United Capital Financial Advisers LLC lessened its holdings in shares of Chevron Co. (NYSE:CVX) by 1.4% in the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 771,333 shares of the oil and gas company’s stock after selling 11,282 shares during the quarter. United Capital Financial Advisers LLC’s holdings in Chevron were worth $80,789,000 as of its most recent filing with the Securities & Exchange Commission.
Several other institutional investors have also made changes to their positions in CVX. Vanguard Group Inc. grew its stake in shares of Chevron by 3.5% in the second quarter. Vanguard Group Inc. now owns 161,501,973 shares of the oil and gas company’s stock worth $16,915,716,000 after acquiring an additional 5,427,422 shares during the last quarter. BlackRock Inc. boosted its position in shares of Chevron by 3.3% during the second quarter. BlackRock Inc. now owns 136,355,706 shares of the oil and gas company’s stock valued at $14,281,898,000 after buying an additional 4,339,477 shares during the last quarter. Capital International Investors boosted its position in shares of Chevron by 0.7% during the first quarter. Capital International Investors now owns 38,439,497 shares of the oil and gas company’s stock valued at $4,028,498,000 after buying an additional 252,442 shares during the last quarter. Geode Capital Management LLC boosted its position in shares of Chevron by 1.8% during the second quarter. Geode Capital Management LLC now owns 30,544,480 shares of the oil and gas company’s stock valued at $3,190,395,000 after buying an additional 537,762 shares during the last quarter. Finally, Morgan Stanley boosted its position in shares of Chevron by 13.9% during the first quarter. Morgan Stanley now owns 21,789,121 shares of the oil and gas company’s stock valued at $2,283,280,000 after buying an additional 2,666,433 shares during the last quarter. Institutional investors own 65.78% of the company’s stock.
Several equities research analysts recently commented on CVX shares. BMO Capital Markets started coverage on Chevron in a research report on Monday, July 12th. They set an “outperform” rating and a $123.00 price objective on the stock. Wells Fargo & Company dropped their price objective on Chevron from $110.00 to $107.00 and set an “equal weight” rating on the stock in a research report on Wednesday, September 15th. Piper Sandler increased their price objective on Chevron from $126.00 to $137.00 and gave the company an “overweight” rating in a research report on Friday, July 23rd. They noted that the move was a valuation call. Zacks Investment Research downgraded Chevron from a “buy” rating to a “hold” rating and set a $100.00 target price on the stock. in a report on Tuesday, September 21st. Finally, HSBC downgraded Chevron from a “buy” rating to a “hold” rating and lowered their target price for the company from $127.00 to $112.00 in a report on Thursday, July 22nd. Eleven research analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company’s stock. Based on data from MarketBeat, the stock has an average rating of “Buy” and a consensus price target of $119.00.
Chevron (NYSE:CVX) last released its earnings results on Thursday, July 29th. The oil and gas company reported $1.71 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.59 by $0.12. Chevron had a return on equity of 3.89% and a net margin of 3.01%. The firm had revenue of $37.60 billion during the quarter, compared to analysts’ expectations of $35.98 billion. During the same quarter last year, the business posted ($1.59) earnings per share. The firm’s revenue was up 169.5% on a year-over-year basis. On average, sell-side analysts anticipate that Chevron Co. will post 6.74 EPS for the current fiscal year.
The firm also recently announced 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 annualized dividend and a dividend yield of 4.93%. The ex-dividend date of this dividend was Wednesday, August 18th. Chevron’s dividend payout ratio is currently -2,680.00%.
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.
Recommended Story: How do investors use RSI to grade stocks?
Want to see what other hedge funds are holding CVX? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Chevron Co. (NYSE:CVX).
Receive News & Ratings for Chevron Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Chevron and related companies with MarketBeat.com's FREE daily email newsletter.