LGT Fund Management Co Ltd. Purchases 27,804 Shares of Chevron Corporation $CVX

LGT Fund Management Co Ltd. raised its holdings in shares of Chevron Corporation (NYSE:CVX) by 252.8% in the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 38,803 shares of the oil and gas company’s stock after purchasing an additional 27,804 shares during the quarter. LGT Fund Management Co Ltd.’s holdings in Chevron were worth $8,028,000 as of its most recent filing with the Securities & Exchange Commission.

Other large investors have also recently modified their holdings of the company. State Street Corp lifted its holdings in shares of Chevron by 9.1% in the 3rd quarter. State Street Corp now owns 152,605,988 shares of the oil and gas company’s stock worth $23,698,184,000 after acquiring an additional 12,789,399 shares during the last quarter. Berkshire Hathaway Inc grew its stake in shares of Chevron by 6.6% during the fourth quarter. Berkshire Hathaway Inc now owns 130,156,362 shares of the oil and gas company’s stock valued at $19,837,131,000 after buying an additional 8,091,570 shares during the last quarter. Geode Capital Management LLC raised its holdings in shares of Chevron by 0.3% in the fourth quarter. Geode Capital Management LLC now owns 43,613,011 shares of the oil and gas company’s stock worth $6,620,187,000 after buying an additional 134,890 shares during the period. Charles Schwab Investment Management Inc. raised its holdings in shares of Chevron by 2.7% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 36,036,844 shares of the oil and gas company’s stock worth $5,492,377,000 after buying an additional 961,341 shares during the period. Finally, Norges Bank bought a new stake in shares of Chevron during the 4th quarter worth approximately $3,727,586,000. Institutional investors own 72.42% of the company’s stock.

Chevron Stock Up 1.3%

Shares of CVX traded up $2.24 during midday trading on Friday, reaching $176.29. 5,984,338 shares of the stock were exchanged, compared to its average volume of 9,284,713. The company has a market capitalization of $351.10 billion, a P/E ratio of 30.55, a PEG ratio of 0.60 and a beta of 0.50. The company has a current ratio of 1.09, a quick ratio of 0.84 and a debt-to-equity ratio of 0.21. Chevron Corporation has a 52 week low of $146.49 and a 52 week high of $214.71. The company’s 50 day moving average is $181.92 and its two-hundred day moving average is $181.29.

Chevron (NYSE:CVX) last released its quarterly earnings data on Friday, May 1st. The oil and gas company reported $1.41 earnings per share for the quarter, topping analysts’ consensus estimates of $1.00 by $0.41. Chevron had a net margin of 5.79% and a return on equity of 6.90%. The company had revenue of $47.56 billion during the quarter, compared to analyst estimates of $51.86 billion. During the same period in the prior year, the firm earned $2.18 earnings per share. The firm’s revenue for the quarter was up 2.1% compared to the same quarter last year. On average, sell-side analysts anticipate that Chevron Corporation will post 15.28 earnings per share for the current year.

Chevron Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Wednesday, June 10th. Stockholders of record on Tuesday, May 19th were issued a $1.78 dividend. The ex-dividend date was Tuesday, May 19th. This represents a $7.12 annualized dividend and a dividend yield of 4.0%. Chevron’s payout ratio is currently 123.40%.

Analyst Upgrades and Downgrades

CVX has been the topic of a number of recent analyst reports. HSBC upgraded Chevron from a “hold” rating to a “buy” rating and set a $215.00 target price for the company in a research report on Friday, March 20th. UBS Group restated a “buy” rating on shares of Chevron in a report on Tuesday, June 23rd. Weiss Ratings lowered shares of Chevron from a “hold (c+)” rating to a “hold (c)” rating in a report on Tuesday, June 2nd. Morgan Stanley lowered their price objective on shares of Chevron from $214.00 to $210.00 and set an “overweight” rating for the company in a research report on Monday, June 29th. Finally, BNP Paribas Exane upgraded shares of Chevron from a “neutral” rating to an “outperform” rating and set a $174.00 target price on the stock in a research note on Friday, April 17th. Nineteen research analysts have rated the stock with a Buy rating, six have given a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $206.83.

Key Stories Impacting Chevron

Here are the key news stories impacting Chevron this week:

• Positive Sentiment: Rising Middle East tensions are pushing crude higher, which can improve Chevron’s upstream profits and make the stock look more attractive as a geopolitical hedge. With Iran Tensions Heating Up Again, Chevron Stock Looks Enticing
• Positive Sentiment: Bullish commentary from Bank of America and other analysts suggests Chevron is well positioned to benefit if Iran-related supply disruptions keep oil prices elevated. CVX Stock Has A New Bull Case
• Positive Sentiment: Chevron announced a five-year gas supply deal with Australia’s Alinta Energy, adding a stable long-term sales stream and reinforcing its gas business. Chevron Australia signs five-year gas supply agreement with Alinta Energy
• Positive Sentiment: Chevron also expanded its technology/licensing efforts and its Microsoft power partnership, which could support long-term growth beyond oil and gas pricing. Can Chevron’s Microsoft Partnership Power the Next Leg of Growth?
• Neutral Sentiment: UBS reiterated a Buy rating, which may help sentiment but does not by itself change Chevron’s fundamentals. UBS Keeps Their Buy Rating on Chevron (CVX)
• Negative Sentiment: New U.S. Russia sanctions proposals could tighten global energy trade flows and add policy uncertainty, even if they may also support oil prices. Bipartisan Senators Reach Agreement With Trump Administration to Advance New Russia Sanctions Bill

Insider Buying and Selling at Chevron

In other news, Director John B. Hess sold 380,000 shares of the stock in a transaction that occurred on Wednesday, May 20th. The shares were sold at an average price of $193.20, for a total transaction of $73,416,000.00. Following the transaction, the director directly owned 278,045 shares in the company, valued at approximately $53,718,294. This trade represents a 57.75% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Insiders own 0.56% of the company’s stock.

Chevron Company Profile

Chevron Corporation (NYSE: CVX) is an American multinational energy company engaged in virtually all aspects of the oil and gas industry. As an integrated energy firm, Chevron’s core activities include upstream oil and natural gas exploration and production, midstream transportation and storage, downstream refining and marketing of fuels and lubricants, and petrochemical manufacturing through joint ventures and subsidiaries. The company markets fuels under brands such as Chevron, Texaco and Caltex and supplies a range of products and services to retail customers, industrial users and commercial fleets worldwide.

Chevron traces its corporate lineage to the early petroleum companies that eventually became Standard Oil of California and has evolved through significant mergers and restructurings, including the acquisitions of Gulf Oil and Texaco.