Oppenheimer Asset Management Inc. Grows Stock Position in Chevron Co. (NYSE:CVX)

Oppenheimer Asset Management Inc. boosted its stake in Chevron Co. (NYSE:CVX) by 10.4% in the 3rd quarter, Holdings Channel reports. The firm owned 697,848 shares of the oil and gas company’s stock after acquiring an additional 65,670 shares during the quarter. Chevron accounts for approximately 1.2% of Oppenheimer Asset Management Inc.’s portfolio, making the stock its 9th largest position. Oppenheimer Asset Management Inc.’s holdings in Chevron were worth $102,772,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds have also added to or reduced their stakes in the company. Angeles Investment Advisors LLC increased its holdings in shares of Chevron by 1.2% in the third quarter. Angeles Investment Advisors LLC now owns 6,851 shares of the oil and gas company’s stock worth $1,009,000 after purchasing an additional 82 shares during the period. OLD Second National Bank of Aurora increased its stake in Chevron by 79.0% in the 3rd quarter. OLD Second National Bank of Aurora now owns 18,292 shares of the oil and gas company’s stock worth $2,694,000 after acquiring an additional 8,074 shares during the last quarter. Pinnacle Financial Partners Inc raised its holdings in shares of Chevron by 0.5% in the 3rd quarter. Pinnacle Financial Partners Inc now owns 205,331 shares of the oil and gas company’s stock valued at $30,239,000 after acquiring an additional 1,057 shares in the last quarter. Mengis Capital Management Inc. boosted its position in shares of Chevron by 3.9% during the 3rd quarter. Mengis Capital Management Inc. now owns 100,442 shares of the oil and gas company’s stock valued at $14,792,000 after acquiring an additional 3,795 shares during the last quarter. Finally, Rossmore Private Capital grew its holdings in shares of Chevron by 0.5% during the third quarter. Rossmore Private Capital now owns 251,132 shares of the oil and gas company’s stock worth $36,984,000 after purchasing an additional 1,219 shares in the last quarter. Hedge funds and other institutional investors own 72.42% of the company’s stock.

Analysts Set New Price Targets

A number of brokerages recently weighed in on CVX. Bank of America started coverage on shares of Chevron in a research note on Thursday, October 17th. They issued a “buy” rating and a $168.00 target price on the stock. Mizuho decreased their price objective on Chevron from $205.00 to $189.00 and set an “outperform” rating on the stock in a report on Monday, September 16th. Scotiabank cut their target price on Chevron from $180.00 to $163.00 and set a “sector outperform” rating for the company in a research note on Thursday, October 10th. Wolfe Research began coverage on shares of Chevron in a research note on Thursday, July 18th. They set a “peer perform” rating on the stock. Finally, Royal Bank of Canada increased their target price on shares of Chevron from $170.00 to $175.00 and gave the company an “outperform” rating in a report on Monday, November 4th. Four analysts have rated the stock with a hold rating and thirteen have given a buy rating to the stock. According to data from MarketBeat, Chevron currently has a consensus rating of “Moderate Buy” and a consensus target price of $174.93.

Chevron Trading Up 0.0 %

Shares of CVX traded up $0.01 during mid-day trading on Wednesday, hitting $155.30. 767,542 shares of the company’s stock traded hands, compared to its average volume of 7,624,033. The business’s 50-day moving average price is $148.18 and its 200-day moving average price is $152.61. Chevron Co. has a 1 year low of $135.37 and a 1 year high of $167.11. The firm has a market capitalization of $279.09 billion, a P/E ratio of 17.07, a PEG ratio of 3.50 and a beta of 1.09. The company has a quick ratio of 0.80, a current ratio of 1.07 and a debt-to-equity ratio of 0.13.

Chevron (NYSE:CVX) last issued its quarterly earnings data on Friday, November 1st. The oil and gas company reported $2.51 EPS for the quarter, topping the consensus estimate of $2.47 by $0.04. The business had revenue of $50.67 billion during the quarter, compared to analyst estimates of $48.86 billion. Chevron had a net margin of 8.44% and a return on equity of 13.15%. The company’s revenue for the quarter was down 6.3% on a year-over-year basis. During the same period in the prior year, the business earned $3.05 EPS. As a group, sell-side analysts forecast that Chevron Co. will post 10.59 EPS for the current fiscal year.

Chevron Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 10th. Shareholders of record on Monday, November 18th will be given a dividend of $1.63 per share. The ex-dividend date is Monday, November 18th. This represents a $6.52 annualized dividend and a yield of 4.20%. Chevron’s payout ratio is 71.65%.

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.