Mackenzie Financial Corp raised its holdings in shares of Chevron Co. (NYSE:CVX) by 41.5% in the 2nd quarter, according to its most recent 13F filing with the SEC. The fund owned 1,971,948 shares of the oil and gas company’s stock after acquiring an additional 578,554 shares during the period. Mackenzie Financial Corp’s holdings in Chevron were worth $206,542,000 at the end of the most recent reporting period.
Several other hedge funds also recently bought and sold shares of CVX. BlackRock Inc. grew its stake in shares of Chevron by 4.1% during the first quarter. BlackRock Inc. now owns 132,016,229 shares of the oil and gas company’s stock worth $13,833,978,000 after purchasing an additional 5,193,990 shares during the period. Morgan Stanley increased its stake in Chevron by 13.9% in the first quarter. Morgan Stanley now owns 21,789,121 shares of the oil and gas company’s stock valued at $2,283,280,000 after purchasing an additional 2,666,433 shares in the last quarter. Cullen Capital Management LLC raised its holdings in Chevron by 316.9% in the first quarter. Cullen Capital Management LLC now owns 1,934,292 shares of the oil and gas company’s stock worth $202,695,000 after purchasing an additional 1,470,277 shares during the period. Mn Services Vermogensbeheer B.V. acquired a new position in shares of Chevron in the 2nd quarter valued at $125,336,000. Finally, Ameriprise Financial Inc. increased its position in shares of Chevron by 7.4% in the 1st quarter. Ameriprise Financial Inc. now owns 17,136,152 shares of the oil and gas company’s stock valued at $1,795,221,000 after buying an additional 1,177,532 shares in the last quarter. 65.78% of the stock is currently owned by institutional investors.
Several equities research analysts have issued reports on CVX shares. Morgan Stanley increased their price target on Chevron from $127.00 to $149.00 and gave the stock an “overweight” rating in a report on Friday, June 18th. Royal Bank of Canada lowered their target price on Chevron from $135.00 to $130.00 and set a “sector perform” rating for the company in a research note on Wednesday, August 25th. DZ Bank downgraded shares of Chevron from a “buy” rating to a “hold” rating and set a $110.00 target price on the stock. in a report on Wednesday, August 4th. Truist Securities upped their price target on shares of Chevron from $130.00 to $144.00 and gave the company a “buy” rating in a report on Thursday, July 1st. Finally, Redburn Partners upgraded shares of Chevron from a “neutral” rating to a “buy” rating in a report on Thursday, July 22nd. Twelve investment analysts have rated the stock with a hold rating and sixteen have issued a buy rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Buy” and an average price target of $117.64.
Chevron (NYSE:CVX) last released its quarterly earnings data on Thursday, July 29th. The oil and gas company reported $1.71 earnings per share for the quarter, topping the consensus estimate of $1.59 by $0.12. Chevron had a net margin of 3.01% and a return on equity of 3.89%. The company had revenue of $37.60 billion for the quarter, compared to analyst estimates of $35.98 billion. During the same period in the previous year, the business earned ($1.59) EPS. Chevron’s revenue for the quarter was up 169.5% compared to the same quarter last year. On average, research analysts anticipate that Chevron Co. will post 6.74 EPS for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which was paid on Friday, September 10th. Shareholders of record on Thursday, August 19th were paid a $1.34 dividend. The ex-dividend date of this dividend was Wednesday, August 18th. This represents a $5.36 annualized dividend and a yield of 5.65%. Chevron’s dividend payout ratio is -2,680.00%.
Chevron Corp. engages in the provision of administrative, financial management, and technology support for energy and chemical operations. It operates through the Upstream and Downstream segments. The Upstream segment consists of exploration, development, and production of crude oil and natural gas; liquefaction, transportation, and regasification associated with liquefied natural gas; transporting crude oil by major international oil export pipelines; processing, transporting, storage, and marketing of natural gas; and a gas-to-liquids plant.
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