BEAM Asset Management LLC raised its stake in Chevron Co. (NYSE:CVX) by 3.4% during the third quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 5,523 shares of the oil and gas company’s stock after acquiring an additional 182 shares during the period. BEAM Asset Management LLC’s holdings in Chevron were worth $560,000 as of its most recent SEC filing.
Other hedge funds and other institutional investors also recently made changes to their positions in the company. Stonehage Fleming Financial Services Holdings Ltd bought a new stake in Chevron in the 2nd quarter valued at $30,000. Horan Securities Inc. increased its holdings in Chevron by 196.0% in the 2nd quarter. Horan Securities Inc. now owns 296 shares of the oil and gas company’s stock valued at $31,000 after acquiring an additional 196 shares during the last quarter. Newton One Investments LLC bought a new stake in Chevron in the 2nd quarter valued at $34,000. Capital Directions Investment Advisors LLC increased its holdings in Chevron by 66.7% in the 2nd quarter. Capital Directions Investment Advisors LLC now owns 375 shares of the oil and gas company’s stock valued at $39,000 after acquiring an additional 150 shares during the last quarter. Finally, Lake Point Wealth Management purchased a new position in shares of Chevron in the 2nd quarter worth $43,000. Institutional investors own 65.55% of the company’s stock.
In other news, insider David A. Inchausti sold 5,600 shares of the firm’s stock in a transaction that occurred on Wednesday, October 20th. The shares were sold at an average price of $112.01, for a total value of $627,256.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, EVP James William Johnson sold 78,000 shares of the firm’s stock in a transaction that occurred on Wednesday, October 20th. The shares were sold at an average price of $113.13, for a total transaction of $8,824,140.00. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 325,651 shares of company stock valued at $37,293,688. 0.29% of the stock is owned by company insiders.
Chevron (NYSE:CVX) last issued its earnings results on Thursday, October 28th. The oil and gas company reported $2.96 EPS for the quarter, beating the Zacks’ consensus estimate of $2.21 by $0.75. Chevron had a net margin of 7.10% and a return on equity of 7.95%. The business had revenue of $44.71 billion during the quarter, compared to analysts’ expectations of $40.89 billion. During the same period in the prior year, the business earned $0.11 earnings per share. The company’s quarterly revenue was up 82.9% compared to the same quarter last year. Research analysts forecast that Chevron Co. will post 8.35 earnings per share for the current year.
The company also recently disclosed a quarterly dividend, which will be paid on Friday, December 10th. Investors of record on Thursday, November 18th will be given a dividend of $1.34 per share. This represents a $5.36 annualized dividend and a yield of 4.57%. The ex-dividend date of this dividend is Wednesday, November 17th. Chevron’s payout ratio is currently 103.47%.
CVX has been the subject of a number of recent research reports. UBS Group raised shares of Chevron from a “neutral” rating to a “buy” rating and set a $125.00 price objective for the company in a research note on Monday, November 15th. TheStreet raised shares of Chevron from a “c” rating to a “b-” rating in a research note on Friday, July 30th. Truist lifted their price objective on shares of Chevron from $145.00 to $150.00 and gave the stock a “buy” rating in a research note on Thursday, October 7th. JPMorgan Chase & Co. cut shares of Chevron from an “overweight” rating to a “neutral” rating and dropped their price objective for the stock from $128.00 to $111.00 in a research note on Wednesday, September 15th. Finally, Royal Bank of Canada raised shares of Chevron from a “sector perform” rating to an “outperform” rating and lifted their price objective for the stock from $130.00 to $145.00 in a research note on Wednesday. Ten investment analysts have rated the stock with a hold rating and sixteen have assigned a buy rating to the stock. According to data from MarketBeat.com, Chevron currently has an average rating of “Buy” and an average price target of $121.23.
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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