Chevron Co. (NYSE:CVX) Shares Acquired by Summit Global Investments

Summit Global Investments lifted its holdings in shares of Chevron Co. (NYSE:CVX) by 28.7% during the 4th quarter, according to its most recent disclosure with the SEC. The institutional investor owned 49,789 shares of the oil and gas company’s stock after purchasing an additional 11,103 shares during the quarter. Summit Global Investments’ holdings in Chevron were worth $7,427,000 as of its most recent filing with the SEC.

Other hedge funds have also made changes to their positions in the company. Picton Mahoney Asset Management acquired a new stake in shares of Chevron during the third quarter worth about $26,000. Valley Forge Investment Consultants Inc. ADV increased its stake in shares of Chevron by 80.0% during the third quarter. Valley Forge Investment Consultants Inc. ADV now owns 180 shares of the oil and gas company’s stock worth $30,000 after buying an additional 80 shares during the period. Valued Wealth Advisors LLC purchased a new stake in shares of Chevron during the fourth quarter worth approximately $33,000. Legacy Financial Group LLC purchased a new stake in shares of Chevron during the third quarter worth approximately $43,000. Finally, Roble Belko & Company Inc increased its stake in shares of Chevron by 77.3% during the fourth quarter. Roble Belko & Company Inc now owns 344 shares of the oil and gas company’s stock worth $51,000 after buying an additional 150 shares during the period. Institutional investors and hedge funds own 72.42% of the company’s stock.

Chevron Stock Performance

Shares of NYSE CVX traded up $1.36 during mid-day trading on Thursday, hitting $160.99. 6,843,836 shares of the company were exchanged, compared to its average volume of 8,420,703. The company has a quick ratio of 1.01, a current ratio of 1.27 and a debt-to-equity ratio of 0.13. The stock has a 50 day simple moving average of $157.04 and a 200-day simple moving average of $151.74. Chevron Co. has a 1-year low of $139.62 and a 1-year high of $171.70. The firm has a market cap of $299.00 billion, a price-to-earnings ratio of 14.77, a price-to-earnings-growth ratio of 2.38 and a beta of 1.11.

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

Chevron Dividend Announcement

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 4.05%. The ex-dividend date is Thursday, May 16th. Chevron’s dividend payout ratio is presently 59.98%.

Wall Street Analysts Forecast Growth

A number of analysts recently weighed in on CVX shares. UBS Group upped their target price on shares of Chevron from $185.00 to $197.00 and gave the stock a “buy” rating in a research note on Tuesday, April 9th. HSBC upped their target price on shares of Chevron from $175.00 to $178.00 and gave the stock a “buy” rating in a research note on Tuesday. TD Cowen increased their price target on shares of Chevron from $155.00 to $160.00 and gave the company a “hold” rating in a research note on Monday. Jefferies Financial Group upgraded shares of Chevron from a “hold” rating to a “buy” rating and set a $184.00 price target on the stock in a research note on Monday, January 8th. Finally, Scotiabank upgraded shares of Chevron from a “sector perform” rating to a “sector outperform” rating and increased their price target for the company from $170.00 to $195.00 in a research note on Thursday, April 11th. Six research analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the stock. According to data from MarketBeat.com, Chevron presently has an average rating of “Moderate Buy” and a consensus target price of $185.35.

Insider Buying and Selling

In related news, VP Alana K. Knowles sold 2,800 shares of Chevron stock in a transaction dated Thursday, April 25th. The stock was 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 in the company, valued at approximately $45,540. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. 0.20% of the stock is currently owned by company insiders.

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.