Coastal Bridge Advisors LLC boosted its position in shares of Chevron Co. (NYSE:CVX) by 45.3% in the 2nd quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 6,916 shares of the oil and gas company’s stock after acquiring an additional 2,157 shares during the period. Coastal Bridge Advisors LLC’s holdings in Chevron were worth $724,000 as of its most recent SEC filing.
A number of other hedge funds and other institutional investors have also recently bought and sold shares of CVX. BlackRock Inc. grew its holdings in Chevron by 4.1% during the 1st quarter. BlackRock Inc. now owns 132,016,229 shares of the oil and gas company’s stock worth $13,833,978,000 after acquiring an additional 5,193,990 shares in the last quarter. Morgan Stanley boosted its holdings in shares of Chevron by 13.9% in the 1st quarter. Morgan Stanley now owns 21,789,121 shares of the oil and gas company’s stock valued at $2,283,280,000 after buying an additional 2,666,433 shares in the last quarter. Cullen Capital Management LLC boosted its holdings in shares of Chevron by 316.9% in the 1st quarter. Cullen Capital Management LLC now owns 1,934,292 shares of the oil and gas company’s stock valued at $202,695,000 after buying an additional 1,470,277 shares in the last quarter. Mn Services Vermogensbeheer B.V. acquired a new position in shares of Chevron in the 2nd quarter valued at $125,336,000. Finally, Ameriprise Financial Inc. boosted its holdings in shares of Chevron by 7.4% in the 1st quarter. Ameriprise Financial Inc. now owns 17,136,152 shares of the oil and gas company’s stock valued at $1,795,221,000 after buying an additional 1,177,532 shares in the last quarter. Institutional investors own 65.78% of the company’s stock.
Several research firms recently commented on CVX. Mizuho upped their price target on shares of Chevron from $127.00 to $135.00 and gave the company a “buy” rating in a research report on Wednesday, July 7th. JPMorgan Chase & Co. downgraded shares of Chevron from an “overweight” rating to a “neutral” rating and cut their price objective for the stock from $128.00 to $111.00 in a research report on Wednesday. HSBC downgraded shares of Chevron from a “buy” rating to a “hold” rating and cut their price objective for the stock from $127.00 to $112.00 in a research report on Thursday, July 22nd. Truist Securities upped their price objective on shares of Chevron from $130.00 to $144.00 and gave the stock a “buy” rating in a research report on Thursday, July 1st. Finally, TheStreet upgraded shares of Chevron from a “c” rating to a “b-” rating in a research report on Friday, July 30th. Eleven research analysts have rated the stock with a hold rating, sixteen have given a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, the company has an average rating of “Buy” and an average price target of $118.29.
Chevron (NYSE:CVX) last released its quarterly earnings results on Thursday, July 29th. The oil and gas company reported $1.71 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $1.59 by $0.12. Chevron had a net margin of 3.01% and a return on equity of 3.89%. The company had revenue of $37.60 billion for the quarter, compared to analysts’ expectations of $35.98 billion. During the same period last year, the company earned ($1.59) EPS. The firm’s revenue for the quarter was up 169.5% compared to the same quarter last year. Equities research analysts forecast that Chevron Co. will post 6.74 earnings per share for the current fiscal year.
The business also recently disclosed a quarterly dividend, which was paid on Friday, September 10th. Stockholders of record on Thursday, August 19th were issued a dividend of $1.34 per share. The ex-dividend date of this dividend was Wednesday, August 18th. This represents a $5.36 annualized dividend and a dividend yield of 5.47%. Chevron’s payout ratio is currently -2,680.00%.
Chevron Company Profile
Chevron Corp. engages in the provision of administrative, financial management, and technology support for energy and chemical operations. It operates through the Upstream and Downstream segments. The Upstream segment consists of exploration, development, and production of crude oil and natural gas; liquefaction, transportation, and regasification associated with liquefied natural gas; transporting crude oil by major international oil export pipelines; processing, transporting, storage, and marketing of natural gas; and a gas-to-liquids plant.
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