Cambridge Trust Co. increased its position in shares of Chevron Co. (NYSE:CVX – Get Rating) by 0.2% during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 112,915 shares of the oil and gas company’s stock after buying an additional 187 shares during the period. Cambridge Trust Co.’s holdings in Chevron were worth $20,267,000 as of its most recent filing with the Securities and Exchange Commission.
A number of other institutional investors have also added to or reduced their stakes in CVX. Worth Asset Management LLC acquired a new position in shares of Chevron in the first quarter valued at $36,000. Hillsdale Investment Management Inc. boosted its position in shares of Chevron by 127.3% in the third quarter. Hillsdale Investment Management Inc. now owns 375 shares of the oil and gas company’s stock valued at $54,000 after acquiring an additional 210 shares during the period. CarsonAllaria Wealth Management Ltd. boosted its position in shares of Chevron by 65.9% in the third quarter. CarsonAllaria Wealth Management Ltd. now owns 423 shares of the oil and gas company’s stock valued at $61,000 after acquiring an additional 168 shares during the period. Mitsubishi UFJ Morgan Stanley Securities Co. Ltd. boosted its position in shares of Chevron by 275.0% in the third quarter. Mitsubishi UFJ Morgan Stanley Securities Co. Ltd. now owns 600 shares of the oil and gas company’s stock valued at $86,000 after acquiring an additional 440 shares during the period. Finally, Moisand Fitzgerald Tamayo LLC lifted its position in Chevron by 15.5% during the third quarter. Moisand Fitzgerald Tamayo LLC now owns 610 shares of the oil and gas company’s stock worth $88,000 after purchasing an additional 82 shares during the period. 69.37% of the stock is currently owned by institutional investors and hedge funds.
Wall Street Analyst Weigh In
A number of research analysts have recently commented on CVX shares. Wells Fargo & Company dropped their target price on shares of Chevron from $204.00 to $199.00 and set an “overweight” rating for the company in a report on Thursday, March 2nd. Morgan Stanley decreased their target price on shares of Chevron from $197.00 to $195.00 and set an “equal weight” rating for the company in a research report on Monday, January 30th. Mizuho reissued a “neutral” rating and set a $206.00 target price on shares of Chevron in a research report on Friday. Citigroup increased their target price on shares of Chevron from $155.00 to $180.00 in a research report on Tuesday, November 22nd. Finally, HSBC increased their target price on shares of Chevron to $187.00 in a research report on Friday, December 2nd. One research analyst has rated the stock with a sell rating, ten have given a hold rating and nine have assigned a buy rating to the company. According to MarketBeat, the stock currently has an average rating of “Hold” and a consensus target price of $189.50.
Chevron Trading Down 1.3 %
Chevron (NYSE:CVX – Get Rating) last announced its earnings results on Friday, January 27th. The oil and gas company reported $4.09 earnings per share (EPS) for the quarter, missing the consensus estimate of $4.16 by ($0.07). Chevron had a net margin of 14.40% and a return on equity of 23.52%. The business had revenue of $56.47 billion for the quarter, compared to analysts’ expectations of $53.97 billion. During the same period in the prior year, the business earned $2.56 earnings per share. The company’s revenue for the quarter was up 17.1% compared to the same quarter last year. Equities research analysts anticipate that Chevron Co. will post 14.87 EPS for the current year.
Chevron Increases Dividend
The company also recently disclosed a quarterly dividend, which was paid on Friday, March 10th. Investors of record on Thursday, February 16th were issued a $1.51 dividend. The ex-dividend date of this dividend was Wednesday, February 15th. This represents a $6.04 annualized dividend and a yield of 3.96%. This is a positive change from Chevron’s previous quarterly dividend of $1.42. Chevron’s dividend payout ratio (DPR) is 33.04%.
Chevron announced that its Board of Directors has initiated a share buyback plan on Wednesday, January 25th that allows the company to buyback $75.00 billion in shares. This buyback authorization allows the oil and gas company to reacquire up to 21.7% of its stock through open market purchases. Stock buyback plans are generally an indication that the company’s management believes its stock is undervalued.
Insider Buying and Selling
In related news, VP Rhonda J. Morris sold 19,666 shares of Chevron stock in a transaction dated Tuesday, February 7th. The stock was sold at an average price of $170.00, for a total value of $3,343,220.00. Following the completion of the sale, the vice president now owns 3,967 shares of the company’s stock, valued at approximately $674,390. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. 0.32% of the stock is currently owned by insiders.
Chevron Company Profile
Chevron Corp. engages in the provision of administrative, financial management, and technology support for energy and chemical operations. It operates through the Upstream and Downstream segments. The Upstream segment consists of the exploration, development, and production of crude oil and natural gas, the liquefaction, transportation, and regasification associated with liquefied natural gas, the transporting of crude oil by major international oil export pipelines, the processing, transporting, storage, and marketing of natural gas, and a gas-to-liquids plant.
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