Mitchell Capital Management Co. boosted its holdings in Chevron Co. (NYSE:CVX) by 86.1% during the second quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 8,306 shares of the oil and gas company’s stock after acquiring an additional 3,844 shares during the period. Mitchell Capital Management Co.’s holdings in Chevron were worth $1,050,000 at the end of the most recent quarter.
A number of other hedge funds and other institutional investors have also modified their holdings of the business. Charles Schwab Investment Advisory Inc. acquired a new stake in shares of Chevron in the second quarter valued at approximately $413,622,000. Standard Life Aberdeen plc increased its stake in shares of Chevron by 78.9% in the second quarter. Standard Life Aberdeen plc now owns 6,790,689 shares of the oil and gas company’s stock valued at $858,547,000 after purchasing an additional 2,994,612 shares during the period. Cornerstone Wealth Management LLC increased its stake in shares of Chevron by 12,404.4% in the second quarter. Cornerstone Wealth Management LLC now owns 1,938,051 shares of the oil and gas company’s stock valued at $15,598,000 after purchasing an additional 1,922,552 shares during the period. FMR LLC increased its stake in shares of Chevron by 3.5% in the second quarter. FMR LLC now owns 35,416,997 shares of the oil and gas company’s stock valued at $4,477,771,000 after purchasing an additional 1,211,881 shares during the period. Finally, Summit Trail Advisors LLC increased its stake in shares of Chevron by 9,968.8% during the first quarter. Summit Trail Advisors LLC now owns 1,145,531 shares of the oil and gas company’s stock valued at $1,146,000 after acquiring an additional 1,134,154 shares during the period. 64.89% of the stock is currently owned by hedge funds and other institutional investors.
In related news, insider James William Johnson sold 4,750 shares of the firm’s stock in a transaction that occurred on Thursday, September 13th. The shares were sold at an average price of $116.00, for a total transaction of $551,000.00. Following the completion of the sale, the insider now directly owns 4,750 shares in the company, valued at $551,000. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Company insiders own 0.46% of the company’s stock.
Shares of NYSE:CVX opened at $116.10 on Wednesday. The company has a market cap of $228.18 billion, a P/E ratio of 31.38, a price-to-earnings-growth ratio of 2.07 and a beta of 1.12. Chevron Co. has a 1-year low of $107.54 and a 1-year high of $133.88. The company has a quick ratio of 1.01, a current ratio of 1.22 and a debt-to-equity ratio of 0.19.
Chevron (NYSE:CVX) last issued its earnings results on Friday, November 2nd. The oil and gas company reported $2.11 earnings per share for the quarter, topping the Zacks’ consensus estimate of $2.06 by $0.05. The firm had revenue of $43.99 billion during the quarter, compared to analysts’ expectations of $47.17 billion. Chevron had a net margin of 8.79% and a return on equity of 8.19%. The firm’s revenue for the quarter was up 21.5% compared to the same quarter last year. During the same period last year, the firm posted $1.03 earnings per share. As a group, sell-side analysts anticipate that Chevron Co. will post 8.25 EPS for the current year.
The firm also recently announced a quarterly dividend, which will be paid on Monday, December 10th. Investors of record on Friday, November 16th will be issued a dividend of $1.12 per share. This represents a $4.48 dividend on an annualized basis and a yield of 3.86%. The ex-dividend date of this dividend is Thursday, November 15th. Chevron’s payout ratio is 121.08%.
A number of research firms recently commented on CVX. Wells Fargo & Co lowered their price objective on shares of Chevron from $160.00 to $158.00 and set an “outperform” rating on the stock in a research note on Monday, November 5th. Bank of America reiterated a “neutral” rating and set a $140.00 price objective (up previously from $135.00) on shares of Chevron in a research note on Monday, November 5th. Credit Suisse Group upgraded shares of Chevron from a “neutral” rating to an “outperform” rating and set a $138.00 price objective on the stock in a research note on Monday, November 5th. Piper Jaffray Companies reiterated an “overweight” rating on shares of Chevron in a research note on Tuesday, October 23rd. Finally, Redburn Partners lowered shares of Chevron from a “buy” rating to a “neutral” rating and lowered their price objective for the company from $130.00 to $115.00 in a research note on Wednesday, October 3rd. Eight research analysts have rated the stock with a hold rating, sixteen have given a buy rating and one has issued a strong buy rating to the company’s stock. Chevron presently has a consensus rating of “Buy” and a consensus price target of $138.13.
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Chevron Company Profile
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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