Panagora Asset Management Inc. Grows Stock Position in Chevron Co. (NYSE:CVX)

Panagora Asset Management Inc. raised its holdings in Chevron Co. (NYSE:CVX) by 92.0% during the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 456,166 shares of the oil and gas company’s stock after acquiring an additional 218,588 shares during the quarter. Panagora Asset Management Inc.’s holdings in Chevron were worth $47,802,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors have also made changes to their positions in the company. Alpha DNA Investment Management LLC bought a new position in Chevron in the 4th quarter valued at $31,000. PARK CIRCLE Co grew its position in Chevron by 300.0% in the 4th quarter. PARK CIRCLE Co now owns 400 shares of the oil and gas company’s stock valued at $34,000 after acquiring an additional 300 shares during the last quarter. Total Clarity Wealth Management Inc. bought a new position in Chevron in the 1st quarter valued at $34,000. Encompass Wealth Advisors LLC bought a new position in shares of Chevron during the 4th quarter worth $40,000. Finally, TRU Independence Asset Management 2 LLC bought a new position in shares of Chevron during the 4th quarter worth $40,000. 66.03% of the stock is currently owned by institutional investors.

CVX stock traded down $0.22 during trading on Friday, hitting $108.19. 94,865 shares of the company traded hands, compared to its average volume of 10,596,347. The stock’s 50-day moving average is $105.26. The company has a current ratio of 1.11, a quick ratio of 0.90 and a debt-to-equity ratio of 0.31. The firm has a market capitalization of $208.60 billion, a P/E ratio of -26.00, a PEG ratio of 3.99 and a beta of 1.31. Chevron Co. has a 1 year low of $65.16 and a 1 year high of $113.11.

Chevron (NYSE:CVX) last issued its quarterly earnings data on Thursday, April 29th. The oil and gas company reported $0.90 EPS for the quarter, missing the consensus estimate of $0.92 by ($0.02). Chevron had a negative net margin of 8.15% and a negative return on equity of 0.82%. The business had revenue of $32.03 billion during the quarter, compared to analyst estimates of $31.82 billion. During the same period in the previous year, the business posted $1.29 earnings per share. The firm’s revenue for the quarter was up 1.7% on a year-over-year basis. Research analysts predict that Chevron Co. will post 5.4 earnings per share for the current year.

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, June 10th. Shareholders of record on Wednesday, May 19th were issued a $1.34 dividend. This is a positive change from Chevron’s previous quarterly dividend of $1.29. This represents a $5.36 annualized dividend and a yield of 4.95%. The ex-dividend date was Tuesday, May 18th. Chevron’s dividend payout ratio (DPR) is presently -2,680.00%.

A number of research firms have recently issued reports on CVX. Truist increased their price target on Chevron from $105.00 to $130.00 in a research report on Wednesday, March 10th. Wells Fargo & Company raised their price objective on Chevron from $101.00 to $109.00 and gave the company an “equal weight” rating in a research report on Wednesday, May 12th. Citigroup assumed coverage on Chevron in a research report on Wednesday, March 10th. They set a “neutral” rating and a $105.00 price objective on the stock. Argus raised their price objective on Chevron from $108.00 to $127.00 and gave the company a “buy” rating in a research report on Wednesday, May 12th. Finally, Mizuho raised their price objective on Chevron from $119.00 to $127.00 and gave the company a “buy” rating in a research report on Monday, May 17th. Nine equities research analysts have rated the stock with a hold rating and sixteen have issued a buy rating to the company’s stock. The company presently has a consensus rating of “Buy” and a consensus price target of $113.92.

In other Chevron news, Director Enrique Hernandez, Jr. sold 5,101 shares of the firm’s stock in a transaction that occurred on Monday, May 10th. The stock was sold at an average price of $110.79, for a total value of $565,139.79. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. 0.29% of the stock is currently owned by company insiders.

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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Institutional Ownership by Quarter for Chevron (NYSE:CVX)

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