Atalanta Sosnoff Capital LLC Purchases New Stake in Chevron Co. (NYSE:CVX)

Atalanta Sosnoff Capital LLC purchased a new position in Chevron Co. (NYSE:CVX) during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm purchased 1,500 shares of the oil and gas company’s stock, valued at approximately $217,000.

A number of other hedge funds have also recently modified their holdings of CVX. TFB Advisors LLC raised its position in Chevron by 2.4% during the 4th quarter. TFB Advisors LLC now owns 2,840 shares of the oil and gas company’s stock worth $411,000 after buying an additional 66 shares during the last quarter. W.H. Cornerstone Investments Inc. increased its stake in shares of Chevron by 1.4% in the fourth quarter. W.H. Cornerstone Investments Inc. now owns 4,672 shares of the oil and gas company’s stock worth $677,000 after acquiring an additional 66 shares during the period. Parkside Financial Bank & Trust raised its holdings in shares of Chevron by 0.4% during the fourth quarter. Parkside Financial Bank & Trust now owns 15,240 shares of the oil and gas company’s stock worth $2,207,000 after purchasing an additional 66 shares during the last quarter. Meridian Financial Partners LLC lifted its position in Chevron by 0.5% during the fourth quarter. Meridian Financial Partners LLC now owns 13,416 shares of the oil and gas company’s stock valued at $1,943,000 after purchasing an additional 67 shares during the period. Finally, Western Pacific Wealth Management LP boosted its holdings in Chevron by 14.9% in the fourth quarter. Western Pacific Wealth Management LP now owns 517 shares of the oil and gas company’s stock valued at $75,000 after purchasing an additional 67 shares during the last quarter. Hedge funds and other institutional investors own 72.42% of the company’s stock.

Chevron Trading Up 1.7 %

Shares of Chevron stock opened at $138.53 on Friday. The company has a current ratio of 1.07, a quick ratio of 0.80 and a debt-to-equity ratio of 0.13. Chevron Co. has a twelve month low of $132.04 and a twelve month high of $168.96. The firm has a market capitalization of $243.90 billion, a PE ratio of 14.25, a P/E/G ratio of 1.46 and a beta of 0.93. The firm’s 50-day moving average price is $149.76 and its 200 day moving average price is $152.53.

Chevron (NYSE:CVX) last issued its quarterly earnings results on Friday, May 2nd. The oil and gas company reported $2.18 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.15 by $0.03. Chevron had a return on equity of 11.44% and a net margin of 8.71%. The firm had revenue of $47.61 billion for the quarter, compared to analyst estimates of $49.05 billion. During the same period in the previous year, the company posted $2.93 earnings per share. The business’s revenue was down 2.3% on a year-over-year basis. On average, sell-side analysts predict that Chevron Co. will post 10.79 EPS for the current fiscal year.

Chevron Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, June 10th. Stockholders of record on Monday, May 19th will be given a $1.71 dividend. This represents a $6.84 dividend on an annualized basis and a dividend yield of 4.94%. Chevron’s dividend payout ratio (DPR) is 70.37%.

Wall Street Analysts Forecast Growth

A number of equities analysts have weighed in on the company. Wells Fargo & Company reduced their price objective on Chevron from $184.00 to $173.00 and set an “overweight” rating for the company in a research note on Tuesday, April 15th. Scotiabank downgraded Chevron from a “sector outperform” rating to a “sector perform” rating and decreased their price target for the company from $160.00 to $143.00 in a report on Friday, April 11th. UBS Group lowered their price objective on Chevron from $194.00 to $185.00 and set a “buy” rating on the stock in a research report on Monday, April 7th. Royal Bank of Canada reaffirmed an “outperform” rating and set a $175.00 target price on shares of Chevron in a report on Monday, February 3rd. Finally, Redburn Atlantic reissued a “sell” rating and set a $124.00 price target (down from $156.00) on shares of Chevron in a report on Wednesday, April 23rd. Two analysts have rated the stock with a sell rating, five have assigned a hold rating and nine have issued a buy rating to the company. According to data from MarketBeat.com, Chevron presently has an average rating of “Hold” and a consensus target price of $165.27.

Insider Transactions at Chevron

In related news, VP Jeff B. Gustavson sold 9,325 shares of the stock in a transaction that occurred on Friday, February 7th. The stock was sold at an average price of $152.50, for a total value of $1,422,062.50. Following the completion of the sale, the vice president now owns 1,057 shares of the company’s stock, valued at approximately $161,192.50. This trade represents a 89.82 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Insiders own 0.20% 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.