Boston Family Office LLC trimmed its holdings in Chevron Co. (NYSE:CVX) by 0.9% in the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 60,717 shares of the oil and gas company’s stock after selling 537 shares during the period. Boston Family Office LLC’s holdings in Chevron were worth $6,359,000 as of its most recent filing with the Securities and Exchange Commission.
A number of other large investors have also bought and sold shares of the business. Essex Investment Management Co. LLC acquired a new position in Chevron in the second quarter valued at about $1,414,000. Stevens Capital Management LP acquired a new position in shares of Chevron during the second quarter worth about $596,000. Kentucky Retirement Systems acquired a new position in shares of Chevron during the second quarter worth about $11,788,000. Stockman Wealth Management Inc. boosted its position in shares of Chevron by 7.3% during the second quarter. Stockman Wealth Management Inc. now owns 70,064 shares of the oil and gas company’s stock worth $7,338,000 after buying an additional 4,793 shares during the period. Finally, Bank of Nova Scotia boosted its position in shares of Chevron by 22.0% during the second quarter. Bank of Nova Scotia now owns 967,152 shares of the oil and gas company’s stock worth $101,301,000 after buying an additional 174,299 shares during the period. 65.78% of the stock is owned by hedge funds and other institutional investors.
Several research firms have recently weighed in on CVX. Royal Bank of Canada reduced their price objective on Chevron from $135.00 to $130.00 and set a “sector perform” rating for the company in a research report on Wednesday, August 25th. Piper Sandler upped their target price on Chevron from $126.00 to $137.00 and gave the stock an “overweight” rating in a report on Friday, July 23rd. They noted that the move was a valuation call. DZ Bank lowered Chevron from a “buy” rating to a “hold” rating and set a $110.00 target price on the stock. in a report on Wednesday, August 4th. BMO Capital Markets assumed coverage on Chevron in a report on Monday, July 12th. They set an “outperform” rating and a $123.00 target price on the stock. Finally, HSBC lowered Chevron from a “buy” rating to a “hold” rating and dropped their target price for the stock from $127.00 to $112.00 in a report on Thursday, July 22nd. Eleven investment analysts have rated the stock with a hold rating and fifteen have issued a buy rating to the stock. According to data from MarketBeat, the stock presently has an average rating of “Buy” and a consensus target price of $117.38.
Chevron (NYSE:CVX) last issued 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 Zacks’ consensus estimate of $1.59 by $0.12. The business had revenue of $37.60 billion for the quarter, compared to the consensus estimate of $35.98 billion. Chevron had a return on equity of 3.89% and a net margin of 3.01%. The firm’s quarterly revenue was up 169.5% compared to the same quarter last year. During the same quarter in the prior year, the business posted ($1.59) earnings per share. Research analysts predict that Chevron Co. will post 6.74 EPS for the current fiscal year.
The business also recently declared a quarterly dividend, which was paid on Friday, September 10th. Investors of record on Thursday, August 19th were given a dividend of $1.34 per share. This represents a $5.36 dividend on an annualized basis and a yield of 5.19%. The ex-dividend date was Wednesday, August 18th. Chevron’s dividend 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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