Rhumbline Advisers Purchases 486,606 Shares of Chevron Corporation $CVX

Rhumbline Advisers raised its holdings in shares of Chevron Corporation (NYSE:CVX) by 17.0% during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 3,343,932 shares of the oil and gas company’s stock after purchasing an additional 486,606 shares during the quarter. Chevron makes up approximately 0.4% of Rhumbline Advisers’ portfolio, making the stock its 28th largest holding. Rhumbline Advisers’ holdings in Chevron were worth $519,279,000 at the end of the most recent quarter.

Several other large investors have also recently modified their holdings of CVX. Berkshire Hathaway Inc grew its stake in Chevron by 2.9% in the 2nd quarter. Berkshire Hathaway Inc now owns 122,064,792 shares of the oil and gas company’s stock valued at $17,478,458,000 after buying an additional 3,454,258 shares in the last quarter. Charles Schwab Investment Management Inc. boosted its holdings in shares of Chevron by 4.0% in the second quarter. Charles Schwab Investment Management Inc. now owns 34,772,753 shares of the oil and gas company’s stock worth $4,979,255,000 after acquiring an additional 1,342,723 shares during the period. Fisher Asset Management LLC grew its position in shares of Chevron by 1.9% in the second quarter. Fisher Asset Management LLC now owns 20,826,805 shares of the oil and gas company’s stock valued at $2,982,190,000 after purchasing an additional 378,936 shares in the last quarter. Bank of New York Mellon Corp raised its stake in shares of Chevron by 27.9% during the 3rd quarter. Bank of New York Mellon Corp now owns 19,627,146 shares of the oil and gas company’s stock valued at $3,047,900,000 after purchasing an additional 4,279,918 shares during the period. Finally, Norges Bank purchased a new stake in Chevron during the 2nd quarter worth about $2,721,477,000. Hedge funds and other institutional investors own 72.42% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently weighed in on the company. Jefferies Financial Group upped their price target on Chevron from $174.00 to $189.00 and gave the company a “buy” rating in a research report on Wednesday, January 14th. Raymond James Financial reissued an “outperform” rating and issued a $160.00 price target (down from $170.00) on shares of Chevron in a report on Friday, October 17th. Wells Fargo & Company boosted their price target on shares of Chevron from $196.00 to $204.00 and gave the company an “overweight” rating in a research report on Monday, February 2nd. Mizuho increased their price objective on Chevron from $204.00 to $206.00 and gave the stock an “outperform” rating in a research report on Friday, December 12th. Finally, Argus set a $203.00 price objective on Chevron in a research note on Tuesday, February 3rd. Twelve equities research analysts have rated the stock with a Buy rating, seven have assigned a Hold rating and four have given a Sell rating to the company’s stock. According to MarketBeat, the company has an average rating of “Hold” and a consensus target price of $175.00.

Insider Activity at Chevron

In other Chevron news, Director John B. Hess sold 275,000 shares of the stock in a transaction that occurred on Thursday, November 20th. The shares were sold at an average price of $150.75, for a total transaction of $41,456,250.00. Following the transaction, the director directly owned 1,128,045 shares in the company, valued at $170,052,783.75. This trade represents a 19.60% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider R. Hewitt Pate sold 41,134 shares of the business’s stock in a transaction that occurred on Friday, January 30th. The stock was sold at an average price of $176.40, for a total transaction of $7,256,037.60. Following the completion of the sale, the insider owned 4,169 shares of the company’s stock, valued at approximately $735,411.60. The trade was a 90.80% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold a total of 793,158 shares of company stock worth $127,919,578 in the last quarter. 0.20% of the stock is owned by company insiders.

Chevron Price Performance

Shares of NYSE:CVX opened at $182.39 on Wednesday. The company’s fifty day moving average price is $160.55 and its 200-day moving average price is $156.86. 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 has a market capitalization of $367.25 billion, a price-to-earnings ratio of 27.39, a PEG ratio of 12.28 and a beta of 0.70. Chevron Corporation has a one year low of $132.04 and a one year high of $182.95.

Chevron (NYSE:CVX) last posted its quarterly earnings data on Friday, January 30th. The oil and gas company reported $1.52 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.44 by $0.08. The company had revenue of $45.79 billion during the quarter, compared to the consensus estimate of $48.18 billion. Chevron had a net margin of 6.51% and a return on equity of 8.23%. The firm’s revenue was down 10.2% compared to the same quarter last year. During the same period in the previous year, the firm posted $2.06 EPS. On average, equities research analysts anticipate that Chevron Corporation will post 10.79 earnings per share for the current fiscal year.

Chevron Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, March 10th. Stockholders of record on Tuesday, February 17th will be given a dividend of $1.78 per share. This is a boost from Chevron’s previous quarterly dividend of $1.71. The ex-dividend date is Tuesday, February 17th. This represents a $7.12 annualized dividend and a dividend yield of 3.9%. Chevron’s dividend payout ratio is currently 102.70%.

Chevron Company Profile

Chevron Corporation (NYSE: CVX) is an American multinational energy company engaged in virtually all aspects of the oil and gas industry. As an integrated energy firm, Chevron’s core activities include upstream oil and natural gas exploration and production, midstream transportation and storage, downstream refining and marketing of fuels and lubricants, and petrochemical manufacturing through joint ventures and subsidiaries. The company markets fuels under brands such as Chevron, Texaco and Caltex and supplies a range of products and services to retail customers, industrial users and commercial fleets worldwide.

Chevron traces its corporate lineage to the early petroleum companies that eventually became Standard Oil of California and has evolved through significant mergers and restructurings, including the acquisitions of Gulf Oil and Texaco.