Toronto Dominion Bank trimmed its position in Chevron Co. (NYSE:CVX) by 24.1% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 1,024,150 shares of the oil and gas company’s stock after selling 324,386 shares during the quarter. Toronto Dominion Bank’s holdings in Chevron were worth $74,220,000 as of its most recent filing with the Securities and Exchange Commission.
Several other hedge funds and other institutional investors have also recently bought and sold shares of the stock. Cypress Asset Management Inc. TX raised its holdings in Chevron by 0.4% in the 4th quarter. Cypress Asset Management Inc. TX now owns 24,062 shares of the oil and gas company’s stock worth $2,900,000 after acquiring an additional 98 shares during the period. Nikulski Financial Inc. grew its position in shares of Chevron by 3.1% in the fourth quarter. Nikulski Financial Inc. now owns 3,373 shares of the oil and gas company’s stock valued at $372,000 after purchasing an additional 100 shares during the last quarter. A. D. Beadell Investment Counsel Inc. increased its stake in shares of Chevron by 1.0% in the fourth quarter. A. D. Beadell Investment Counsel Inc. now owns 10,419 shares of the oil and gas company’s stock worth $1,255,000 after purchasing an additional 100 shares during the period. Point View Wealth Management Inc. boosted its stake in Chevron by 0.4% during the 4th quarter. Point View Wealth Management Inc. now owns 24,134 shares of the oil and gas company’s stock valued at $2,908,000 after purchasing an additional 101 shares during the period. Finally, Chase Investment Counsel Corp grew its holdings in Chevron by 4.0% in the 4th quarter. Chase Investment Counsel Corp now owns 2,648 shares of the oil and gas company’s stock valued at $319,000 after buying an additional 102 shares during the last quarter. 64.86% of the stock is owned by institutional investors and hedge funds.
Several research firms have recently weighed in on CVX. Royal Bank of Canada increased their price objective on Chevron from $85.00 to $100.00 and gave the company a “sector perform” rating in a research report on Tuesday, April 14th. Cowen reduced their price target on shares of Chevron from $134.00 to $127.00 and set an “outperform” rating for the company in a report on Monday, February 3rd. Argus restated a “buy” rating and set a $88.00 price objective (down previously from $150.00) on shares of Chevron in a report on Thursday, March 26th. Citigroup reduced their target price on shares of Chevron from $120.00 to $100.00 and set a “neutral” rating for the company in a research note on Wednesday, March 4th. Finally, Jefferies Financial Group reaffirmed a “buy” rating and issued a $92.00 price target on shares of Chevron in a report on Friday, May 1st. Seven research analysts have rated the stock with a hold rating and seventeen have issued a buy rating to the stock. The company presently has a consensus rating of “Buy” and a consensus target price of $112.27.
Chevron (NYSE:CVX) last announced its earnings results on Friday, May 1st. The oil and gas company reported $1.93 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.64 by $1.29. The company had revenue of $31.50 billion during the quarter, compared to the consensus estimate of $30.46 billion. Chevron had a net margin of 2.71% and a return on equity of 8.28%. The company’s revenue was down 10.5% on a year-over-year basis. During the same period in the previous year, the firm posted $1.47 earnings per share. On average, equities research analysts anticipate that Chevron Co. will post -0.03 EPS for the current fiscal year.
The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, June 10th. Shareholders of record on Tuesday, May 19th will be given a $1.29 dividend. The ex-dividend date is Monday, May 18th. This represents a $5.16 dividend on an annualized basis and a yield of 5.50%. 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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