Transcend Wealth Collective LLC acquired a new position in Chevron Co. (NYSE:CVX) during the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund acquired 19,632 shares of the oil and gas company’s stock, valued at approximately $2,366,000.
A number of other hedge funds also recently made changes to their positions in CVX. Wealth Quarterback LLC bought a new stake in Chevron in the fourth quarter worth about $16,676,410,000. State Street Corp raised its position in Chevron by 1.5% in the fourth quarter. State Street Corp now owns 114,141,035 shares of the oil and gas company’s stock worth $13,755,136,000 after acquiring an additional 1,659,702 shares during the period. Capital International Investors raised its position in Chevron by 4.6% in the fourth quarter. Capital International Investors now owns 32,580,587 shares of the oil and gas company’s stock worth $3,926,286,000 after acquiring an additional 1,429,639 shares during the period. Johanson Financial Advisors Inc. raised its position in Chevron by 11,524.8% in the fourth quarter. Johanson Financial Advisors Inc. now owns 1,399,163 shares of the oil and gas company’s stock worth $11,614,000 after acquiring an additional 1,387,127 shares during the period. Finally, Renaissance Technologies LLC raised its position in Chevron by 251.6% in the fourth quarter. Renaissance Technologies LLC now owns 1,703,284 shares of the oil and gas company’s stock worth $205,263,000 after acquiring an additional 1,218,800 shares during the period. 66.85% of the stock is currently owned by institutional investors and hedge funds.
Several brokerages have commented on CVX. Scotiabank raised shares of Chevron from a “sector perform” rating to a “sector outperform” rating and set a $137.00 price objective on the stock in a research report on Thursday, January 23rd. Morgan Stanley lowered their price objective on shares of Chevron from $137.00 to $103.00 and set an “overweight” rating on the stock in a research report on Monday, March 16th. Argus reaffirmed a “buy” rating and issued a price objective (down previously from ) on shares of Chevron in a research report on Thursday. Bank of America raised shares of Chevron from an “underperform” rating to a “buy” rating in a research report on Monday. Finally, ValuEngine raised shares of Chevron from a “hold” rating to a “buy” rating in a research report on Wednesday. Six equities research analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the stock. The stock has an average rating of “Buy” and an average price target of $120.21.
Chevron (NYSE:CVX) last released its quarterly earnings results on Friday, January 31st. The oil and gas company reported $1.49 EPS for the quarter, topping the Zacks’ consensus estimate of $1.47 by $0.02. Chevron had a net margin of 2.00% and a return on equity of 8.29%. The business had revenue of $36.35 billion during the quarter, compared to analysts’ expectations of $38.98 billion. During the same quarter in the previous year, the company earned $1.95 EPS. The business’s quarterly revenue was down 14.2% compared to the same quarter last year. On average, equities analysts predict that Chevron Co. will post 0.97 EPS for the current year.
The business also recently declared a quarterly dividend, which was paid on Tuesday, March 10th. Shareholders of record on Tuesday, February 18th were paid a $1.29 dividend. This represents a $5.16 dividend on an annualized basis and a yield of 6.76%. The ex-dividend date of this dividend was Friday, February 14th. This is a boost from Chevron’s previous quarterly dividend of $1.19. Chevron’s payout ratio is currently 82.30%.
In other news, CEO Michael K. Wirth sold 67,500 shares of the business’s stock in a transaction that occurred on Monday, January 6th. The shares were sold at an average price of $121.07, for a total value of $8,172,225.00. Following the completion of the sale, the chief executive officer now directly owns 33,750 shares in the company, valued at approximately $4,086,112.50. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director John Frank acquired 1,000 shares of the stock in a transaction dated Friday, February 28th. The stock was acquired at an average price of $96.59 per share, with a total value of $96,590.00. Following the completion of the acquisition, the director now owns 5,114 shares in the company, valued at approximately $493,961.26. The disclosure for this purchase can be found here. 0.31% of the stock is owned by insiders.
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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