Meeder Asset Management Inc. grew its stake in shares of Chevron Co. (NYSE:CVX) by 3.5% in the 2nd quarter, HoldingsChannel reports. The fund owned 74,780 shares of the oil and gas company’s stock after purchasing an additional 2,529 shares during the quarter. Meeder Asset Management Inc.’s holdings in Chevron were worth $9,306,000 as of its most recent filing with the Securities & Exchange Commission.
Other hedge funds also recently modified their holdings of the company. Bernicke Wealth Management Ltd. increased its holdings in shares of Chevron by 8.8% during the second quarter. Bernicke Wealth Management Ltd. now owns 7,561 shares of the oil and gas company’s stock worth $941,000 after purchasing an additional 610 shares during the period. Arlington Financial Advisors LLC increased its holdings in shares of Chevron by 0.4% during the second quarter. Arlington Financial Advisors LLC now owns 20,221 shares of the oil and gas company’s stock worth $2,516,000 after purchasing an additional 85 shares during the period. FLC Capital Advisors increased its holdings in shares of Chevron by 47.9% during the second quarter. FLC Capital Advisors now owns 10,424 shares of the oil and gas company’s stock worth $1,288,000 after purchasing an additional 3,374 shares during the period. Freestone Capital Holdings LLC increased its holdings in shares of Chevron by 1.6% during the second quarter. Freestone Capital Holdings LLC now owns 25,270 shares of the oil and gas company’s stock worth $3,145,000 after purchasing an additional 395 shares during the period. Finally, Buckingham Asset Management LLC increased its holdings in shares of Chevron by 19.9% during the second quarter. Buckingham Asset Management LLC now owns 50,817 shares of the oil and gas company’s stock worth $6,324,000 after purchasing an additional 8,423 shares during the period. Hedge funds and other institutional investors own 66.45% of the company’s stock.
Several research analysts have recently commented on CVX shares. BMO Capital Markets started coverage on shares of Chevron in a report on Tuesday. They set an “outperform” rating and a $165.00 target price on the stock. Morgan Stanley lowered their target price on shares of Chevron from $146.00 to $144.00 and set an “overweight” rating on the stock in a report on Friday, July 12th. Citigroup began coverage on shares of Chevron in a report on Monday, May 13th. They set a “buy” rating and a $135.00 target price on the stock. Barclays began coverage on shares of Chevron in a research note on Monday. They issued an “overweight” rating and a $145.00 price objective on the stock. Finally, Zacks Investment Research cut shares of Chevron from a “buy” rating to a “hold” rating in a research note on Tuesday, May 7th. Five analysts have rated the stock with a hold rating, fourteen have given a buy rating and one has given a strong buy rating to the stock. The company currently has an average rating of “Buy” and a consensus price target of $136.78.
Shares of NYSE:CVX opened at $116.44 on Friday. The company’s 50 day simple moving average is $122.30 and its 200 day simple moving average is $121.40. The stock has a market capitalization of $220.46 billion, a price-to-earnings ratio of 14.11, a price-to-earnings-growth ratio of 2.80 and a beta of 1.00. The company has a debt-to-equity ratio of 0.16, a current ratio of 1.15 and a quick ratio of 0.91. Chevron Co. has a 1 year low of $100.22 and a 1 year high of $127.60.
Chevron (NYSE:CVX) last posted its earnings results on Friday, August 2nd. The oil and gas company reported $2.27 earnings per share for the quarter, topping analysts’ consensus estimates of $1.74 by $0.53. The firm had revenue of $38.85 billion for the quarter, compared to analysts’ expectations of $40.14 billion. Chevron had a net margin of 9.18% and a return on equity of 9.58%. The company’s revenue was down 8.0% on a year-over-year basis. During the same quarter in the previous year, the firm posted $1.78 earnings per share. As a group, analysts anticipate that Chevron Co. will post 6.93 EPS for the current fiscal year.
The business also recently announced a quarterly dividend, which will be paid on Tuesday, September 10th. Shareholders of record on Monday, August 19th will be paid a dividend of $1.19 per share. The ex-dividend date is Friday, August 16th. This represents a $4.76 dividend on an annualized basis and a dividend yield of 4.09%. Chevron’s payout ratio is presently 57.70%.
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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