Chevron Co. (CVX) Holdings Boosted by Zurich Insurance Group Ltd FI
Zurich Insurance Group Ltd FI grew its stake in shares of Chevron Co. (NYSE:CVX) by 7.0% during the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 354,145 shares of the oil and gas company’s stock after buying an additional 23,313 shares during the period. Chevron makes up 1.0% of Zurich Insurance Group Ltd FI’s portfolio, making the stock its 16th biggest position. Zurich Insurance Group Ltd FI’s holdings in Chevron were worth $44,775,000 as of its most recent filing with the Securities and Exchange Commission.
A number of other institutional investors and hedge funds also recently modified their holdings of CVX. Parsons Capital Management Inc. RI boosted its stake in shares of Chevron by 8.6% during the 1st quarter. Parsons Capital Management Inc. RI now owns 95,309 shares of the oil and gas company’s stock worth $10,869,000 after acquiring an additional 7,584 shares during the period. Financial Advocates Investment Management boosted its stake in shares of Chevron by 1.3% during the 1st quarter. Financial Advocates Investment Management now owns 45,589 shares of the oil and gas company’s stock worth $5,199,000 after acquiring an additional 599 shares during the period. Private Ocean LLC boosted its stake in shares of Chevron by 209.3% during the 1st quarter. Private Ocean LLC now owns 2,119 shares of the oil and gas company’s stock worth $241,000 after acquiring an additional 1,434 shares during the period. Pettyjohn Wood & White Inc. boosted its stake in shares of Chevron by 2.0% during the 1st quarter. Pettyjohn Wood & White Inc. now owns 40,394 shares of the oil and gas company’s stock worth $4,607,000 after acquiring an additional 790 shares during the period. Finally, Fiera Capital Corp boosted its stake in shares of Chevron by 1.6% during the 1st quarter. Fiera Capital Corp now owns 298,283 shares of the oil and gas company’s stock worth $34,016,000 after acquiring an additional 4,800 shares during the period. Hedge funds and other institutional investors own 64.67% of the company’s stock.
Several research analysts have recently commented on the company. Royal Bank of Canada set a $150.00 target price on Chevron and gave the stock a “hold” rating in a research note on Thursday, September 20th. Berenberg Bank assumed coverage on Chevron in a research note on Tuesday, September 11th. They set a “hold” rating and a $135.00 target price for the company. Bank of America downgraded Chevron from a “buy” rating to a “neutral” rating and reduced their target price for the stock from $150.00 to $135.00 in a research note on Thursday, September 6th. Zacks Investment Research upgraded Chevron from a “hold” rating to a “buy” rating and set a $137.00 target price for the company in a research report on Monday, October 1st. Finally, Redburn Partners cut Chevron from a “buy” rating to a “neutral” rating and lowered their price target for the stock from $130.00 to $115.00 in a report on Wednesday, October 3rd. Seven investment analysts have rated the stock with a hold rating, sixteen have issued a buy rating and one has issued a strong buy rating to the company’s stock. The company currently has a consensus rating of “Buy” and a consensus price target of $139.13.
Chevron (NYSE:CVX) last issued its earnings results on Friday, November 2nd. The oil and gas company reported $2.11 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.06 by $0.05. Chevron had a return on equity of 8.19% and a net margin of 8.79%. The business had revenue of $43.99 billion during the quarter, compared to analysts’ expectations of $47.17 billion. During the same quarter in the prior year, the firm earned $1.03 EPS. The business’s revenue for the quarter was up 21.5% compared to the same quarter last year. As a group, research analysts forecast that Chevron Co. will post 8.18 earnings per share for the current fiscal year.
The company also recently announced a quarterly dividend, which will be paid on Monday, December 10th. Shareholders of record on Friday, November 16th will be issued a $1.12 dividend. The ex-dividend date of this dividend is Thursday, November 15th. This represents a $4.48 dividend on an annualized basis and a yield of 3.82%. Chevron’s payout ratio is presently 121.08%.
In other Chevron news, insider James William Johnson sold 4,750 shares of the company’s stock in a transaction dated Thursday, September 13th. The stock was sold at an average price of $116.00, for a total value of $551,000.00. Following the completion of the transaction, the insider now owns 4,750 shares of the company’s stock, valued at approximately $551,000. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. In the last ninety days, insiders sold 19,000 shares of company stock valued at $2,247,463. Insiders own 0.38% of the company’s stock.
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Chevron Company Profile
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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