CIBC Private Wealth Group LLC Increases Stake in Chevron Co. (CVX)

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CIBC Private Wealth Group LLC lifted its holdings in Chevron Co. (NYSE:CVX) by 0.9% during the second quarter, HoldingsChannel reports. The firm owned 1,216,437 shares of the oil and gas company’s stock after purchasing an additional 11,106 shares during the period. CIBC Private Wealth Group LLC’s holdings in Chevron were worth $153,795,000 as of its most recent SEC filing.

Several other hedge funds have also made changes to their positions in the company. Dimensional Fund Advisors LP increased its holdings in Chevron by 4.4% during the first quarter. Dimensional Fund Advisors LP now owns 13,026,526 shares of the oil and gas company’s stock worth $1,485,545,000 after buying an additional 549,931 shares during the last quarter. Schwab Charles Investment Management Inc. increased its holdings in Chevron by 3.3% during the first quarter. Schwab Charles Investment Management Inc. now owns 8,728,794 shares of the oil and gas company’s stock worth $995,432,000 after buying an additional 275,289 shares during the last quarter. Barrow Hanley Mewhinney & Strauss LLC increased its holdings in Chevron by 0.4% during the first quarter. Barrow Hanley Mewhinney & Strauss LLC now owns 7,624,550 shares of the oil and gas company’s stock worth $869,505,000 after buying an additional 31,022 shares during the last quarter. Boston Partners increased its holdings in Chevron by 2.4% during the first quarter. Boston Partners now owns 7,482,304 shares of the oil and gas company’s stock worth $853,282,000 after buying an additional 175,360 shares during the last quarter. Finally, Sumitomo Mitsui Trust Holdings Inc. increased its holdings in Chevron by 10.3% during the second quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 6,391,206 shares of the oil and gas company’s stock worth $808,040,000 after buying an additional 594,253 shares during the last quarter. 64.60% of the stock is currently owned by institutional investors and hedge funds.

NYSE:CVX opened at $118.14 on Friday. Chevron Co. has a one year low of $108.02 and a one year high of $133.88. The firm has a market capitalization of $224.74 billion, a price-to-earnings ratio of 31.93, a P/E/G ratio of 2.04 and a beta of 1.07. The company has a debt-to-equity ratio of 0.20, a quick ratio of 0.87 and a current ratio of 1.08.

Chevron (NYSE:CVX) last released its quarterly earnings data on Friday, July 27th. The oil and gas company reported $1.78 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $2.09 by ($0.31). Chevron had a net margin of 7.87% and a return on equity of 6.89%. The company had revenue of $42.24 billion during the quarter, compared to analyst estimates of $46.62 billion. During the same quarter in the prior year, the firm earned $0.77 earnings per share. Chevron’s revenue for the quarter was up 22.5% on a year-over-year basis. On average, analysts predict that Chevron Co. will post 8.23 earnings per share for the current fiscal year.

In related news, insider James William Johnson sold 4,750 shares of the company’s stock in a transaction dated Thursday, October 11th. The shares were sold at an average price of $119.97, for a total value of $569,857.50. Following the transaction, the insider now directly owns 4,750 shares in the company, valued at $569,857.50. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Corporate insiders own 0.38% of the company’s stock.

A number of equities analysts recently weighed in on the stock. Barclays boosted their target price on shares of Chevron from $145.00 to $148.00 and gave the stock an “overweight” rating in a report on Wednesday, July 11th. Credit Suisse Group set a $132.00 target price on shares of Chevron and gave the stock a “hold” rating in a report on Sunday, July 1st. Macquarie downgraded shares of Chevron from an “outperform” rating to a “neutral” rating and set a $125.00 target price on the stock. in a report on Tuesday, July 3rd. Royal Bank of Canada reiterated a “neutral” rating and issued a $145.00 price objective on shares of Chevron in a report on Monday, July 2nd. Finally, Goldman Sachs Group reiterated a “buy” rating and issued a $141.00 price objective on shares of Chevron in a report on Tuesday, July 31st. Nine research analysts have rated the stock with a hold rating, sixteen have issued a buy rating and one has issued a strong buy rating to the company. Chevron has a consensus rating of “Buy” and a consensus price target of $137.17.

About Chevron

Chevron Corporation, through its subsidiaries, engages in integrated energy, chemicals, and petroleum operations worldwide. The company operates in two segments, Upstream and Downstream. The Upstream segment is involved in the exploration, development, and production of crude oil and natural gas; processing, liquefaction, transportation, and regasification associated with liquefied natural gas; transportation of crude oil through pipelines; and transportation, storage, and marketing of natural gas, as well as operates a gas-to-liquids plant.

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Institutional Ownership by Quarter for Chevron (NYSE:CVX)

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