Rathbones Group PLC Increases Stake in Chevron Corporation $CVX

Rathbones Group PLC raised its stake in Chevron Corporation (NYSE:CVX) by 6.8% in the second quarter, HoldingsChannel reports. The fund owned 746,922 shares of the oil and gas company’s stock after purchasing an additional 47,382 shares during the period. Rathbones Group PLC’s holdings in Chevron were worth $106,952,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors have also made changes to their positions in the company. Harvest Fund Management Co. Ltd boosted its holdings in Chevron by 420.7% during the first quarter. Harvest Fund Management Co. Ltd now owns 151 shares of the oil and gas company’s stock worth $25,000 after buying an additional 122 shares in the last quarter. Elequin Capital LP purchased a new position in Chevron in the first quarter valued at $31,000. Quaker Wealth Management LLC raised its position in shares of Chevron by 197.7% in the second quarter. Quaker Wealth Management LLC now owns 217 shares of the oil and gas company’s stock worth $31,000 after acquiring an additional 439 shares during the period. IMG Wealth Management Inc. boosted its stake in shares of Chevron by 52.3% during the 2nd quarter. IMG Wealth Management Inc. now owns 265 shares of the oil and gas company’s stock worth $38,000 after acquiring an additional 91 shares in the last quarter. Finally, Investment Management Corp VA ADV boosted its stake in shares of Chevron by 171.3% during the 1st quarter. Investment Management Corp VA ADV now owns 236 shares of the oil and gas company’s stock worth $39,000 after acquiring an additional 149 shares in the last quarter. Institutional investors and hedge funds own 72.42% of the company’s stock.

Chevron Price Performance

Shares of Chevron stock opened at $155.10 on Friday. The stock has a market capitalization of $268.01 billion, a P/E ratio of 19.96, a PEG ratio of 4.40 and a beta of 0.83. The business has a 50 day simple moving average of $155.55 and a two-hundred day simple moving average of $149.71. Chevron Corporation has a 12 month low of $132.04 and a 12 month high of $168.96. The company has a debt-to-equity ratio of 0.16, a current ratio of 1.00 and a quick ratio of 0.74.

Chevron (NYSE:CVX) last issued its quarterly earnings results on Friday, October 31st. The oil and gas company reported $1.85 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.71 by $0.14. Chevron had a return on equity of 9.90% and a net margin of 7.02%.The firm had revenue of $48.17 billion for the quarter, compared to analyst estimates of $46.99 billion. During the same period in the previous year, the company posted $2.48 earnings per share. The business’s revenue was down 1.9% on a year-over-year basis. As a group, analysts predict that Chevron Corporation will post 10.79 EPS for the current fiscal year.

Chevron Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, December 10th. Stockholders of record on Tuesday, November 18th will be issued a dividend of $1.71 per share. The ex-dividend date of this dividend is Tuesday, November 18th. This represents a $6.84 dividend on an annualized basis and a dividend yield of 4.4%. Chevron’s dividend payout ratio is presently 96.20%.

Wall Street Analysts Forecast Growth

Several equities analysts recently weighed in on the company. Wall Street Zen upgraded Chevron from a “sell” rating to a “hold” rating in a research note on Saturday. Bank of America raised their price objective on Chevron from $170.00 to $185.00 and gave the company a “buy” rating in a report on Wednesday, September 10th. Weiss Ratings restated a “hold (c)” rating on shares of Chevron in a research report on Wednesday, October 8th. Wells Fargo & Company began coverage on Chevron in a research note on Friday, October 17th. They set an “overweight” rating and a $190.00 target price for the company. Finally, Melius Research began coverage on Chevron in a research report on Wednesday, August 20th. They set a “hold” rating and a $155.00 target price on the stock. One equities research analyst has rated the stock with a Strong Buy rating, ten have issued a Buy rating, nine have given a Hold rating and three have given a Sell rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus target price of $165.40.

Insider Transactions at Chevron

In other news, Director John B. Hess sold 375,000 shares of the firm’s stock in a transaction dated Friday, August 22nd. The shares were sold at an average price of $158.30, for a total value of $59,362,500.00. Following the transaction, the director directly owned 1,403,045 shares of the company’s stock, valued at approximately $222,102,023.50. This trade represents a 21.09% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, VP Alana K. Knowles sold 3,978 shares of the business’s stock in a transaction dated Friday, August 29th. The stock was sold at an average price of $160.00, for a total transaction of $636,480.00. Following the transaction, the vice president owned 1,181 shares in the company, valued at $188,960. The trade was a 77.11% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. 0.21% of the stock is owned by corporate insiders.

Chevron Profile

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.