Investec Asset Management LTD Takes $143.82 Million Position in Chevron Co. (CVX)
Investec Asset Management LTD purchased a new position in Chevron Co. (NYSE:CVX) in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm purchased 1,137,543 shares of the oil and gas company’s stock, valued at approximately $143,820,000. Investec Asset Management LTD owned 0.06% of Chevron as of its most recent SEC filing.
A number of other hedge funds have also made changes to their positions in CVX. Live Your Vision LLC increased its holdings in shares of Chevron by 308.0% during the second quarter. Live Your Vision LLC now owns 816 shares of the oil and gas company’s stock valued at $101,000 after acquiring an additional 616 shares in the last quarter. Point72 Asia Hong Kong Ltd increased its holdings in shares of Chevron by 20,716.7% during the first quarter. Point72 Asia Hong Kong Ltd now owns 1,249 shares of the oil and gas company’s stock valued at $142,000 after acquiring an additional 1,243 shares in the last quarter. Shine Investment Advisory Services Inc. increased its holdings in shares of Chevron by 45.4% during the second quarter. Shine Investment Advisory Services Inc. now owns 1,479 shares of the oil and gas company’s stock valued at $187,000 after acquiring an additional 462 shares in the last quarter. BigSur Wealth Management LLC bought a new position in shares of Chevron during the second quarter valued at $200,000. Finally, First National Bank of Hutchinson bought a new position in shares of Chevron during the second quarter valued at $200,000. 64.89% of the stock is owned by institutional investors.
In other Chevron news, insider James William Johnson sold 4,750 shares of the firm’s stock in a transaction dated Thursday, September 13th. The stock was sold at an average price of $116.00, for a total value of $551,000.00. Following the transaction, the insider now directly owns 4,750 shares of the company’s stock, valued at $551,000. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Company insiders own 0.46% of the company’s stock.
Chevron (NYSE:CVX) last announced its earnings results on Friday, November 2nd. The oil and gas company reported $2.11 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.06 by $0.05. The business had revenue of $43.99 billion for the quarter, compared to analysts’ expectations of $47.17 billion. Chevron had a return on equity of 8.19% and a net margin of 8.79%. The business’s revenue for the quarter was up 21.5% on a year-over-year basis. During the same period last year, the firm posted $1.03 earnings per share. As a group, equities analysts anticipate that Chevron Co. will post 8.25 EPS for the current year.
The company also recently announced a quarterly dividend, which will be paid on Monday, December 10th. Shareholders of record on Friday, November 16th will be given a $1.12 dividend. The ex-dividend date of this dividend is Thursday, November 15th. This represents a $4.48 annualized dividend and a yield of 3.86%. Chevron’s payout ratio is 121.08%.
Several equities analysts have recently weighed in on the company. Wells Fargo & Co reduced their price target on Chevron from $160.00 to $158.00 and set an “outperform” rating for the company in a report on Monday, November 5th. Bank of America restated a “neutral” rating and set a $140.00 price target (up from $135.00) on shares of Chevron in a report on Monday, November 5th. Credit Suisse Group upgraded Chevron from a “neutral” rating to an “outperform” rating and set a $138.00 price target for the company in a report on Monday, November 5th. Piper Jaffray Companies restated an “overweight” rating on shares of Chevron in a report on Tuesday, October 23rd. Finally, Redburn Partners downgraded Chevron from a “buy” rating to a “neutral” rating and reduced their price target for the company from $130.00 to $115.00 in a report on Wednesday, October 3rd. Eight equities research analysts have rated the stock with a hold rating, sixteen have assigned a buy rating and one has issued a strong buy rating to the stock. Chevron currently has an average rating of “Buy” and an average price target of $138.13.
Chevron Corporation, through its subsidiaries, engages in integrated energy, chemicals, and petroleum operations worldwide. The company operates in two segments, Upstream and Downstream. The Upstream segment is involved in the exploration, development, and production of crude oil and natural gas; processing, liquefaction, transportation, and regasification associated with liquefied natural gas; transportation of crude oil through pipelines; and transportation, storage, and marketing of natural gas, as well as operates a gas-to-liquids plant.
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