Blue Capital Inc. Invests $665,000 in Chevron Corporation $CVX

Blue Capital Inc. bought a new position in shares of Chevron Corporation (NYSE:CVX) in the 2nd quarter, Holdings Channel reports. The institutional investor bought 4,641 shares of the oil and gas company’s stock, valued at approximately $665,000.

A number of other hedge funds also recently made changes to their positions in the stock. Kingstone Capital Partners Texas LLC boosted its position in Chevron by 652,139.5% in the second quarter. Kingstone Capital Partners Texas LLC now owns 83,714,936 shares of the oil and gas company’s stock valued at $13,214,757,000 after buying an additional 83,702,101 shares in the last quarter. Charles Schwab Investment Management Inc. increased its stake in shares of Chevron by 4.0% in the second quarter. Charles Schwab Investment Management Inc. now owns 34,772,753 shares of the oil and gas company’s stock valued at $4,979,255,000 after buying an additional 1,342,723 shares during the period. Fisher Asset Management LLC raised its holdings in Chevron by 1.9% during the 2nd quarter. Fisher Asset Management LLC now owns 20,826,805 shares of the oil and gas company’s stock worth $2,982,190,000 after purchasing an additional 378,936 shares during the last quarter. Norges Bank bought a new position in Chevron during the second quarter worth $2,721,477,000. Finally, Franklin Resources Inc. raised its position in shares of Chevron by 2.1% in the 2nd quarter. Franklin Resources Inc. now owns 17,764,589 shares of the oil and gas company’s stock worth $2,543,712,000 after acquiring an additional 370,287 shares in the last quarter. 72.42% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several analysts have recently weighed in on the stock. Weiss Ratings reiterated a “hold (c)” rating on shares of Chevron in a research note on Wednesday, October 8th. UBS Group reissued a “buy” rating on shares of Chevron in a report on Monday, December 1st. Mizuho raised their price target on shares of Chevron from $204.00 to $206.00 and gave the company an “outperform” rating in a research report on Friday. Piper Sandler dropped their price target on Chevron from $171.00 to $169.00 and set an “overweight” rating on the stock in a report on Monday, November 10th. Finally, Wells Fargo & Company lifted their price objective on shares of Chevron from $190.00 to $196.00 and gave the stock an “overweight” rating in a research report on Friday, November 14th. One equities research analyst has rated the stock with a Strong Buy rating, eleven have issued a Buy rating, seven have assigned a Hold rating and four have given a Sell rating to the company’s stock. According to data from MarketBeat.com, Chevron presently has a consensus rating of “Hold” and a consensus price target of $166.00.

Chevron Trading Down 0.5%

Shares of Chevron stock opened at $149.95 on Friday. The company’s 50-day moving average price is $152.74 and its 200-day moving average price is $151.98. The company has a current ratio of 1.15, a quick ratio of 0.86 and a debt-to-equity ratio of 0.19. Chevron Corporation has a 12-month low of $132.04 and a 12-month high of $168.96. The company has a market cap of $301.93 billion, a price-to-earnings ratio of 21.09, a PEG ratio of 8.95 and a beta of 0.68.

Chevron (NYSE:CVX) last released its quarterly earnings results on Friday, October 31st. The oil and gas company reported $1.85 earnings per share for the quarter, topping the consensus estimate of $1.71 by $0.14. The firm had revenue of $48.17 billion for the quarter, compared to analysts’ expectations of $46.99 billion. Chevron had a net margin of 6.57% and a return on equity of 8.74%. The business’s quarterly revenue was down 1.9% on a year-over-year basis. During the same quarter in the prior year, the firm posted $2.48 earnings per share. On average, equities analysts expect that Chevron Corporation will post 10.79 earnings per share for the current fiscal year.

Chevron Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Wednesday, December 10th. Shareholders of record on Tuesday, November 18th were given a dividend of $1.71 per share. The ex-dividend date was Tuesday, November 18th. This represents a $6.84 annualized dividend and a yield of 4.6%. Chevron’s payout ratio is presently 96.20%.

Insider Transactions at Chevron

In related news, Director John B. Hess sold 275,000 shares of the company’s stock in a transaction on Thursday, November 20th. The shares were sold at an average price of $150.75, for a total value of $41,456,250.00. Following the completion of the transaction, the director directly owned 1,128,045 shares in the company, valued at approximately $170,052,783.75. The trade was a 19.60% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Company insiders own 0.21% of the company’s stock.

About Chevron

Chevron Corporation, through its subsidiaries, engages in the integrated energy and chemicals operations in the United States and internationally. The company operates in two segments, Upstream and Downstream. The Upstream segment is involved in the exploration, development, production, and transportation of crude oil and natural gas; processing, liquefaction, transportation, and regasification of liquefied natural gas; transportation of crude oil through pipelines; transportation, storage, and marketing of natural gas; and carbon capture and storage, as well as a gas-to-liquids plant.