Cidel Asset Management Inc. Raises Stake in Chevron Corporation $CVX

Cidel Asset Management Inc. lifted its holdings in shares of Chevron Corporation (NYSE:CVX) by 6.1% during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 25,796 shares of the oil and gas company’s stock after acquiring an additional 1,494 shares during the quarter. Cidel Asset Management Inc.’s holdings in Chevron were worth $3,694,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors have also recently added to or reduced their stakes in the business. GAMMA Investing LLC grew its position in Chevron by 27.3% in the first quarter. GAMMA Investing LLC now owns 32,329 shares of the oil and gas company’s stock valued at $5,408,000 after acquiring an additional 6,928 shares in the last quarter. Segment Wealth Management LLC boosted its stake in shares of Chevron by 2.2% in the first quarter. Segment Wealth Management LLC now owns 29,245 shares of the oil and gas company’s stock valued at $4,892,000 after purchasing an additional 634 shares during the period. Advisor Resource Council acquired a new stake in Chevron during the 1st quarter valued at $2,844,000. Congress Park Capital LLC grew its holdings in Chevron by 15.3% during the 1st quarter. Congress Park Capital LLC now owns 3,626 shares of the oil and gas company’s stock valued at $607,000 after purchasing an additional 481 shares in the last quarter. Finally, Davies Financial Advisors Inc. purchased a new stake in Chevron during the 1st quarter worth $296,000. 72.42% of the stock is owned by hedge funds and other institutional investors.

Insider Transactions at Chevron

In other news, VP Alana K. Knowles sold 3,978 shares of Chevron stock in a transaction dated Friday, August 29th. The shares were sold at an average price of $160.00, for a total value of $636,480.00. Following the completion of the transaction, the vice president directly owned 1,181 shares of the company’s stock, valued at approximately $188,960. The trade was a 77.11% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, Director John B. Hess sold 375,000 shares of the business’s stock in a transaction dated Friday, August 22nd. The shares were sold at an average price of $158.30, for a total transaction of $59,362,500.00. Following the sale, the director directly owned 1,403,045 shares of the company’s stock, valued at approximately $222,102,023.50. This represents a 21.09% decrease in their position. The disclosure for this sale can be found here. Company insiders own 0.21% of the company’s stock.

Analysts Set New Price Targets

A number of equities analysts have weighed in on the stock. Scotiabank upped their price objective on shares of Chevron from $160.00 to $165.00 and gave the company a “sector perform” rating in a research report on Thursday, October 9th. UBS Group boosted their price target on Chevron from $186.00 to $197.00 and gave the stock a “buy” rating in a research note on Wednesday, August 20th. Melius Research initiated coverage on Chevron in a research note on Wednesday, August 20th. They set a “hold” rating and a $155.00 price objective for the company. Melius began coverage on Chevron in a report on Wednesday, August 20th. They set a “hold” rating and a $155.00 price objective on the stock. Finally, Jefferies Financial Group reiterated a “buy” rating on shares of Chevron in a research note on Friday, July 18th. Eleven investment analysts have rated the stock with a Buy rating, nine have given a Hold rating and three have assigned a Sell rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and an average target price of $165.25.

Chevron Trading Up 0.9%

Shares of NYSE CVX opened at $153.12 on Friday. The stock has a market capitalization of $264.58 billion, a P/E ratio of 19.71, a PEG ratio of 2.01 and a beta of 0.84. The stock’s 50 day moving average price is $156.03 and its two-hundred day moving average price is $148.02. The company has a quick ratio of 0.74, a current ratio of 1.00 and a debt-to-equity ratio of 0.16. Chevron Corporation has a 52-week low of $132.04 and a 52-week high of $168.96.

Chevron (NYSE:CVX) last issued its quarterly earnings results on Friday, August 1st. The oil and gas company reported $1.77 earnings per share for the quarter, beating analysts’ consensus estimates of $1.58 by $0.19. The business had revenue of $44.82 billion during the quarter, compared to the consensus estimate of $44.59 billion. Chevron had a return on equity of 9.90% and a net margin of 7.02%.The business’s quarterly revenue was down 12.4% on a year-over-year basis. During the same period in the previous year, the business earned $2.55 EPS. On average, analysts anticipate that Chevron Corporation will post 10.79 earnings per share for the current fiscal year.

Chevron Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Wednesday, September 10th. Shareholders of record on Tuesday, August 19th were issued 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, August 19th. Chevron’s dividend payout ratio is 88.03%.

About Chevron

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.