Oppenheimer Asset Management Inc. bought a new stake in Chevron Corporation (NYSE:CVX) during the first quarter, according to its most recent disclosure with the SEC. The institutional investor bought 351,909 shares of the oil and gas company’s stock, valued at approximately $37,785,000. Chevron Corporation makes up 1.1% of Oppenheimer Asset Management Inc.’s holdings, making the stock its 6th largest position.

Several other hedge funds and other institutional investors have also recently made changes to their positions in CVX. Thompson Davis & CO. Inc. raised its position in shares of Chevron Corporation by 20.0% in the first quarter. Thompson Davis & CO. Inc. now owns 1,146 shares of the oil and gas company’s stock valued at $123,000 after buying an additional 191 shares in the last quarter. Patriot Financial Group Insurance Agency LLC purchased a new position in shares of Chevron Corporation during the fourth quarter valued at about $139,000. Americafirst Capital Management LLC purchased a new position in shares of Chevron Corporation during the first quarter valued at about $140,000. Tortoise Investment Management LLC raised its position in shares of Chevron Corporation by 46.4% in the fourth quarter. Tortoise Investment Management LLC now owns 1,329 shares of the oil and gas company’s stock valued at $156,000 after buying an additional 421 shares in the last quarter. Finally, First Wilshire Securities Management Inc. purchased a new position in shares of Chevron Corporation during the fourth quarter valued at about $218,000. 62.58% of the stock is owned by hedge funds and other institutional investors.

Shares of Chevron Corporation (NYSE CVX) traded down 0.01% during mid-day trading on Friday, reaching $110.10. The company’s stock had a trading volume of 869,671 shares. The firm’s 50 day moving average is $105.87 and its 200 day moving average is $107.79. Chevron Corporation has a one year low of $97.53 and a one year high of $119.00. The firm has a market cap of $208.64 billion, a PE ratio of 35.70 and a beta of 1.23.

Chevron Corporation (NYSE:CVX) last released its quarterly earnings results on Friday, July 28th. The oil and gas company reported $0.91 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.89 by $0.02. Chevron Corporation had a net margin of 4.50% and a return on equity of 4.13%. The business had revenue of $34.48 billion for the quarter, compared to analyst estimates of $32.77 billion. During the same period in the previous year, the company earned ($0.78) earnings per share. The business’s revenue for the quarter was up 17.8% on a year-over-year basis. On average, equities analysts anticipate that Chevron Corporation will post $3.80 earnings per share for the current fiscal year.

The company also recently declared a quarterly dividend, which will be paid on Monday, September 11th. Shareholders of record on Friday, August 18th will be issued a $1.08 dividend. This represents a $4.32 annualized dividend and a yield of 3.92%. The ex-dividend date is Wednesday, August 16th. Chevron Corporation’s dividend payout ratio is currently 140.26%.

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CVX has been the subject of several research reports. TheStreet raised Chevron Corporation from a “c” rating to a “b” rating in a research report on Tuesday, May 2nd. Bank of America Corporation reissued a “buy” rating and issued a $135.00 target price (down previously from $145.00) on shares of Chevron Corporation in a research report on Thursday, May 11th. Scotiabank set a $114.00 target price on Chevron Corporation and gave the stock a “buy” rating in a research report on Monday, May 1st. HSBC Holdings plc raised Chevron Corporation from a “hold” rating to a “buy” rating and decreased their target price for the stock from $124.00 to $119.00 in a research report on Monday, June 5th. They noted that the move was a valuation call. Finally, BMO Capital Markets set a $130.00 target price on Chevron Corporation and gave the stock a “buy” rating in a research report on Thursday, June 22nd. Three investment analysts have rated the stock with a sell rating, eight have issued a hold rating, fourteen have given a buy rating and one has assigned a strong buy rating to the company. The company presently has a consensus rating of “Buy” and an average target price of $116.18.

In other Chevron Corporation news, CFO Patricia E. Yarrington sold 39,000 shares of Chevron Corporation stock in a transaction on Wednesday, August 2nd. The shares were sold at an average price of $111.00, for a total value of $4,329,000.00. Following the transaction, the chief financial officer now directly owns 43,838 shares of the company’s stock, valued at $4,866,018. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider James William Johnson sold 31,000 shares of Chevron Corporation stock in a transaction on Wednesday, August 2nd. The stock was sold at an average price of $110.68, for a total transaction of $3,431,080.00. Following the completion of the transaction, the insider now directly owns 11,000 shares in the company, valued at $1,217,480. The disclosure for this sale can be found here. 0.38% of the stock is currently owned by insiders.

About Chevron Corporation

Chevron Corporation (Chevron) manages its investments in subsidiaries and affiliates, and provides administrative, financial, management and technology support to the United States and international subsidiaries that engage in integrated energy and chemicals operations. The Company operates through two business segments: Upstream and Downstream.

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Institutional Ownership by Quarter for Chevron Corporation (NYSE:CVX)

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