94 billion, a P/E ratio of 21.44, a PEG ratio of 9.15 and a beta of 0.70. Chevron Corporation has a twelve month low of $132.04 and a twelve month high of $168.96.

Chevron (NYSE:CVX) last announced its earnings results on Friday, October 31st. The oil and gas company reported $1.85 earnings per share for the quarter, beating analysts’ consensus estimates of $1.71 by $0.14. Chevron had a net margin of 6.57% and a return on equity of 8.74%. The business had revenue of $48.17 billion for the quarter, compared to the consensus estimate of $46.99 billion. During the same period last year, the firm posted $2.48 earnings per share. Chevron’s quarterly revenue was down 1.9% on a year-over-year basis. As a group, equities analysts predict that Chevron Corporation will post 10.79 EPS for the current fiscal year.

Chevron Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, December 10th. Stockholders of record on Tuesday, November 18th were issued a dividend of $1.71 per share. This represents a $6.84 dividend on an annualized basis and a dividend yield of 4.5%. The ex-dividend date of this dividend was Tuesday, November 18th. Chevron’s payout ratio is currently 96.20%.

Insider Transactions at Chevron

In related news, Director John B. Hess sold 275,000 shares of the stock in a transaction on Thursday, November 20th. The stock was sold at an average price of $150.75, for a total value of $41,456,250.00. Following the transaction, the director owned 1,128,045 shares of the company’s stock, valued at $170,052,783.75. This represents a 19.60% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Company insiders own 0.21% of the company’s stock.

About Chevron

Chevron Corporation (NYSE: CVX) is an American multinational energy company engaged in virtually all aspects of the oil and gas industry. As an integrated energy firm, Chevron’s core activities include upstream oil and natural gas exploration and production, midstream transportation and storage, downstream refining and marketing of fuels and lubricants, and petrochemical manufacturing through joint ventures and subsidiaries. The company markets fuels under brands such as Chevron, Texaco and Caltex and supplies a range of products and services to retail customers, industrial users and commercial fleets worldwide.

Chevron traces its corporate lineage to the early petroleum companies that eventually became Standard Oil of California and has evolved through significant mergers and restructurings, including the acquisitions of Gulf Oil and Texaco.