MTM Investment Management LLC Buys 273 Shares of Chevron Co. (NYSE:CVX)
MTM Investment Management LLC lifted its stake in shares of Chevron Co. (NYSE:CVX) by 1.0% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 27,699 shares of the oil and gas company’s stock after acquiring an additional 273 shares during the quarter. Chevron makes up approximately 1.6% of MTM Investment Management LLC’s holdings, making the stock its 11th biggest position. MTM Investment Management LLC’s holdings in Chevron were worth $2,903,000 at the end of the most recent reporting period.
A number of other institutional investors have also recently added to or reduced their stakes in the stock. Carlson Capital Management lifted its holdings in Chevron by 2.8% during the 1st quarter. Carlson Capital Management now owns 3,846 shares of the oil and gas company’s stock worth $403,000 after buying an additional 103 shares during the last quarter. Advisory Resource Group lifted its stake in Chevron by 2.4% during the fourth quarter. Advisory Resource Group now owns 4,446 shares of the oil and gas company’s stock worth $375,000 after purchasing an additional 106 shares during the last quarter. Gleason Group Inc. increased its stake in Chevron by 1.2% during the first quarter. Gleason Group Inc. now owns 9,160 shares of the oil and gas company’s stock valued at $960,000 after purchasing an additional 106 shares during the last quarter. CRA Financial Services LLC increased its stake in Chevron by 1.3% during the first quarter. CRA Financial Services LLC now owns 8,118 shares of the oil and gas company’s stock valued at $851,000 after purchasing an additional 106 shares during the last quarter. Finally, Grandview Asset Management LLC raised its holdings in shares of Chevron by 3.9% during the fourth quarter. Grandview Asset Management LLC now owns 2,949 shares of the oil and gas company’s stock worth $249,000 after purchasing an additional 112 shares during the period. 62.27% of the stock is owned by institutional investors.
A number of equities research analysts recently weighed in on CVX shares. Barclays boosted their price objective on shares of Chevron from $108.00 to $110.00 and gave the company an “overweight” rating in a research report on Thursday, January 14th. Morgan Stanley boosted their price objective on Chevron from $113.00 to $127.00 and gave the company an “overweight” rating in a research report on Wednesday, March 17th. Jefferies Financial Group downgraded Chevron from a “buy” rating to a “hold” rating and set a $98.00 price objective for the company. in a research note on Thursday, January 21st. Citigroup initiated coverage on Chevron in a research note on Wednesday, March 10th. They issued a “neutral” rating and a $105.00 target price on the stock. Finally, Scotiabank restated a “sector perform” rating and issued a $115.00 price target on shares of Chevron in a research note on Tuesday, March 16th. Ten equities research analysts have rated the stock with a hold rating, seventeen have issued a buy rating and one has issued a strong buy rating to the company. The stock presently has a consensus rating of “Buy” and a consensus price target of $110.68.
Chevron (NYSE:CVX) last released its earnings results on Thursday, January 28th. The oil and gas company reported ($0.01) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.08 by ($0.09). Chevron had a positive return on equity of 1.75% and a negative net margin of 10.86%. The company had revenue of $25.25 billion during the quarter, compared to analysts’ expectations of $25.97 billion. During the same quarter in the previous year, the company earned $1.49 EPS. The firm’s quarterly revenue was down 30.5% compared to the same quarter last year. On average, equities analysts forecast that Chevron Co. will post 0.03 earnings per share for the current fiscal year.
The company also recently declared a quarterly dividend, which was paid on Wednesday, March 10th. Investors of record on Wednesday, February 17th were paid a $1.29 dividend. The ex-dividend date of this dividend was Tuesday, February 16th. This represents a $5.16 annualized dividend and a dividend yield of 5.10%. Chevron’s payout ratio is 82.30%.
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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