Chevron Co. (NYSE:CVX – Get Rating) announced a quarterly dividend on Wednesday, January 25th, RTT News reports. Shareholders of record on Thursday, February 16th will be given a dividend of 1.51 per share by the oil and gas company on Friday, March 10th. This represents a $6.04 dividend on an annualized basis and a yield of 3.37%. This is a positive change from Chevron’s previous quarterly dividend of $1.42.
Chevron has raised its dividend payment by an average of 6.1% per year over the last three years and has increased its dividend every year for the last 36 years. Chevron has a payout ratio of 38.6% indicating that its dividend is sufficiently covered by earnings. Analysts expect Chevron to earn $15.70 per share next year, which means the company should continue to be able to cover its $5.68 annual dividend with an expected future payout ratio of 36.2%.
Chevron Price Performance
Chevron stock traded down $1.75 during midday trading on Wednesday, reaching $179.08. The company’s stock had a trading volume of 6,304,948 shares, compared to its average volume of 7,591,172. Chevron has a fifty-two week low of $128.07 and a fifty-two week high of $189.68. The company has a debt-to-equity ratio of 0.13, a quick ratio of 1.15 and a current ratio of 1.40. The stock’s 50 day simple moving average is $177.39 and its 200 day simple moving average is $166.01. The firm has a market capitalization of $346.28 billion, a PE ratio of 10.29, a P/E/G ratio of 0.81 and a beta of 1.18.
Analyst Ratings Changes
A number of equities research analysts have commented on CVX shares. Morgan Stanley raised their target price on Chevron from $196.00 to $197.00 and gave the company an “equal weight” rating in a report on Tuesday. Barclays raised their price target on Chevron from $196.00 to $212.00 and gave the company an “overweight” rating in a research report on Tuesday, January 3rd. BNP Paribas cut Chevron from a “neutral” rating to an “underperform” rating and set a $190.00 price target for the company. in a research report on Wednesday, December 14th. Jefferies Financial Group initiated coverage on Chevron in a research report on Wednesday, October 19th. They issued a “hold” rating for the company. Finally, Bank of America cut Chevron from a “buy” rating to a “neutral” rating and raised their price target for the company from $190.00 to $191.00 in a research report on Friday, January 6th. Two investment analysts have rated the stock with a sell rating, ten have given a hold rating and ten have given a buy rating to the company. According to data from MarketBeat.com, Chevron presently has an average rating of “Hold” and a consensus price target of $186.71.
In other news, VP R. Hewitt Pate sold 32,391 shares of Chevron stock in a transaction dated Thursday, November 3rd. The stock was sold at an average price of $180.00, for a total value of $5,830,380.00. The transaction was disclosed in a document filed with the SEC, which is available through this link. In related news, VP R. Hewitt Pate sold 32,391 shares of the business’s stock in a transaction that occurred on Thursday, November 3rd. The stock was sold at an average price of $180.00, for a total transaction of $5,830,380.00. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Director Alice P. Gast sold 2,706 shares of the business’s stock in a transaction that occurred on Monday, November 21st. The stock was sold at an average price of $179.44, for a total value of $485,564.64. Following the transaction, the director now directly owns 21,964 shares in the company, valued at $3,941,220.16. The disclosure for this sale can be found here. Insiders have sold 293,563 shares of company stock valued at $53,186,421 in the last three months. Corporate insiders own 0.32% of the company’s stock.
Hedge Funds Weigh In On Chevron
Several hedge funds and other institutional investors have recently bought and sold shares of the stock. Jaffetilchin Investment Partners LLC raised its position in shares of Chevron by 1.5% in the 1st quarter. Jaffetilchin Investment Partners LLC now owns 8,141 shares of the oil and gas company’s stock valued at $1,341,000 after purchasing an additional 117 shares in the last quarter. Nelson Van Denburg & Campbell Wealth Management Group LLC raised its position in shares of Chevron by 0.7% in the 1st quarter. Nelson Van Denburg & Campbell Wealth Management Group LLC now owns 21,470 shares of the oil and gas company’s stock valued at $3,495,000 after purchasing an additional 148 shares in the last quarter. Plancorp LLC raised its position in shares of Chevron by 2.2% in the 1st quarter. Plancorp LLC now owns 8,721 shares of the oil and gas company’s stock valued at $1,420,000 after purchasing an additional 188 shares in the last quarter. Fort Point Capital Partners LLC raised its position in shares of Chevron by 1.3% in the 1st quarter. Fort Point Capital Partners LLC now owns 16,894 shares of the oil and gas company’s stock valued at $2,751,000 after purchasing an additional 222 shares in the last quarter. Finally, Worth Asset Management LLC acquired a new position in shares of Chevron in the 1st quarter valued at approximately $36,000. 69.37% of the stock is owned by institutional investors and hedge funds.
Chevron Company Profile
Chevron Corp. engages in the provision of administrative, financial management, and technology support for energy and chemical operations. It operates through the Upstream and Downstream segments. The Upstream segment consists of the exploration, development, and production of crude oil and natural gas, the liquefaction, transportation, and regasification associated with liquefied natural gas, the transporting of crude oil by major international oil export pipelines, the processing, transporting, storage, and marketing of natural gas, and a gas-to-liquids plant.
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