Legacy Capital Partners Inc. raised its position in shares of Chevron Co. (NYSE:CVX) by 2.2% in the second quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 25,745 shares of the oil and gas company’s stock after purchasing an additional 552 shares during the quarter. Legacy Capital Partners Inc.’s holdings in Chevron were worth $2,297,000 at the end of the most recent quarter.
A number of other large investors have also recently added to or reduced their stakes in the business. Diversified Trust Co increased its stake in Chevron by 10.1% during the 2nd quarter. Diversified Trust Co now owns 52,968 shares of the oil and gas company’s stock valued at $4,726,000 after purchasing an additional 4,863 shares in the last quarter. Private Trust Co. NA increased its stake in Chevron by 11.0% during the 2nd quarter. Private Trust Co. NA now owns 24,532 shares of the oil and gas company’s stock valued at $2,172,000 after purchasing an additional 2,436 shares in the last quarter. First PREMIER Bank increased its stake in Chevron by 6.9% during the 2nd quarter. First PREMIER Bank now owns 4,618 shares of the oil and gas company’s stock valued at $412,000 after purchasing an additional 300 shares in the last quarter. Red Door Wealth Management LLC increased its stake in Chevron by 20.9% during the 2nd quarter. Red Door Wealth Management LLC now owns 11,584 shares of the oil and gas company’s stock valued at $1,033,000 after purchasing an additional 2,003 shares in the last quarter. Finally, Truehand Inc bought a new stake in Chevron during the 2nd quarter valued at about $1,359,000. Institutional investors and hedge funds own 64.86% of the company’s stock.
A number of brokerages have recently issued reports on CVX. Bank of America downgraded shares of Chevron from a “buy” rating to a “neutral” rating in a report on Tuesday, June 9th. Credit Suisse Group raised their price target on shares of Chevron from $81.00 to $100.00 and gave the company an “outperform” rating in a report on Monday, May 4th. Raymond James dropped their price target on shares of Chevron from $125.00 to $105.00 and set an “outperform” rating on the stock in a report on Tuesday, March 17th. Royal Bank of Canada downgraded shares of Chevron from a “sector perform” rating to an “underperform” rating and set a $100.00 price target on the stock. in a report on Wednesday, June 10th. Finally, UBS Group downgraded shares of Chevron from a “buy” rating to a “neutral” rating and set a $95.00 price target on the stock. in a report on Tuesday, May 12th. One investment analyst has rated the stock with a sell rating, eight have issued a hold rating and sixteen have assigned a buy rating to the company. Chevron has a consensus rating of “Buy” and a consensus target price of $112.55.
Shares of Chevron stock traded down $1.02 on Tuesday, hitting $87.55. 179,532 shares of the company traded hands, compared to its average volume of 8,781,590. The stock has a market capitalization of $165.30 billion, a P/E ratio of 42.88, a price-to-earnings-growth ratio of 65.41 and a beta of 1.29. The company has a debt-to-equity ratio of 0.16, a quick ratio of 0.78 and a current ratio of 1.01. Chevron Co. has a 52 week low of $51.60 and a 52 week high of $127.00. The business has a 50-day simple moving average of $92.01 and a 200 day simple moving average of $96.46.
Chevron (NYSE:CVX) last announced its quarterly earnings results on Friday, May 1st. The oil and gas company reported $1.93 earnings per share for the quarter, topping the consensus estimate of $0.64 by $1.29. Chevron had a net margin of 2.71% and a return on equity of 8.28%. The company had revenue of $31.50 billion for the quarter, compared to analysts’ expectations of $30.46 billion. During the same quarter in the previous year, the business posted $1.47 earnings per share. Chevron’s quarterly revenue was down 10.5% on a year-over-year basis. Research analysts expect that Chevron Co. will post 0.27 earnings per share for the current year.
The company also recently disclosed a quarterly dividend, which was paid on Wednesday, June 10th. Shareholders of record on Tuesday, May 19th were paid a dividend of $1.29 per share. This represents a $5.16 annualized dividend and a yield of 5.89%. The ex-dividend date of this dividend was Monday, May 18th. Chevron’s payout ratio 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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