Bridges Investment Management Inc. Acquires 441 Shares of Chevron Corporation $CVX

Bridges Investment Management Inc. raised its position in shares of Chevron Corporation (NYSE:CVX) by 0.3% in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 148,448 shares of the oil and gas company’s stock after buying an additional 441 shares during the quarter. Bridges Investment Management Inc.’s holdings in Chevron were worth $21,256,000 as of its most recent SEC filing.

Several other institutional investors have also added to or reduced their stakes in CVX. GAMMA Investing LLC grew its holdings in Chevron by 27.3% during the 1st quarter. GAMMA Investing LLC now owns 32,329 shares of the oil and gas company’s stock valued at $5,408,000 after buying an additional 6,928 shares in the last quarter. Wealth Enhancement Advisory Services LLC grew its holdings in Chevron by 10.1% during the 1st quarter. Wealth Enhancement Advisory Services LLC now owns 1,133,752 shares of the oil and gas company’s stock valued at $189,666,000 after buying an additional 104,103 shares in the last quarter. AA Financial Advisors LLC purchased a new position in Chevron during the 1st quarter valued at approximately $245,000. Chicago Capital LLC grew its holdings in Chevron by 42.1% during the 1st quarter. Chicago Capital LLC now owns 10,995 shares of the oil and gas company’s stock valued at $1,839,000 after buying an additional 3,260 shares in the last quarter. Finally, Optivise Advisory Services LLC boosted its holdings in shares of Chevron by 10.8% in the 1st quarter. Optivise Advisory Services LLC now owns 1,641 shares of the oil and gas company’s stock worth $274,000 after purchasing an additional 160 shares during the period. Hedge funds and other institutional investors own 72.42% of the company’s stock.

Chevron Price Performance

Shares of CVX stock opened at $151.99 on Thursday. Chevron Corporation has a 52-week low of $132.04 and a 52-week high of $168.96. The company has a debt-to-equity ratio of 0.16, a quick ratio of 0.74 and a current ratio of 1.00. The firm has a market capitalization of $262.63 billion, a P/E ratio of 19.56, a P/E/G ratio of 1.99 and a beta of 0.84. The stock has a 50 day moving average price of $156.10 and a 200 day moving average price of $148.36.

Chevron (NYSE:CVX) last issued its quarterly earnings results on Friday, August 1st. The oil and gas company reported $1.77 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.58 by $0.19. Chevron had a return on equity of 9.90% and a net margin of 7.02%.The firm had revenue of $44.82 billion during the quarter, compared to analyst estimates of $44.59 billion. During the same period last year, the company earned $2.55 EPS. Chevron’s quarterly revenue was down 12.4% compared to the same quarter last year. As a group, sell-side analysts predict that Chevron Corporation will post 10.79 earnings per share for the current year.

Chevron Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Wednesday, September 10th. Investors of record on Tuesday, August 19th were paid 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 (DPR) is currently 88.03%.

Analysts Set New Price Targets

A number of equities analysts have recently commented on CVX shares. Morgan Stanley started coverage on Chevron in a report on Monday, August 4th. They issued an “overweight” rating and a $174.00 target price for the company. Raymond James Financial reiterated an “outperform” rating on shares of Chevron in a report on Friday, August 1st. TD Cowen lifted their target price on Chevron from $150.00 to $155.00 and gave the stock a “hold” rating in a report on Monday, August 4th. Weiss Ratings reiterated a “hold (c)” rating on shares of Chevron in a report on Wednesday, October 8th. Finally, Scotiabank lifted their target price on Chevron from $160.00 to $165.00 and gave the stock a “sector perform” rating in a report on Thursday, October 9th. Eleven equities research analysts have rated the stock with a Buy rating, nine have issued a Hold rating and three have given a Sell rating to the company. According to MarketBeat, the stock presently has an average rating of “Hold” and an average target price of $165.40.

Insiders Place Their Bets

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

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.