Massmutual Trust Co. FSB ADV boosted its position in shares of Chevron Co. (NYSE:CVX) by 7.0% in the 3rd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 163,352 shares of the oil and gas company’s stock after buying an additional 10,633 shares during the quarter. Chevron accounts for approximately 1.5% of Massmutual Trust Co. FSB ADV’s investment portfolio, making the stock its 13th largest position. Massmutual Trust Co. FSB ADV’s holdings in Chevron were worth $19,975,000 at the end of the most recent quarter.
A number of other hedge funds have also recently made changes to their positions in CVX. Morgan Stanley lifted its stake in Chevron by 3.8% in the 2nd quarter. Morgan Stanley now owns 16,986,164 shares of the oil and gas company’s stock worth $2,147,560,000 after acquiring an additional 626,514 shares in the last quarter. Dimensional Fund Advisors LP lifted its stake in Chevron by 1.5% in the 2nd quarter. Dimensional Fund Advisors LP now owns 13,217,173 shares of the oil and gas company’s stock worth $1,671,000,000 after acquiring an additional 190,647 shares in the last quarter. Schwab Charles Investment Management Inc. lifted its stake in Chevron by 2.3% in the 2nd quarter. Schwab Charles Investment Management Inc. now owns 8,933,341 shares of the oil and gas company’s stock worth $1,129,443,000 after acquiring an additional 204,547 shares in the last quarter. Standard Life Aberdeen plc lifted its stake in Chevron by 78.9% in the 2nd quarter. Standard Life Aberdeen plc now owns 6,790,689 shares of the oil and gas company’s stock worth $858,547,000 after acquiring an additional 2,994,612 shares in the last quarter. Finally, Sumitomo Mitsui Trust Holdings Inc. lifted its stake in Chevron by 2.1% in the 3rd quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 6,522,445 shares of the oil and gas company’s stock worth $797,565,000 after acquiring an additional 131,239 shares in the last quarter. 67.51% of the stock is owned by institutional investors and hedge funds.
CVX has been the subject of several research analyst reports. Piper Jaffray Companies reissued an “overweight” rating on shares of Chevron in a research note on Tuesday, October 23rd. Credit Suisse Group raised Chevron from a “neutral” rating to an “outperform” rating and set a $138.00 price target for the company in a research note on Monday, November 5th. Bank of America reaffirmed a “neutral” rating and set a $140.00 price target (up from $135.00) on shares of Chevron in a research note on Monday, November 5th. Wells Fargo & Co cut their price target on Chevron from $160.00 to $158.00 and set an “outperform” rating for the company in a research note on Monday, November 5th. Finally, Societe Generale cut their price target on Chevron from $150.00 to $128.00 and set a “buy” rating for the company in a research note on Wednesday, December 19th. Nine equities research analysts have rated the stock with a hold rating, ten have issued a buy rating and one has assigned a strong buy rating to the stock. The stock has a consensus rating of “Buy” and an average price target of $133.20.
Chevron (NYSE:CVX) last issued its quarterly earnings data on Friday, February 1st. The oil and gas company reported $1.95 earnings per share for the quarter, beating the Zacks’ consensus estimate of $1.87 by $0.08. Chevron had a return on equity of 9.82% and a net margin of 8.91%. The business had revenue of $42.35 billion for the quarter, compared to the consensus estimate of $41.46 billion. During the same period last year, the business earned $1.64 EPS. The firm’s revenue was up 12.6% compared to the same quarter last year. On average, research analysts forecast that Chevron Co. will post 6.62 EPS for the current year.
The business also recently disclosed a quarterly dividend, which will be paid on Monday, March 11th. Investors of record on Friday, February 15th will be paid a $1.19 dividend. This represents a $4.76 dividend on an annualized basis and a dividend yield of 3.99%. This is an increase from Chevron’s previous quarterly dividend of $1.12. The ex-dividend date is Thursday, February 14th. Chevron’s dividend payout ratio (DPR) is presently 54.30%.
In related news, EVP James William Johnson sold 4,750 shares of the firm’s stock in a transaction that occurred on Monday, December 3rd. The stock was sold at an average price of $120.92, for a total value of $574,370.00. Following the transaction, the executive vice president now directly owns 4,750 shares of the company’s stock, valued at approximately $574,370. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Jeanette L. Ourada sold 7,200 shares of the firm’s stock in a transaction that occurred on Monday, February 4th. The shares were sold at an average price of $116.50, for a total value of $838,800.00. Following the completion of the transaction, the insider now directly owns 7,200 shares in the company, valued at $838,800. The disclosure for this sale can be found here. Insiders sold a total of 26,200 shares of company stock worth $3,072,725 over the last three months. 0.46% of the stock is owned by company insiders.
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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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