Channing Capital Management LLC Increases Position in Chevron Co. (NYSE:CVX)

Channing Capital Management LLC raised its stake in shares of Chevron Co. (NYSE:CVX) by 26.7% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 60,263 shares of the oil and gas company’s stock after purchasing an additional 12,685 shares during the period. Channing Capital Management LLC’s holdings in Chevron were worth $8,989,000 at the end of the most recent quarter.

Several other institutional investors also recently bought and sold shares of the company. Spring Capital Management LLC boosted its position in Chevron by 4.1% in the 3rd quarter. Spring Capital Management LLC now owns 32,594 shares of the oil and gas company’s stock valued at $5,496,000 after buying an additional 1,273 shares during the period. FSC Wealth Advisors LLC increased its holdings in Chevron by 14.8% during the 3rd quarter. FSC Wealth Advisors LLC now owns 684 shares of the oil and gas company’s stock worth $115,000 after purchasing an additional 88 shares during the period. Financial Management Network Inc. raised its position in Chevron by 35.1% in the 3rd quarter. Financial Management Network Inc. now owns 9,327 shares of the oil and gas company’s stock valued at $1,521,000 after purchasing an additional 2,424 shares in the last quarter. Raymond James & Associates increased its position in shares of Chevron by 7.1% in the 3rd quarter. Raymond James & Associates now owns 3,527,368 shares of the oil and gas company’s stock valued at $594,785,000 after purchasing an additional 234,569 shares during the last quarter. Finally, Raymond James Financial Services Advisors Inc. raised its stake in Chevron by 2.3% in the third quarter. Raymond James Financial Services Advisors Inc. now owns 1,621,368 shares of the oil and gas company’s stock valued at $273,395,000 after buying an additional 36,367 shares in the last quarter. 72.42% of the stock is currently owned by institutional investors and hedge funds.

Chevron Trading Down 0.3 %

Shares of NYSE:CVX traded down $0.48 during midday trading on Friday, reaching $160.25. The company had a trading volume of 11,664,505 shares, compared to its average volume of 7,516,580. The company has a fifty day simple moving average of $157.26 and a two-hundred day simple moving average of $151.53. The company has a debt-to-equity ratio of 0.13, a quick ratio of 1.01 and a current ratio of 1.27. The firm has a market cap of $297.63 billion, a price-to-earnings ratio of 14.74, a price-to-earnings-growth ratio of 2.37 and a beta of 1.11. Chevron Co. has a 1-year low of $139.62 and a 1-year high of $171.70.

Chevron (NYSE:CVX) last released its quarterly earnings results on Friday, April 26th. The oil and gas company reported $2.93 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.84 by $0.09. Chevron had a net margin of 10.21% and a return on equity of 14.38%. The business had revenue of $48.72 billion for the quarter, compared to analyst estimates of $48.42 billion. During the same quarter in the previous year, the business earned $3.55 earnings per share. The firm’s revenue was down 4.1% compared to the same quarter last year. Research analysts predict that Chevron Co. will post 13.53 earnings per share for the current year.

Chevron Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, June 10th. Investors of record on Friday, May 17th will be given a dividend of $1.63 per share. This represents a $6.52 dividend on an annualized basis and a yield of 4.07%. The ex-dividend date of this dividend is Thursday, May 16th. Chevron’s payout ratio is presently 59.98%.

Wall Street Analysts Forecast Growth

A number of analysts have recently commented on the company. TD Cowen lifted their target price on Chevron from $155.00 to $160.00 and gave the stock a “hold” rating in a research report on Monday, April 29th. UBS Group boosted their target price on Chevron from $185.00 to $197.00 and gave the stock a “buy” rating in a research report on Tuesday, April 9th. Jefferies Financial Group raised shares of Chevron from a “hold” rating to a “buy” rating and set a $184.00 price objective for the company in a research note on Monday, January 8th. DZ Bank downgraded shares of Chevron from a “buy” rating to a “hold” rating and set a $160.00 target price for the company. in a research note on Tuesday, February 6th. Finally, Raymond James increased their price target on Chevron from $170.00 to $174.00 and gave the stock an “outperform” rating in a research note on Monday, April 15th. Six analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company’s stock. According to data from MarketBeat.com, Chevron presently has a consensus rating of “Moderate Buy” and a consensus price target of $185.35.

Insider Buying and Selling at Chevron

In other Chevron news, VP Alana K. Knowles sold 2,800 shares of Chevron stock in a transaction on Thursday, April 25th. The shares were sold at an average price of $165.00, for a total transaction of $462,000.00. Following the completion of the sale, the vice president now owns 276 shares of the company’s stock, valued at approximately $45,540. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Company insiders own 0.20% of the company’s stock.

Chevron 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.