Chevron Corporation $CVX Shares Bought by Engineers Gate Manager LP

Engineers Gate Manager LP grew its stake in shares of Chevron Corporation (NYSE:CVX) by 2,735.2% in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 142,524 shares of the oil and gas company’s stock after purchasing an additional 137,497 shares during the quarter. Engineers Gate Manager LP’s holdings in Chevron were worth $20,408,000 as of its most recent SEC filing.

Other hedge funds have also made changes to their positions in the company. Azimuth Capital Investment Management LLC increased its holdings in shares of Chevron by 22.6% in the 1st quarter. Azimuth Capital Investment Management LLC now owns 98,364 shares of the oil and gas company’s stock worth $16,455,000 after acquiring an additional 18,123 shares during the period. Horizon Investments LLC grew its position in Chevron by 2.3% in the 1st quarter. Horizon Investments LLC now owns 38,509 shares of the oil and gas company’s stock worth $6,442,000 after purchasing an additional 859 shares during the last quarter. Dimensional Fund Advisors LP increased its stake in shares of Chevron by 0.3% in the first quarter. Dimensional Fund Advisors LP now owns 12,281,983 shares of the oil and gas company’s stock valued at $2,054,513,000 after purchasing an additional 40,758 shares during the period. Aberdeen Group plc raised its holdings in shares of Chevron by 83.4% during the first quarter. Aberdeen Group plc now owns 856,947 shares of the oil and gas company’s stock valued at $144,049,000 after buying an additional 389,684 shares during the last quarter. Finally, Howard Wealth Management LLC acquired a new position in shares of Chevron during the first quarter worth approximately $217,000. Institutional investors own 72.42% of the company’s stock.

Wall Street Analyst Weigh In

Several brokerages have weighed in on CVX. Morgan Stanley lifted their target price on Chevron from $177.00 to $180.00 and gave the company an “overweight” rating in a research note on Thursday, November 13th. Scotiabank lifted their price objective on shares of Chevron from $160.00 to $165.00 and gave the company a “sector perform” rating in a research note on Thursday, October 9th. Melius Research initiated coverage on shares of Chevron in a research report on Wednesday, August 20th. They issued a “hold” rating and a $155.00 target price for the company. Wells Fargo & Company raised their target price on shares of Chevron from $190.00 to $196.00 and gave the company an “overweight” rating in a research note on Friday, November 14th. Finally, Piper Sandler reduced their price target on shares of Chevron from $171.00 to $169.00 and set an “overweight” rating for the company in a research note on Monday, November 10th. One investment analyst has rated the stock with a Strong Buy rating, eleven have assigned a Buy rating, seven have assigned a Hold rating and four have issued a Sell rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus price target of $166.00.

Insider Activity

In other news, Director John B. Hess sold 275,000 shares of the company’s stock in a transaction on Thursday, November 20th. The stock was sold at an average price of $150.75, for a total transaction of $41,456,250.00. Following the completion of the sale, the director directly owned 1,128,045 shares of the company’s stock, valued at $170,052,783.75. This represents a 19.60% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. 0.21% of the stock is owned by company insiders.

Chevron Stock Performance

Shares of CVX opened at $149.95 on Friday. The company has a debt-to-equity ratio of 0.19, a current ratio of 1.15 and a quick ratio of 0.86. The firm’s 50 day moving average is $152.74 and its 200-day moving average is $151.98. Chevron Corporation has a 12-month low of $132.04 and a 12-month high of $168.96. The stock has a market capitalization of $301.93 billion, a P/E ratio of 21.09, a P/E/G ratio of 8.95 and a beta of 0.68.

Chevron (NYSE:CVX) last issued its earnings results on Friday, October 31st. The oil and gas company reported $1.85 earnings per share for the quarter, topping analysts’ consensus estimates of $1.71 by $0.14. The firm had revenue of $48.17 billion during the quarter, compared to analysts’ expectations of $46.99 billion. Chevron had a net margin of 6.57% and a return on equity of 8.74%. The firm’s revenue for the quarter was down 1.9% compared to the same quarter last year. During the same period last year, the firm posted $2.48 earnings per share. Equities research analysts anticipate that Chevron Corporation will post 10.79 EPS for the current fiscal year.

Chevron Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Wednesday, December 10th. Investors of record on Tuesday, November 18th were issued a $1.71 dividend. This represents a $6.84 dividend on an annualized basis and a dividend yield of 4.6%. The ex-dividend date was Tuesday, November 18th. Chevron’s payout ratio is presently 96.20%.

Chevron Company Profile

Chevron Corporation, through its subsidiaries, engages in the integrated energy and chemicals operations in the United States and internationally. The company operates in two segments, Upstream and Downstream. The Upstream segment is involved in the exploration, development, production, and transportation of crude oil and natural gas; processing, liquefaction, transportation, and regasification of liquefied natural gas; transportation of crude oil through pipelines; transportation, storage, and marketing of natural gas; and carbon capture and storage, as well as a gas-to-liquids plant.