LGT Fund Management Co Ltd. Acquires 27,804 Shares of Chevron Corporation $CVX

LGT Fund Management Co Ltd. raised its holdings in shares of Chevron Corporation (NYSE:CVX) by 252.8% during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 38,803 shares of the oil and gas company’s stock after purchasing an additional 27,804 shares during the period. LGT Fund Management Co Ltd.’s holdings in Chevron were worth $8,028,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also modified their holdings of the company. Global Assets Advisory LLC raised its stake in shares of Chevron by 5.8% in the first quarter. Global Assets Advisory LLC now owns 8,677 shares of the oil and gas company’s stock worth $1,795,000 after purchasing an additional 479 shares during the last quarter. Anchor Investment Management LLC boosted its position in shares of Chevron by 1.5% during the first quarter. Anchor Investment Management LLC now owns 43,519 shares of the oil and gas company’s stock valued at $9,004,000 after buying an additional 623 shares during the last quarter. Castleview Partners LLC increased its holdings in Chevron by 13.9% in the 1st quarter. Castleview Partners LLC now owns 4,660 shares of the oil and gas company’s stock worth $964,000 after buying an additional 568 shares in the last quarter. Associated Banc Corp increased its holdings in Chevron by 0.5% in the 1st quarter. Associated Banc Corp now owns 159,494 shares of the oil and gas company’s stock worth $32,999,000 after buying an additional 758 shares in the last quarter. Finally, ARQ Wealth Advisors LLC purchased a new position in Chevron in the 1st quarter worth about $409,000. Institutional investors own 72.42% of the company’s stock.

Chevron Stock Performance

CVX traded up $2.24 during midday trading on Friday, reaching $176.29. The company had a trading volume of 5,984,338 shares, compared to its average volume of 9,284,713. Chevron Corporation has a 1 year low of $146.49 and a 1 year high of $214.71. The company has a market cap of $351.10 billion, a P/E ratio of 30.55, a P/E/G ratio of 0.60 and a beta of 0.50. The business has a 50-day moving average of $181.92 and a two-hundred day moving average of $181.29. The company has a quick ratio of 0.84, a current ratio of 1.09 and a debt-to-equity ratio of 0.21.

Chevron (NYSE:CVX) last issued its quarterly earnings results on Friday, May 1st. The oil and gas company reported $1.41 earnings per share for the quarter, beating the consensus estimate of $1.00 by $0.41. Chevron had a net margin of 5.79% and a return on equity of 6.90%. The business had revenue of $47.56 billion for the quarter, compared to the consensus estimate of $51.86 billion. During the same quarter in the previous year, the firm earned $2.18 earnings per share. The company’s revenue for the quarter was up 2.1% on a year-over-year basis. As a group, equities research analysts predict that Chevron Corporation will post 15.28 earnings per share for the current fiscal year.

Chevron Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, June 10th. Stockholders of record on Tuesday, May 19th were paid a $1.78 dividend. The ex-dividend date of this dividend was Tuesday, May 19th. This represents a $7.12 dividend on an annualized basis and a dividend yield of 4.0%. Chevron’s dividend payout ratio is 123.40%.

Wall Street Analyst Weigh In

Several equities analysts have issued reports on the stock. Wolfe Research upgraded shares of Chevron from a “peer perform” rating to an “outperform” rating and set a $210.00 target price on the stock in a research note on Thursday, July 2nd. Citigroup lifted their price target on shares of Chevron from $210.00 to $235.00 and gave the stock a “buy” rating in a research note on Thursday, April 2nd. Wells Fargo & Company boosted their price objective on shares of Chevron from $204.00 to $222.00 and gave the company an “overweight” rating in a report on Thursday, April 9th. Jefferies Financial Group restated a “buy” rating and set a $216.00 price objective on shares of Chevron in a research report on Friday. Finally, Tudor Pickering upgraded shares of Chevron from a “hold” rating to a “buy” rating and set a $225.00 target price on the stock in a report on Thursday, April 9th. Nineteen equities research analysts have rated the stock with a Buy rating, six have assigned a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $206.83.

More Chevron News

Here are the key news stories impacting Chevron this week:

• Positive Sentiment: Rising Middle East tensions are pushing crude higher, which can improve Chevron’s upstream profits and make the stock look more attractive as a geopolitical hedge. With Iran Tensions Heating Up Again, Chevron Stock Looks Enticing
• Positive Sentiment: Bullish commentary from Bank of America and other analysts suggests Chevron is well positioned to benefit if Iran-related supply disruptions keep oil prices elevated. CVX Stock Has A New Bull Case
• Positive Sentiment: Chevron announced a five-year gas supply deal with Australia’s Alinta Energy, adding a stable long-term sales stream and reinforcing its gas business. Chevron Australia signs five-year gas supply agreement with Alinta Energy
• Positive Sentiment: Chevron also expanded its technology/licensing efforts and its Microsoft power partnership, which could support long-term growth beyond oil and gas pricing. Can Chevron’s Microsoft Partnership Power the Next Leg of Growth?
• Neutral Sentiment: UBS reiterated a Buy rating, which may help sentiment but does not by itself change Chevron’s fundamentals. UBS Keeps Their Buy Rating on Chevron (CVX)
• Negative Sentiment: New U.S. Russia sanctions proposals could tighten global energy trade flows and add policy uncertainty, even if they may also support oil prices. Bipartisan Senators Reach Agreement With Trump Administration to Advance New Russia Sanctions Bill

Insider Activity

In related news, Director John B. Hess sold 380,000 shares of Chevron stock in a transaction that occurred on Wednesday, May 20th. The stock was sold at an average price of $193.20, for a total transaction of $73,416,000.00. Following the sale, the director owned 278,045 shares of the company’s stock, valued at approximately $53,718,294. This trade represents a 57.75% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Corporate insiders own 0.56% of the company’s stock.

Chevron Profile

Chevron Corporation (NYSE: CVX) is an American multinational energy company engaged in virtually all aspects of the oil and gas industry. As an integrated energy firm, Chevron’s core activities include upstream oil and natural gas exploration and production, midstream transportation and storage, downstream refining and marketing of fuels and lubricants, and petrochemical manufacturing through joint ventures and subsidiaries. The company markets fuels under brands such as Chevron, Texaco and Caltex and supplies a range of products and services to retail customers, industrial users and commercial fleets worldwide.

Chevron traces its corporate lineage to the early petroleum companies that eventually became Standard Oil of California and has evolved through significant mergers and restructurings, including the acquisitions of Gulf Oil and Texaco.