Cornerstone Financial Partners LLC grew its stake in Chevron Co. (NYSE:CVX) by 56.0% during the fourth quarter, HoldingsChannel reports. The fund owned 4,629 shares of the oil and gas company’s stock after purchasing an additional 1,661 shares during the quarter. Cornerstone Financial Partners LLC’s holdings in Chevron were worth $581,000 at the end of the most recent quarter.
Other hedge funds also recently modified their holdings of the company. Koshinski Asset Management Inc. boosted its stake in shares of Chevron by 8.0% during the fourth quarter. Koshinski Asset Management Inc. now owns 14,572 shares of the oil and gas company’s stock valued at $1,824,000 after purchasing an additional 1,077 shares in the last quarter. Numeric Investors LLC boosted its stake in shares of Chevron by 158.4% during the second quarter. Numeric Investors LLC now owns 52,200 shares of the oil and gas company’s stock valued at $5,446,000 after purchasing an additional 32,000 shares in the last quarter. Bogart Wealth LLC boosted its stake in shares of Chevron by 3.7% during the fourth quarter. Bogart Wealth LLC now owns 15,316 shares of the oil and gas company’s stock valued at $1,917,000 after purchasing an additional 542 shares in the last quarter. Toronto Dominion Bank boosted its stake in shares of Chevron by 24.7% during the second quarter. Toronto Dominion Bank now owns 660,443 shares of the oil and gas company’s stock valued at $68,894,000 after purchasing an additional 130,990 shares in the last quarter. Finally, Shell Asset Management Co. boosted its stake in shares of Chevron by 41.2% during the third quarter. Shell Asset Management Co. now owns 506,198 shares of the oil and gas company’s stock valued at $60,400,000 after purchasing an additional 147,738 shares in the last quarter. Institutional investors and hedge funds own 64.96% of the company’s stock.
CVX has been the topic of a number of recent research reports. Zacks Investment Research upgraded shares of Chevron from a “hold” rating to a “buy” rating and set a $140.00 price objective on the stock in a research note on Wednesday, December 27th. Vetr raised shares of Chevron from a “hold” rating to a “buy” rating and set a $134.35 target price for the company in a research report on Tuesday, December 26th. Scotiabank reissued a “buy” rating and set a $130.00 target price on shares of Chevron in a research report on Friday, December 22nd. Jefferies Group reissued a “buy” rating and set a $140.00 target price on shares of Chevron in a research report on Wednesday, December 20th. Finally, Bank of America set a $125.00 target price on shares of Chevron and gave the company a “buy” rating in a research report on Saturday, December 2nd. One equities research analyst has rated the stock with a sell rating, nine have given a hold rating and eighteen have assigned a buy rating to the company. The stock has an average rating of “Buy” and a consensus price target of $129.79.
Chevron (NYSE:CVX) last posted its quarterly earnings results on Friday, February 2nd. The oil and gas company reported $0.73 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $1.27 by ($0.54). The company had revenue of $37.62 billion during the quarter, compared to analysts’ expectations of $38.43 billion. Chevron had a return on equity of 5.22% and a net margin of 6.49%. The company’s quarterly revenue was up 19.4% on a year-over-year basis. During the same period in the prior year, the business posted $0.22 EPS. sell-side analysts expect that Chevron Co. will post 6.38 EPS for the current year.
The business also recently declared a quarterly dividend, which was paid on Monday, March 12th. Shareholders of record on Friday, February 16th were issued a $1.12 dividend. The ex-dividend date of this dividend was Thursday, February 15th. This represents a $4.48 dividend on an annualized basis and a dividend yield of 3.97%. This is a boost from Chevron’s previous quarterly dividend of $1.08. Chevron’s dividend payout ratio (DPR) is currently 92.37%.
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Chevron Company Profile
Chevron Corporation (Chevron) manages its investments in subsidiaries and affiliates, and provides administrative, financial, management and technology support to the United States and international subsidiaries that engage in integrated energy and chemicals operations. The Company operates through two business segments: Upstream and Downstream.
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