Bank of Stockton trimmed its stake in Chevron Co. (NYSE:CVX – Get Rating) by 0.5% during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 17,675 shares of the oil and gas company's stock after selling 93 shares during the period. Chevron comprises about 1.1% of Bank of Stockton's investment portfolio, making the stock its 18th biggest position. Bank of Stockton's holdings in Chevron were worth $3,172,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Other hedge funds and other institutional investors also recently bought and sold shares of the company. Worth Asset Management LLC bought a new position in shares of Chevron during the 1st quarter worth about $36,000. JDM Financial Group LLC bought a new position in shares of Chevron during the 4th quarter worth about $42,000. Global Wealth Strategies & Associates bought a new position in shares of Chevron during the 4th quarter worth about $46,000. Hillsdale Investment Management Inc. lifted its holdings in shares of Chevron by 127.3% during the 3rd quarter. Hillsdale Investment Management Inc. now owns 375 shares of the oil and gas company's stock worth $54,000 after acquiring an additional 210 shares during the period. Finally, Piershale Financial Group Inc. bought a new position in shares of Chevron during the 4th quarter worth about $72,000. 69.37% of the stock is currently owned by institutional investors and hedge funds.
Get Chevron alerts:Wall Street Analysts Forecast Growth
A number of equities analysts have recently commented on the stock. Raymond James reduced their price objective on shares of Chevron from $215.00 to $212.00 and set an "outperform" rating for the company in a report on Monday, January 30th. Cowen cut their price target on shares of Chevron from $185.00 to $170.00 and set an "outperform" rating for the company in a report on Friday, February 24th. Barclays lifted their price target on shares of Chevron from $196.00 to $212.00 and gave the company an "overweight" rating in a report on Tuesday, January 3rd. HSBC lifted their price target on shares of Chevron to $187.00 in a report on Friday, December 2nd. Finally, BNP Paribas downgraded shares of Chevron from a "neutral" rating to an "underperform" rating and set a $190.00 price target for the company. in a report on Wednesday, December 14th. One research analyst has rated the stock with a sell rating, ten have assigned a hold rating and nine have given a buy rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of "Hold" and a consensus price target of $189.50.
Chevron Stock Up 1.0 %
Shares of NYSE:CVX opened at $156.06 on Friday. Chevron Co. has a one year low of $132.54 and a one year high of $189.68. The company has a 50 day moving average of $167.05 and a 200-day moving average of $169.40. The company has a debt-to-equity ratio of 0.13, a current ratio of 1.47 and a quick ratio of 1.23. The stock has a market cap of $297.55 billion, a price-to-earnings ratio of 8.54, a P/E/G ratio of 0.74 and a beta of 1.16.
Chevron (NYSE:CVX – Get Rating) last issued its quarterly earnings results on Friday, January 27th. The oil and gas company reported $4.09 EPS for the quarter, missing the consensus estimate of $4.16 by ($0.07). Chevron had a return on equity of 23.52% and a net margin of 14.40%. The business had revenue of $56.47 billion for the quarter, compared to analyst estimates of $53.97 billion. During the same quarter in the prior year, the firm earned $2.56 EPS. The firm's quarterly revenue was up 17.1% compared to the same quarter last year. On average, sell-side analysts forecast that Chevron Co. will post 14.73 earnings per share for the current year.
Chevron Increases Dividend
The firm also recently declared a quarterly dividend, which was paid on Friday, March 10th. Stockholders of record on Thursday, February 16th were given a dividend of $1.51 per share. This is a boost from Chevron's previous quarterly dividend of $1.42. The ex-dividend date was Wednesday, February 15th. This represents a $6.04 annualized dividend and a dividend yield of 3.87%. Chevron's payout ratio is currently 33.04%.
Chevron declared that its Board of Directors has initiated a share buyback plan on Wednesday, January 25th that permits the company to buyback $75.00 billion in shares. This buyback authorization permits the oil and gas company to reacquire up to 21.7% of its stock through open market purchases. Stock buyback plans are typically an indication that the company's board believes its shares are undervalued.
Insider Transactions at Chevron
In other news, VP Rhonda J. Morris sold 19,666 shares of Chevron stock in a transaction that occurred on Tuesday, February 7th. The shares were sold at an average price of $170.00, for a total transaction of $3,343,220.00. Following the completion of the sale, the vice president now owns 3,967 shares in the company, valued at approximately $674,390. The sale was disclosed in a filing with the SEC, which can be accessed through this link. 0.32% of the stock is owned by corporate insiders.
Chevron Profile
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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 the exploration, development, and production of crude oil and natural gas, the liquefaction, transportation, and regasification associated with liquefied natural gas, the transporting of crude oil by major international oil export pipelines, the processing, transporting, storage, and marketing of natural gas, and a gas-to-liquids plant.
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