World Asset Management Inc lessened its holdings in shares of Chevron Co. (NYSE:CVX) by 2.1% during the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 78,723 shares of the oil and gas company’s stock after selling 1,695 shares during the period. Chevron comprises 0.8% of World Asset Management Inc’s holdings, making the stock its 20th largest holding. World Asset Management Inc’s holdings in Chevron were worth $8,245,000 as of its most recent SEC filing.
Several other large investors have also made changes to their positions in the business. Inverness Counsel LLC NY grew its position in shares of Chevron by 17.5% during the 2nd quarter. Inverness Counsel LLC NY now owns 210,901 shares of the oil and gas company’s stock worth $22,090,000 after purchasing an additional 31,418 shares in the last quarter. Marcum Wealth LLC grew its position in shares of Chevron by 2.4% during the 2nd quarter. Marcum Wealth LLC now owns 14,962 shares of the oil and gas company’s stock worth $1,567,000 after purchasing an additional 346 shares in the last quarter. Wakefield Asset Management LLLP grew its position in shares of Chevron by 1.0% during the 2nd quarter. Wakefield Asset Management LLLP now owns 18,614 shares of the oil and gas company’s stock worth $1,950,000 after purchasing an additional 180 shares in the last quarter. CapWealth Advisors LLC grew its position in shares of Chevron by 4.9% during the 2nd quarter. CapWealth Advisors LLC now owns 157,447 shares of the oil and gas company’s stock worth $16,491,000 after purchasing an additional 7,351 shares in the last quarter. Finally, Investment Management of Virginia LLC grew its position in shares of Chevron by 1.0% during the 2nd quarter. Investment Management of Virginia LLC now owns 32,886 shares of the oil and gas company’s stock worth $3,445,000 after purchasing an additional 332 shares in the last quarter. Hedge funds and other institutional investors own 65.78% of the company’s stock.
A number of research analysts have issued reports on the stock. DZ Bank lowered shares of Chevron from a “buy” rating to a “hold” rating and set a $110.00 target price on the stock. in a research report on Wednesday, August 4th. Truist upped their price target on shares of Chevron from $130.00 to $144.00 and gave the stock a “buy” rating in a report on Thursday, July 1st. They noted that the move was a valuation call. Zacks Investment Research raised shares of Chevron from a “hold” rating to a “strong-buy” rating and set a $118.00 price objective for the company in a research note on Wednesday, August 4th. BMO Capital Markets began coverage on shares of Chevron in a research note on Monday, July 12th. They issued an “outperform” rating and a $123.00 price objective for the company. Finally, Raymond James raised their price target on shares of Chevron from $120.00 to $125.00 and gave the company an “outperform” rating in a research note on Monday, August 2nd. Eleven equities research analysts have rated the stock with a hold rating, sixteen have issued a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, Chevron has an average rating of “Buy” and an average price target of $118.29.
Chevron (NYSE:CVX) last posted its earnings results on Thursday, July 29th. The oil and gas company reported $1.71 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.59 by $0.12. Chevron had a return on equity of 3.89% and a net margin of 3.01%. The company had revenue of $37.60 billion for the quarter, compared to analyst estimates of $35.98 billion. During the same quarter in the previous year, the firm earned ($1.59) earnings per share. The firm’s quarterly revenue was up 169.5% compared to the same quarter last year. Equities research analysts expect that Chevron Co. will post 6.74 EPS for the current year.
The company also recently announced a quarterly dividend, which was paid on Friday, September 10th. Investors of record on Thursday, August 19th were given a $1.34 dividend. The ex-dividend date was Wednesday, August 18th. This represents a $5.36 dividend on an annualized basis and a yield of 5.49%. Chevron’s dividend payout ratio is currently -2,680.00%.
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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