Permanent Capital Management LP Acquires New Holdings in Chevron Corporation $CVX

Permanent Capital Management LP bought a new position in shares of Chevron Corporation (NYSE:CVX) during the third quarter, Holdings Channel reports. The fund bought 3,554 shares of the oil and gas company’s stock, valued at approximately $552,000.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. White Knight Strategic Wealth Advisors LLC increased its holdings in Chevron by 3.0% in the second quarter. White Knight Strategic Wealth Advisors LLC now owns 2,230 shares of the oil and gas company’s stock valued at $319,000 after purchasing an additional 65 shares during the period. Rakuten Securities Inc. grew its position in shares of Chevron by 7.4% in the 2nd quarter. Rakuten Securities Inc. now owns 961 shares of the oil and gas company’s stock valued at $138,000 after buying an additional 66 shares during the last quarter. Analyst IMS Investment Management Services Ltd. increased its stake in shares of Chevron by 1.0% in the second quarter. Analyst IMS Investment Management Services Ltd. now owns 6,751 shares of the oil and gas company’s stock valued at $966,000 after buying an additional 67 shares during the period. M.E. Allison & CO. Inc. raised its position in shares of Chevron by 0.6% during the third quarter. M.E. Allison & CO. Inc. now owns 11,204 shares of the oil and gas company’s stock worth $1,740,000 after acquiring an additional 67 shares during the last quarter. Finally, Greenfield Savings Bank raised its position in shares of Chevron by 0.6% during the second quarter. Greenfield Savings Bank now owns 11,611 shares of the oil and gas company’s stock worth $1,663,000 after acquiring an additional 68 shares during the last quarter. 72.42% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

CVX has been the topic of several analyst reports. Morgan Stanley upped their target price on Chevron from $177.00 to $180.00 and gave the company an “overweight” rating in a report on Thursday, November 13th. Bank of America decreased their price objective on shares of Chevron from $183.00 to $180.00 and set a “buy” rating for the company in a research report on Thursday, December 11th. Zacks Research upgraded shares of Chevron from a “strong sell” rating to a “hold” rating in a report on Tuesday, December 23rd. Wells Fargo & Company increased their price target on Chevron from $190.00 to $196.00 and gave the stock an “overweight” rating in a report on Friday, November 14th. Finally, Mizuho boosted their price objective on Chevron from $204.00 to $206.00 and gave the company an “outperform” rating in a research note on Friday, December 12th. One equities research analyst has rated the stock with a Strong Buy rating, eleven have assigned a Buy rating, eight have assigned a Hold rating and three have assigned a Sell rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average price target of $166.00.

Insider Activity

In related news, Director John B. Hess sold 275,000 shares of the stock in a transaction on Thursday, November 20th. The stock was sold at an average price of $150.75, for a total value 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 position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 0.20% of the stock is currently owned by corporate insiders.

Chevron Price Performance

Shares of NYSE CVX opened at $150.95 on Tuesday. The firm has a market capitalization of $303.93 billion, a P/E ratio of 21.23, a P/E/G ratio of 9.00 and a beta of 0.68. The firm’s 50-day moving average price is $152.04 and its 200-day moving average price is $152.92. The company has a current ratio of 1.15, a quick ratio of 0.86 and a debt-to-equity ratio of 0.19. Chevron Corporation has a 1-year low of $132.04 and a 1-year high of $168.96.

Chevron (NYSE:CVX) last issued its earnings results on Friday, October 31st. The oil and gas company reported $1.85 EPS for the quarter, beating analysts’ consensus estimates of $1.71 by $0.14. The business had revenue of $48.17 billion during the quarter, compared to analyst estimates of $46.99 billion. Chevron had a return on equity of 8.74% and a net margin of 6.57%.The firm’s revenue was down 1.9% compared to the same quarter last year. During the same period in the previous year, the company posted $2.48 EPS. Equities research analysts anticipate that Chevron Corporation will post 10.79 earnings per share for the current fiscal year.

Chevron Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Wednesday, December 10th. Stockholders of record on Tuesday, November 18th were given a dividend of $1.71 per share. This represents a $6.84 dividend on an annualized basis and a dividend yield of 4.5%. The ex-dividend date of this dividend was Tuesday, November 18th. Chevron’s dividend payout ratio is presently 96.20%.

Chevron 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.