Cortland Advisers LLC trimmed its holdings in Chevron Co. (NYSE:CVX) by 2.7% in the third quarter, HoldingsChannel reports. The institutional investor owned 1,187,750 shares of the oil and gas company’s stock after selling 33,191 shares during the quarter. Chevron comprises about 6.4% of Cortland Advisers LLC’s portfolio, making the stock its 6th biggest holding. Cortland Advisers LLC’s holdings in Chevron were worth $139,560,000 at the end of the most recent reporting period.
A number of other hedge funds have also modified their holdings of CVX. Barnett & Company Inc. grew its holdings in Chevron by 2.0% in the 2nd quarter. Barnett & Company Inc. now owns 7,245 shares of the oil and gas company’s stock worth $756,000 after buying an additional 141 shares in the last quarter. Ingalls & Snyder LLC grew its holdings in Chevron by 6.1% in the 2nd quarter. Ingalls & Snyder LLC now owns 148,645 shares of the oil and gas company’s stock worth $15,508,000 after buying an additional 8,561 shares in the last quarter. Benedict Financial Advisors Inc. grew its holdings in Chevron by 1.3% in the 2nd quarter. Benedict Financial Advisors Inc. now owns 30,713 shares of the oil and gas company’s stock worth $3,171,000 after buying an additional 401 shares in the last quarter. Bank of Stockton grew its holdings in Chevron by 35.1% in the 2nd quarter. Bank of Stockton now owns 18,342 shares of the oil and gas company’s stock worth $1,913,000 after buying an additional 4,766 shares in the last quarter. Finally, Essex Investment Management Co. LLC grew its holdings in Chevron by 8.7% in the 2nd quarter. Essex Investment Management Co. LLC now owns 11,575 shares of the oil and gas company’s stock worth $1,208,000 after buying an additional 931 shares in the last quarter. 64.10% of the stock is owned by institutional investors and hedge funds.
A number of brokerages have issued reports on CVX. Vetr lowered Chevron from a “buy” rating to a “hold” rating and set a $134.35 price target for the company. in a research note on Thursday, January 11th. Credit Suisse Group decreased their price target on Chevron from $130.00 to $129.00 and set a “neutral” rating for the company in a research note on Monday, February 5th. Wells Fargo & Co decreased their price target on Chevron from $125.00 to $125.00 and set an “outperform” rating for the company in a research note on Monday, February 5th. Royal Bank of Canada raised Chevron from an “underperform” rating to a “sector perform” rating and set a $125.00 price target for the company in a research note on Friday, February 9th. Finally, Barclays raised Chevron from an “equal weight” rating to an “overweight” rating and increased their price target for the company from $130.00 to $135.00 in a research note on Tuesday, February 6th. Two research analysts have rated the stock with a sell rating, nine have assigned a hold rating, sixteen have issued a buy rating and one has assigned a strong buy rating to the stock. Chevron has an average rating of “Buy” and an average target price of $130.30.
Shares of Chevron Co. (NYSE:CVX) opened at $112.14 on Monday. Chevron Co. has a 52-week low of $102.55 and a 52-week high of $133.88. The company has a market capitalization of $212,995.78, a price-to-earnings ratio of 27.49, a PEG ratio of 2.20 and a beta of 1.15. The company has a debt-to-equity ratio of 0.23, a quick ratio of 0.84 and a current ratio of 1.04.
Chevron (NYSE:CVX) last announced its quarterly earnings data on Friday, February 2nd. The oil and gas company reported $0.73 EPS for the quarter, missing analysts’ consensus estimates of $1.27 by ($0.54). Chevron had a net margin of 6.49% and a return on equity of 5.23%. The company had revenue of $37.62 billion for the quarter, compared to analyst estimates of $38.43 billion. During the same quarter last year, the company posted $0.22 EPS. Chevron’s revenue was up 19.4% on a year-over-year basis. sell-side analysts forecast that Chevron Co. will post 6.36 earnings per share for the current fiscal year.
The business also recently disclosed a quarterly dividend, which will be paid on Monday, March 12th. Stockholders of record on Friday, February 16th will be given a dividend of $1.12 per share. This represents a $4.48 dividend on an annualized basis and a dividend yield of 4.00%. The ex-dividend date is Thursday, February 15th. This is an increase from Chevron’s previous quarterly dividend of $1.08. Chevron’s dividend payout ratio is 92.37%.
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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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