Aurora Investment Managers LLC. acquired a new stake in shares of Chevron Co. (NYSE:CVX) during the second quarter, HoldingsChannel reports. The fund acquired 2,594 shares of the oil and gas company’s stock, valued at approximately $231,000.
Several other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Selective Wealth Management Inc. purchased a new stake in Chevron during the second quarter valued at approximately $25,000. Corbenic Partners LLC lifted its position in Chevron by 276.0% during the first quarter. Corbenic Partners LLC now owns 361 shares of the oil and gas company’s stock valued at $26,000 after acquiring an additional 265 shares during the last quarter. Marshall & Sullivan Inc. WA purchased a new stake in Chevron during the second quarter valued at approximately $36,000. Asset Advisors Investment Management LLC purchased a new stake in Chevron during the second quarter valued at approximately $36,000. Finally, Watson Rebecca purchased a new stake in Chevron during the second quarter valued at approximately $39,000. Hedge funds and other institutional investors own 64.60% of the company’s stock.
A number of research firms recently commented on CVX. Bank of America cut shares of Chevron from a “buy” rating to a “neutral” rating in a research report on Tuesday, June 9th. Morgan Stanley decreased their target price on shares of Chevron from $107.00 to $104.00 and set an “overweight” rating for the company in a research report on Monday. Credit Suisse Group raised their price target on shares of Chevron from $81.00 to $100.00 and gave the stock an “outperform” rating in a report on Monday, May 4th. Craig Hallum raised their price target on shares of Chevron from $81.00 to $100.00 and gave the stock a “buy” rating in a report on Monday, May 4th. Finally, cut shares of Chevron from a “buy” rating to a “neutral” rating in a report on Tuesday, June 9th. One research analyst has rated the stock with a sell rating, eight have assigned a hold rating, seventeen have given a buy rating and one has assigned a strong buy rating to the stock. The company currently has a consensus rating of “Buy” and a consensus price target of $111.13.
Chevron (NYSE:CVX) last announced its earnings results on Friday, July 31st. The oil and gas company reported ($1.59) earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.93) by ($0.66). Chevron had a negative net margin of 7.41% and a positive return on equity of 3.52%. The company had revenue of $13.95 billion during the quarter, compared to analyst estimates of $21.71 billion. During the same quarter last year, the business earned $1.77 EPS. The firm’s revenue for the quarter was down 64.1% compared to the same quarter last year. On average, analysts anticipate that Chevron Co. will post 0.52 earnings per share for the current year.
The business also recently announced a quarterly dividend, which will be paid on Thursday, September 10th. Stockholders of record on Wednesday, August 19th will be given a $1.29 dividend. The ex-dividend date is Tuesday, August 18th. This represents a $5.16 annualized dividend and a dividend yield of 5.90%. Chevron’s dividend payout ratio (DPR) is 82.30%.
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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