Tortoise Investment Management LLC Raises Position in Chevron Co. (NYSE:CVX)

Tortoise Investment Management LLC raised its stake in Chevron Co. (NYSE:CVXGet Rating) by 116.3% in the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 4,771 shares of the oil and gas company’s stock after purchasing an additional 2,565 shares during the quarter. Tortoise Investment Management LLC’s holdings in Chevron were worth $685,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Northern Trust Corp increased its position in shares of Chevron by 1.5% during the second quarter. Northern Trust Corp now owns 25,219,717 shares of the oil and gas company’s stock valued at $3,651,311,000 after acquiring an additional 371,458 shares during the last quarter. Charles Schwab Investment Management Inc. increased its position in shares of Chevron by 1.3% during the first quarter. Charles Schwab Investment Management Inc. now owns 14,697,160 shares of the oil and gas company’s stock valued at $2,393,138,000 after acquiring an additional 189,762 shares during the last quarter. Legal & General Group Plc increased its position in shares of Chevron by 16.3% during the second quarter. Legal & General Group Plc now owns 13,569,692 shares of the oil and gas company’s stock valued at $1,964,620,000 after acquiring an additional 1,899,104 shares during the last quarter. FMR LLC increased its position in shares of Chevron by 62.3% during the second quarter. FMR LLC now owns 11,343,585 shares of the oil and gas company’s stock valued at $1,642,325,000 after acquiring an additional 4,354,660 shares during the last quarter. Finally, Swiss National Bank increased its position in shares of Chevron by 1.2% during the second quarter. Swiss National Bank now owns 8,448,232 shares of the oil and gas company’s stock valued at $1,223,135,000 after acquiring an additional 98,900 shares during the last quarter. 69.37% of the stock is owned by hedge funds and other institutional investors.

Chevron Stock Up 0.1 %

CVX opened at $180.83 on Wednesday. The company has a market cap of $349.66 billion, a P/E ratio of 10.29, a P/E/G ratio of 0.81 and a beta of 1.18. The business’s 50-day moving average price is $177.39 and its 200-day moving average price is $166.01. The company has a current ratio of 1.40, a quick ratio of 1.15 and a debt-to-equity ratio of 0.13. Chevron Co. has a 12 month low of $125.27 and a 12 month high of $189.68.

Chevron (NYSE:CVXGet Rating) last released its quarterly earnings data on Friday, October 28th. The oil and gas company reported $5.56 EPS for the quarter, topping the consensus estimate of $5.02 by $0.54. The firm had revenue of $66.64 billion for the quarter, compared to the consensus estimate of $61.44 billion. Chevron had a return on equity of 22.36% and a net margin of 14.36%. The company’s quarterly revenue was up 49.1% on a year-over-year basis. During the same quarter in the previous year, the business earned $2.96 earnings per share. On average, equities analysts expect that Chevron Co. will post 18.91 EPS for the current year.

Analysts Set New Price Targets

A number of analysts recently commented on CVX shares. Cowen increased their price target on Chevron from $160.00 to $185.00 and gave the company an “outperform” rating in a research report on Monday, October 31st. Morgan Stanley increased their price objective on Chevron from $196.00 to $197.00 and gave the company an “equal weight” rating in a report on Tuesday. Mizuho lowered Chevron from a “buy” rating to a “neutral” rating and increased their price objective for the company from $185.00 to $200.00 in a report on Tuesday, January 10th. HSBC increased their price objective on Chevron to $187.00 in a report on Friday, December 2nd. Finally, Barclays increased their price objective on Chevron from $196.00 to $212.00 and gave the company an “overweight” rating in a report on Tuesday, January 3rd. Two equities research analysts have rated the stock with a sell rating, ten have given a hold rating and ten have issued a buy rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus target price of $186.71.

Insider Transactions at Chevron

In other news, VP R. Hewitt Pate sold 32,391 shares of Chevron stock in a transaction dated Thursday, November 3rd. The stock was sold at an average price of $180.00, for a total value of $5,830,380.00. The transaction was disclosed in a filing with the SEC, which is available at this link. In related news, CEO Michael K. Wirth sold 55,380 shares of the firm’s stock in a transaction dated Friday, November 4th. The stock was sold at an average price of $185.09, for a total value of $10,250,284.20. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, VP R. Hewitt Pate sold 32,391 shares of the firm’s stock in a transaction dated Thursday, November 3rd. The stock was sold at an average price of $180.00, for a total value of $5,830,380.00. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 293,563 shares of company stock worth $53,186,421. Company insiders own 0.32% of the company’s stock.

About Chevron

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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.

See Also

Institutional Ownership by Quarter for Chevron (NYSE:CVX)

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