Palisade Asset Management LLC boosted its holdings in Chevron Corporation (NYSE:CVX) by 0.7% in the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 109,879 shares of the oil and gas company’s stock after purchasing an additional 725 shares during the quarter. Chevron comprises approximately 2.4% of Palisade Asset Management LLC’s portfolio, making the stock its 11th biggest position. Palisade Asset Management LLC’s holdings in Chevron were worth $12,911,000 as of its most recent SEC filing.
A number of other institutional investors and hedge funds have also made changes to their positions in CVX. Sequent Asset Management LLC purchased a new stake in Chevron in the third quarter valued at approximately $214,000. LaFleur & Godfrey LLC lifted its stake in Chevron by 19.6% in the third quarter. LaFleur & Godfrey LLC now owns 19,854 shares of the oil and gas company’s stock valued at $2,333,000 after buying an additional 3,250 shares during the last quarter. FinTrust Investment Advisory Services LLC purchased a new stake in Chevron in the third quarter valued at approximately $944,000. Segment Wealth Management LLC lifted its stake in Chevron by 5.8% in the third quarter. Segment Wealth Management LLC now owns 28,483 shares of the oil and gas company’s stock valued at $3,347,000 after buying an additional 1,557 shares during the last quarter. Finally, First Manhattan Co. lifted its stake in Chevron by 1.3% in the third quarter. First Manhattan Co. now owns 45,467 shares of the oil and gas company’s stock valued at $5,342,000 after buying an additional 599 shares during the last quarter. 63.80% of the stock is owned by hedge funds and other institutional investors.
CVX has been the subject of a number of research reports. UBS Group set a $105.00 price objective on Chevron and gave the company a “neutral” rating in a research note on Wednesday, September 6th. Morgan Stanley upped their price target on Chevron from $120.00 to $130.00 and gave the stock an “overweight” rating in a research note on Wednesday, October 18th. Citigroup upped their price target on Chevron from $118.00 to $128.00 and gave the stock a “buy” rating in a research note on Monday, October 30th. Zacks Investment Research cut Chevron from a “buy” rating to a “hold” rating in a research note on Tuesday, November 14th. Finally, Wolfe Research upgraded Chevron from a “market perform” rating to an “outperform” rating in a research note on Monday, October 16th. Three equities research analysts have rated the stock with a sell rating, eight have issued a hold rating and sixteen have issued a buy rating to the company. The stock has a consensus rating of “Hold” and an average target price of $125.15.
Chevron (NYSE:CVX) last released its quarterly earnings data on Friday, October 27th. The oil and gas company reported $1.03 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.99 by $0.04. The firm had revenue of $36.21 billion during the quarter, compared to analysts’ expectations of $34.06 billion. Chevron had a return on equity of 4.59% and a net margin of 4.79%. Chevron’s revenue was up 20.1% compared to the same quarter last year. During the same quarter in the prior year, the business posted $0.68 earnings per share. equities analysts expect that Chevron Corporation will post 4.33 EPS for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which was paid on Monday, December 11th. Shareholders of record on Friday, November 17th were given a $1.08 dividend. This represents a $4.32 annualized dividend and a yield of 3.45%. The ex-dividend date was Thursday, November 16th. Chevron’s payout ratio is 125.95%.
In other Chevron news, VP R. Hewitt Pate sold 25,500 shares of the stock in a transaction on Monday, October 16th. The stock was sold at an average price of $120.00, for a total value of $3,060,000.00. Following the completion of the transaction, the vice president now owns 25,500 shares in the company, valued at $3,060,000. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, Vice Chairman Michael K. Wirth sold 1,229 shares of the stock in a transaction on Tuesday, November 7th. The stock was sold at an average price of $118.00, for a total value of $145,022.00. Following the completion of the transaction, the insider now owns 1,229 shares of the company’s stock, valued at approximately $145,022. The disclosure for this sale can be found here. Insiders sold 314,000 shares of company stock valued at $36,540,822 in the last quarter. 0.38% of the stock is currently owned by company insiders.
Chevron Corporation (Chevron) manages its investments in subsidiaries and affiliates, and provides administrative, financial, management and technology support to the United States and international subsidiaries that engage in integrated energy and chemicals operations. The Company operates through two business segments: Upstream and Downstream.
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