Ninety One UK Ltd Buys Shares of 239,368 Chevron Corporation (NYSE:CVX)

Ninety One UK Ltd bought a new stake in shares of Chevron Corporation (NYSE:CVX) during the 1st quarter, HoldingsChannel.com reports. The firm bought 239,368 shares of the oil and gas company’s stock, valued at approximately $40,044,000.

Several other large investors also recently added to or reduced their stakes in the company. China Universal Asset Management Co. Ltd. raised its stake in Chevron by 10.3% during the 1st quarter. China Universal Asset Management Co. Ltd. now owns 9,489 shares of the oil and gas company’s stock valued at $1,587,000 after purchasing an additional 887 shares during the period. Alpha Cubed Investments LLC raised its stake in Chevron by 10.9% during the 1st quarter. Alpha Cubed Investments LLC now owns 86,391 shares of the oil and gas company’s stock valued at $14,452,000 after purchasing an additional 8,485 shares during the period. Gibraltar Capital Management Inc. acquired a new stake in Chevron during the 1st quarter valued at $305,000. Capital Management Associates Inc acquired a new stake in Chevron during the 1st quarter valued at $204,000. Finally, Dupree Financial Group LLC raised its stake in Chevron by 1.2% during the 1st quarter. Dupree Financial Group LLC now owns 51,762 shares of the oil and gas company’s stock valued at $8,659,000 after purchasing an additional 593 shares during the period. 72.42% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several research firms have recently commented on CVX. Wells Fargo & Company restated an “overweight” rating and set a $165.00 price target (up from $164.00) on shares of Chevron in a report on Thursday, June 26th. Barclays boosted their price target on shares of Chevron from $152.00 to $156.00 and gave the company an “equal weight” rating in a report on Monday. UBS Group lowered their price target on shares of Chevron from $194.00 to $185.00 and set a “buy” rating on the stock in a report on Monday, April 7th. DZ Bank cut shares of Chevron from a “buy” rating to a “sell” rating and set a $130.00 price target on the stock. in a report on Tuesday, May 6th. Finally, Mizuho lowered their price target on shares of Chevron from $188.00 to $186.00 and set an “outperform” rating on the stock in a report on Tuesday, May 13th. Three equities research analysts have rated the stock with a sell rating, eight have issued a hold rating and eight have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus price target of $160.65.

Chevron Stock Performance

NYSE:CVX opened at $147.40 on Tuesday. Chevron Corporation has a 12-month low of $132.04 and a 12-month high of $168.96. The company has a quick ratio of 0.82, a current ratio of 1.08 and a debt-to-equity ratio of 0.17. The firm has a market capitalization of $257.42 billion, a PE ratio of 16.85, a price-to-earnings-growth ratio of 2.51 and a beta of 0.83. The firm has a 50-day moving average price of $141.31 and a 200 day moving average price of $148.18.

Chevron (NYSE:CVX) last posted its quarterly earnings results on Friday, May 2nd. The oil and gas company reported $2.18 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.15 by $0.03. The firm had revenue of $47.61 billion during the quarter, compared to analyst estimates of $49.05 billion. Chevron had a net margin of 7.76% and a return on equity of 10.73%. The company’s quarterly revenue was down 2.3% compared to the same quarter last year. During the same quarter in the prior year, the business posted $2.93 earnings per share. Research analysts anticipate that Chevron Corporation will post 10.79 earnings per share for the current fiscal year.

Chevron Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, June 10th. Stockholders of record on Monday, May 19th were issued a dividend of $1.71 per share. This represents a $6.84 annualized dividend and a dividend yield of 4.64%. The ex-dividend date of this dividend was Monday, May 19th. Chevron’s payout ratio is 78.17%.

Chevron Company Profile

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.