Tortoise Investment Management LLC Boosts Stock Position in Chevron Co. (NYSE:CVX)

Tortoise Investment Management LLC raised its position in shares of Chevron Co. (NYSE:CVXGet Rating) by 46.3% in the 1st quarter, according to the company in its most recent disclosure with the SEC. The fund owned 2,206 shares of the oil and gas company’s stock after buying an additional 698 shares during the quarter. Tortoise Investment Management LLC’s holdings in Chevron were worth $359,000 at the end of the most recent reporting period.

Other institutional investors have also modified their holdings of the company. Secure Asset Management LLC increased its position in Chevron by 15.7% during the 1st quarter. Secure Asset Management LLC now owns 4,382 shares of the oil and gas company’s stock valued at $713,000 after buying an additional 593 shares in the last quarter. Guinness Atkinson Asset Management Inc grew its stake in shares of Chevron by 26.4% during the first quarter. Guinness Atkinson Asset Management Inc now owns 6,346 shares of the oil and gas company’s stock worth $1,033,000 after acquiring an additional 1,326 shares during the last quarter. ACT Wealth Management LLC increased its holdings in shares of Chevron by 3.0% during the first quarter. ACT Wealth Management LLC now owns 4,781 shares of the oil and gas company’s stock valued at $778,000 after acquiring an additional 140 shares in the last quarter. Verdence Capital Advisors LLC raised its position in shares of Chevron by 4.9% in the 1st quarter. Verdence Capital Advisors LLC now owns 78,544 shares of the oil and gas company’s stock valued at $12,789,000 after purchasing an additional 3,681 shares during the last quarter. Finally, Smithbridge Asset Management Inc. DE boosted its stake in Chevron by 2.4% in the 1st quarter. Smithbridge Asset Management Inc. DE now owns 12,278 shares of the oil and gas company’s stock worth $1,999,000 after purchasing an additional 290 shares in the last quarter. 65.89% of the stock is currently owned by institutional investors.

Chevron Stock Up 1.7 %

Shares of CVX opened at $153.64 on Friday. The company has a current ratio of 1.43, a quick ratio of 1.22 and a debt-to-equity ratio of 0.20. The firm has a market cap of $301.87 billion, a P/E ratio of 10.25, a PEG ratio of 0.61 and a beta of 1.15. The stock’s 50 day moving average is $154.37 and its two-hundred day moving average is $155.35. Chevron Co. has a 12 month low of $92.86 and a 12 month high of $182.40.

Chevron (NYSE:CVXGet Rating) last released its quarterly earnings results on Friday, July 29th. The oil and gas company reported $5.82 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $4.66 by $1.16. The firm had revenue of $68.76 billion for the quarter, compared to analysts’ expectations of $57.69 billion. Chevron had a net margin of 13.45% and a return on equity of 20.19%. The firm’s revenue for the quarter was up 82.9% compared to the same quarter last year. During the same quarter last year, the company earned $1.71 EPS. Analysts predict that Chevron Co. will post 17.51 earnings per share for the current fiscal year.

Chevron Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Monday, September 12th. Investors of record on Friday, August 19th will be given a dividend of $1.42 per share. The ex-dividend date of this dividend is Thursday, August 18th. This represents a $5.68 annualized dividend and a dividend yield of 3.70%. Chevron’s dividend payout ratio (DPR) is presently 37.89%.

Wall Street Analysts Forecast Growth

A number of brokerages have issued reports on CVX. Wells Fargo & Company upped their price target on shares of Chevron from $181.00 to $185.00 and gave the company an “overweight” rating in a research note on Monday, August 1st. HSBC upgraded Chevron from a “hold” rating to a “buy” rating and reduced their target price for the stock from $183.00 to $167.00 in a research note on Wednesday, July 20th. Cowen dropped their price target on Chevron from $179.00 to $160.00 and set an “outperform” rating on the stock in a research note on Friday, July 1st. Raymond James raised their price objective on Chevron from $173.00 to $191.00 and gave the stock an “outperform” rating in a research note on Monday, April 18th. Finally, Barclays upped their target price on Chevron from $183.00 to $196.00 and gave the company an “overweight” rating in a research report on Tuesday, May 31st. One investment analyst has rated the stock with a sell rating, six have issued a hold rating and fifteen have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $173.00.

Insider Activity at Chevron

In other Chevron news, EVP Mark A. Nelson sold 117,400 shares of the stock in a transaction that occurred on Tuesday, May 10th. The stock was sold at an average price of $159.47, for a total transaction of $18,721,778.00. Following the completion of the transaction, the executive vice president now owns 788 shares of the company’s stock, valued at $125,662.36. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. In other Chevron news, VP Rhonda J. Morris sold 59,700 shares of Chevron stock in a transaction on Friday, May 13th. The stock was sold at an average price of $167.19, for a total value of $9,981,243.00. Following the sale, the vice president now owns 830 shares in the company, valued at $138,767.70. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Mark A. Nelson sold 117,400 shares of the stock in a transaction on Tuesday, May 10th. The stock was sold at an average price of $159.47, for a total value of $18,721,778.00. Following the transaction, the executive vice president now owns 788 shares of the company’s stock, valued at $125,662.36. The disclosure for this sale can be found here. In the last three months, insiders have sold 399,043 shares of company stock valued at $67,010,843. 0.32% of the stock is owned by corporate insiders.

Chevron Profile

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Chevron Corporation, through its subsidiaries, engages in integrated energy and chemicals operations worldwide. 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 associated with liquefied natural gas; transportation of crude oil through pipelines; and transportation, storage, and marketing of natural gas, as well as operates a gas-to-liquids plant.

See Also

Institutional Ownership by Quarter for Chevron (NYSE:CVX)

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