A. D. Beadell Investment Counsel Inc. cut its position in shares of Chevron Co. (NYSE:CVX – Get Rating) by 60.2% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 3,533 shares of the oil and gas company’s stock after selling 5,338 shares during the quarter. A. D. Beadell Investment Counsel Inc.’s holdings in Chevron were worth $575,000 as of its most recent SEC filing.
Several other institutional investors have also recently made changes to their positions in the company. Geode Capital Management LLC grew its position in Chevron by 2.1% during the 4th quarter. Geode Capital Management LLC now owns 32,250,237 shares of the oil and gas company’s stock worth $3,776,323,000 after acquiring an additional 667,875 shares during the last quarter. Norges Bank bought a new position in Chevron during the 4th quarter worth approximately $3,111,594,000. Charles Schwab Investment Management Inc. grew its position in Chevron by 1.8% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 14,507,398 shares of the oil and gas company’s stock worth $1,702,446,000 after acquiring an additional 254,353 shares during the last quarter. Invesco Ltd. grew its position in Chevron by 6.8% during the 4th quarter. Invesco Ltd. now owns 14,400,260 shares of the oil and gas company’s stock worth $1,689,870,000 after acquiring an additional 917,773 shares during the last quarter. Finally, Dimensional Fund Advisors LP grew its position in Chevron by 4.3% during the 4th quarter. Dimensional Fund Advisors LP now owns 8,326,228 shares of the oil and gas company’s stock worth $977,069,000 after acquiring an additional 346,881 shares during the last quarter. Hedge funds and other institutional investors own 65.89% of the company’s stock.
Several equities research analysts have weighed in on the company. Piper Sandler increased their price objective on Chevron from $150.00 to $173.00 and gave the stock an “overweight” rating in a report on Wednesday, March 2nd. BMO Capital Markets raised their target price on Chevron from $140.00 to $170.00 in a research note on Wednesday, March 2nd. Credit Suisse Group raised their target price on Chevron from $190.00 to $202.00 and gave the company an “outperform” rating in a research note on Thursday, June 9th. JPMorgan Chase & Co. cut Chevron from a “neutral” rating to an “underweight” rating and set a $169.00 target price for the company. in a research note on Friday, March 11th. Finally, Morgan Stanley lowered their target price on Chevron from $188.00 to $185.00 and set an “equal weight” rating for the company in a research note on Monday, June 6th. One analyst has rated the stock with a sell rating, eight have issued a hold rating and fifteen have given a buy rating to the company. According to data from MarketBeat, Chevron presently has an average rating of “Moderate Buy” and an average target price of $169.57.
Chevron (NYSE:CVX – Get Rating) last issued its quarterly earnings data on Friday, April 29th. The oil and gas company reported $3.36 EPS for the quarter, missing the consensus estimate of $3.44 by ($0.08). The firm had revenue of $54.37 billion during the quarter, compared to the consensus estimate of $54.96 billion. Chevron had a return on equity of 14.66% and a net margin of 11.10%. The business’s revenue was up 69.8% on a year-over-year basis. During the same period in the previous year, the firm earned $0.90 EPS. Analysts expect that Chevron Co. will post 17.5 EPS for the current fiscal year.
The business also recently declared a quarterly dividend, which was paid on Friday, June 10th. Shareholders of record on Thursday, May 19th were given a $1.42 dividend. This represents a $5.68 dividend on an annualized basis and a yield of 3.84%. The ex-dividend date was Wednesday, May 18th. Chevron’s payout ratio is 53.38%.
In other Chevron news, insider David A. Inchausti sold 4,700 shares of the company’s stock in a transaction dated Tuesday, May 3rd. The stock was sold at an average price of $161.09, for a total value of $757,123.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Wanda M. Austin sold 12,039 shares of the company’s stock in a transaction dated Friday, May 27th. The stock was sold at an average price of $177.29, for a total value of $2,134,394.31. Following the completion of the transaction, the director now directly owns 3,543 shares of the company’s stock, valued at approximately $628,138.47. The disclosure for this sale can be found here. In the last 90 days, insiders sold 561,726 shares of company stock valued at $94,057,396. Company insiders own 0.32% of the company’s stock.
About Chevron (Get Rating)
Chevron Corporation, through its subsidiaries, engages in integrated energy and chemicals operations worldwide. 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; 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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