Gabelli Funds LLC raised its position in Chevron Co. (NYSE:CVX – Free Report) by 0.8% in the second quarter, HoldingsChannel.com reports. The fund owned 369,918 shares of the oil and gas company’s stock after purchasing an additional 2,900 shares during the quarter. Gabelli Funds LLC’s holdings in Chevron were worth $58,207,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
A number of other large investors have also recently added to or reduced their stakes in CVX. Bank Julius Baer & Co. Ltd Zurich lifted its stake in shares of Chevron by 100,509.4% during the 2nd quarter. Bank Julius Baer & Co. Ltd Zurich now owns 426,861,553 shares of the oil and gas company’s stock worth $67,166,665,000 after buying an additional 426,437,277 shares during the last quarter. Moneta Group Investment Advisors LLC lifted its stake in shares of Chevron by 104,997.3% during the 4th quarter. Moneta Group Investment Advisors LLC now owns 24,490,824 shares of the oil and gas company’s stock worth $4,395,858,000 after buying an additional 24,467,521 shares during the last quarter. Norges Bank acquired a new stake in shares of Chevron during the 4th quarter worth about $3,058,235,000. Commonwealth Equity Services LLC lifted its stake in shares of Chevron by 908.4% during the 1st quarter. Commonwealth Equity Services LLC now owns 11,450,777 shares of the oil and gas company’s stock worth $186,830,000 after buying an additional 10,315,292 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. raised its stake in Chevron by 76.5% in the 1st quarter. Charles Schwab Investment Management Inc. now owns 23,667,484 shares of the oil and gas company’s stock worth $3,839,241,000 after purchasing an additional 10,257,980 shares in the last quarter. Institutional investors and hedge funds own 68.87% of the company’s stock.
Wall Street Analysts Forecast Growth
Several analysts have weighed in on CVX shares. Raymond James dropped their price objective on shares of Chevron from $200.00 to $175.00 and set an “outperform” rating for the company in a research note on Monday, October 30th. Sanford C. Bernstein upgraded shares of Chevron from a “market perform” rating to an “outperform” rating and dropped their price objective for the stock from $184.00 to $182.00 in a research note on Thursday, November 2nd. UBS Group lifted their price objective on shares of Chevron from $209.00 to $210.00 and gave the stock a “buy” rating in a research note on Wednesday, October 4th. Truist Financial dropped their price objective on shares of Chevron from $175.00 to $169.00 and set a “hold” rating for the company in a research note on Tuesday, October 24th. Finally, Mizuho dropped their price objective on shares of Chevron from $215.00 to $195.00 and set a “buy” rating for the company in a research note on Tuesday, November 14th. Four investment analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $187.89.
Chevron Trading Up 1.9 %
NYSE:CVX traded up $2.69 during mid-day trading on Friday, hitting $144.46. 11,077,904 shares of the company’s stock were exchanged, compared to its average volume of 12,759,151. The company has a 50 day simple moving average of $158.68 and a 200-day simple moving average of $158.21. The company has a current ratio of 1.25, a quick ratio of 0.97 and a debt-to-equity ratio of 0.12. Chevron Co. has a fifty-two week low of $140.74 and a fifty-two week high of $187.81. The firm has a market capitalization of $272.70 billion, a P/E ratio of 10.72, a PEG ratio of 0.73 and a beta of 1.16.
Chevron (NYSE:CVX – Get Free Report) last issued its quarterly earnings results on Friday, October 27th. The oil and gas company reported $3.05 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $3.70 by ($0.65). The firm had revenue of $54.08 billion during the quarter, compared to analyst estimates of $51.41 billion. Chevron had a return on equity of 16.15% and a net margin of 12.11%. The firm’s revenue for the quarter was down 18.9% on a year-over-year basis. During the same quarter last year, the firm posted $5.56 EPS. As a group, research analysts expect that Chevron Co. will post 13.59 earnings per share for the current year.
Chevron Dividend Announcement
The company also recently declared a quarterly dividend, which will be paid on Monday, December 11th. Stockholders of record on Friday, November 17th will be given a $1.51 dividend. The ex-dividend date is Thursday, November 16th. This represents a $6.04 dividend on an annualized basis and a dividend yield of 4.18%. Chevron’s dividend payout ratio (DPR) is currently 44.84%.
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; liquefaction, transportation, and regasification associated with liquefied natural gas; transportation of crude oil through pipelines; and processing, transportation, storage, and marketing of natural gas, as well as a gas-to-liquids plant.
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