Skandinaviska Enskilda Banken AB publ lowered its stake in Chevron Co. (NYSE:CVX) by 3.6% in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 201,345 shares of the oil and gas company’s stock after selling 7,500 shares during the period. Skandinaviska Enskilda Banken AB publ’s holdings in Chevron were worth $14,590,000 as of its most recent SEC filing.
Other large investors also recently made changes to their positions in the company. Capital Wealth Planning LLC lifted its position in shares of Chevron by 6.2% in the fourth quarter. Capital Wealth Planning LLC now owns 626,966 shares of the oil and gas company’s stock worth $75,556,000 after buying an additional 36,574 shares during the last quarter. AXA increased its stake in shares of Chevron by 6.3% in the fourth quarter. AXA now owns 661,816 shares of the oil and gas company’s stock worth $79,755,000 after purchasing an additional 39,182 shares during the period. Americana Partners LLC bought a new position in shares of Chevron in the fourth quarter worth about $3,902,000. Keebeck Wealth Management LLC bought a new position in shares of Chevron in the fourth quarter worth about $520,000. Finally, CVA Family Office LLC bought a new position in shares of Chevron in the fourth quarter worth about $432,000. 64.86% of the stock is owned by institutional investors.
A number of research firms have recently commented on CVX. Raymond James dropped their price objective on Chevron from $125.00 to $105.00 and set an “outperform” rating on the stock in a research note on Tuesday, March 17th. JPMorgan Chase & Co. lifted their price objective on Chevron from $103.00 to $109.00 and gave the stock an “overweight” rating in a research note on Monday, June 8th. Citigroup lowered their price target on Chevron from $120.00 to $100.00 and set a “neutral” rating on the stock in a research note on Wednesday, March 4th. ValuEngine lowered Chevron from a “buy” rating to a “hold” rating in a research note on Thursday, April 2nd. Finally, Argus restated a “buy” rating and set a $88.00 price target (down from $150.00) on shares of Chevron in a research note on Thursday, March 26th. One analyst has rated the stock with a sell rating, eight have issued a hold rating and sixteen have issued a buy rating to the stock. The company has a consensus rating of “Buy” and a consensus price target of $112.55.
Chevron (NYSE:CVX) last announced its earnings results on Friday, May 1st. The oil and gas company reported $1.93 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.64 by $1.29. Chevron had a net margin of 2.71% and a return on equity of 8.28%. The company had revenue of $31.50 billion for the quarter, compared to analysts’ expectations of $30.46 billion. During the same period last year, the firm earned $1.47 earnings per share. The business’s revenue for the quarter was down 10.5% on a year-over-year basis. Equities research analysts expect that Chevron Co. will post 0.27 earnings per share for the current year.
The firm also recently announced a quarterly dividend, which was paid on Wednesday, June 10th. Stockholders of record on Tuesday, May 19th were issued a dividend of $1.29 per share. The ex-dividend date of this dividend was Monday, May 18th. This represents a $5.16 annualized dividend and a dividend yield of 5.96%. Chevron’s dividend payout ratio is presently 82.30%.
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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