Twin Capital Management Inc. Grows Position in Chevron Co. (CVX)
Twin Capital Management Inc. increased its holdings in Chevron Co. (NYSE:CVX) by 12.5% during the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 161,729 shares of the oil and gas company’s stock after purchasing an additional 18,009 shares during the quarter. Chevron accounts for 0.9% of Twin Capital Management Inc.’s holdings, making the stock its 22nd biggest position. Twin Capital Management Inc.’s holdings in Chevron were worth $19,776,000 as of its most recent SEC filing.
Several other hedge funds and other institutional investors have also added to or reduced their stakes in CVX. Canton Hathaway LLC acquired a new stake in shares of Chevron during the third quarter valued at approximately $141,000. Signature Estate & Investment Advisors LLC acquired a new stake in shares of Chevron during the third quarter valued at approximately $144,000. O Brien Wealth Partners LLC raised its holdings in shares of Chevron by 4,389.3% during the third quarter. O Brien Wealth Partners LLC now owns 1,257 shares of the oil and gas company’s stock valued at $154,000 after acquiring an additional 1,229 shares during the period. Atlantic Trust LLC raised its holdings in shares of Chevron by 54.7% during the second quarter. Atlantic Trust LLC now owns 1,470 shares of the oil and gas company’s stock valued at $186,000 after acquiring an additional 520 shares during the period. Finally, Shine Investment Advisory Services Inc. raised 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 during the period. Institutional investors and hedge funds own 67.51% of the company’s stock.
CVX stock traded down $0.74 during trading hours on Monday, hitting $116.84. The company’s stock had a trading volume of 642,174 shares, compared to its average volume of 6,651,007. The company has a quick ratio of 1.01, a current ratio of 1.22 and a debt-to-equity ratio of 0.19. The company has a market capitalization of $224.67 billion, a price-to-earnings ratio of 14.16, a P/E/G ratio of 4.03 and a beta of 1.02. Chevron Co. has a 12 month low of $100.22 and a 12 month high of $131.08.
The firm also recently announced a quarterly dividend, which will be paid on Monday, March 11th. Shareholders of record on Friday, February 15th will be given a $1.19 dividend. This represents a $4.76 annualized dividend and a yield of 4.07%. This is an increase from Chevron’s previous quarterly dividend of $1.12. The ex-dividend date is Thursday, February 14th. Chevron’s payout ratio is currently 54.30%.
Several research analysts have weighed in on the stock. Credit Suisse Group set a $135.00 price objective on shares of Chevron and gave the company a “buy” rating in a research note on Saturday, February 2nd. Zacks Investment Research upgraded shares of Chevron from a “strong sell” rating to a “hold” rating in a research note on Tuesday, January 29th. UBS Group upgraded shares of Chevron from a “neutral” rating to a “buy” rating and set a $112.95 price objective on the stock in a research note on Friday, January 18th. HSBC lowered shares of Chevron from a “buy” rating to a “hold” rating and dropped their price objective for the company from $136.00 to $122.00 in a research note on Monday, January 14th. Finally, Royal Bank of Canada reiterated a “hold” rating and issued a $130.00 price objective on shares of Chevron in a research note on Monday, January 7th. Nine investment analysts have rated the stock with a hold rating, ten have given a buy rating and one has assigned a strong buy rating to the company’s stock. The stock presently has an average rating of “Buy” and an average price target of $133.20.
In other Chevron news, insider Jeanette L. Ourada sold 7,200 shares of the business’s stock in a transaction that occurred on Monday, February 4th. The shares were sold at an average price of $116.50, for a total value of $838,800.00. Following the completion of the sale, the insider now directly owns 7,200 shares of the company’s stock, valued at $838,800. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider James William Johnson sold 4,750 shares of the business’s stock in a transaction that occurred on Tuesday, January 15th. The stock was sold at an average price of $112.20, for a total transaction of $532,950.00. Following the completion of the sale, the insider now directly owns 4,750 shares of the company’s stock, valued at $532,950. The disclosure for this sale can be found here. Insiders sold 26,200 shares of company stock valued at $3,072,725 over the last three months. Insiders own 0.46% of the company’s stock.
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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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