Drummond Knight Asset Management Pty Ltd Purchases Shares of 100,000 Chevron Co. (NYSE:CVX)

Drummond Knight Asset Management Pty Ltd acquired a new position in Chevron Co. (NYSE:CVX - Free Report) in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor acquired 100,000 shares of the oil and gas company's stock, valued at approximately $14,484,000. Chevron makes up 10.5% of Drummond Knight Asset Management Pty Ltd's investment portfolio, making the stock its 4th biggest position.

Several other institutional investors and hedge funds have also recently modified their holdings of the stock. Allianz SE bought a new stake in shares of Chevron during the 4th quarter valued at $9,369,000. Nicholas Company Inc. lifted its position in Chevron by 4.3% during the 4th quarter. Nicholas Company Inc. now owns 80,025 shares of the oil and gas company's stock valued at $11,591,000 after acquiring an additional 3,280 shares during the period. Applied Finance Capital Management LLC grew its holdings in Chevron by 1.6% in the fourth quarter. Applied Finance Capital Management LLC now owns 179,815 shares of the oil and gas company's stock worth $26,044,000 after purchasing an additional 2,755 shares during the period. Cerity Partners LLC increased its stake in shares of Chevron by 4.5% during the fourth quarter. Cerity Partners LLC now owns 1,205,747 shares of the oil and gas company's stock valued at $174,817,000 after purchasing an additional 52,307 shares in the last quarter. Finally, Dale Q Rice Investment Management Ltd purchased a new position in shares of Chevron during the fourth quarter valued at approximately $594,000. 72.42% of the stock is owned by hedge funds and other institutional investors.

Chevron Stock Performance

CVX traded up $1.48 during mid-day trading on Friday, reaching $138.52. 5,964,253 shares of the company traded hands, compared to its average volume of 7,993,213. The company's fifty day moving average price is $147.91 and its 200-day moving average price is $152.05. The stock has a market capitalization of $243.88 billion, a P/E ratio of 14.25, a P/E/G ratio of 1.46 and a beta of 0.83. 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 Co. has a 52-week low of $132.04 and a 52-week high of $168.96.

Chevron (NYSE:CVX - Get Free Report) last posted its quarterly earnings data on Friday, May 2nd. The oil and gas company reported $2.18 EPS for the quarter, beating analysts' consensus estimates of $2.15 by $0.03. The company had revenue of $47.61 billion during the quarter, compared to analysts' expectations of $49.05 billion. Chevron had a return on equity of 11.44% and a net margin of 8.71%. Chevron's revenue for the quarter was down 2.3% compared to the same quarter last year. During the same quarter in the prior year, the business earned $2.93 earnings per share. On average, sell-side analysts expect that Chevron Co. will post 10.79 EPS for the current year.

Chevron Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, June 10th. Investors of record on Monday, May 19th will be given a dividend of $1.71 per share. The ex-dividend date of this dividend is Monday, May 19th. This represents a $6.84 annualized dividend and a yield of 4.94%. Chevron's dividend payout ratio (DPR) is 78.17%.

Analyst Upgrades and Downgrades

Several analysts recently weighed in on CVX shares. Barclays downgraded Chevron from an "overweight" rating to an "equal weight" rating and cut their price target for the stock from $171.00 to $152.00 in a research note on Wednesday, April 23rd. Royal Bank of Canada reissued an "outperform" rating and issued a $175.00 target price on shares of Chevron in a research note on Monday, February 3rd. Raymond James reduced their price target on Chevron from $180.00 to $175.00 and set an "outperform" rating for the company in a report on Monday, February 3rd. Redburn Atlantic reiterated a "sell" rating and issued a $124.00 price target (down previously from $156.00) on shares of Chevron in a research note on Wednesday, April 23rd. Finally, BNP Paribas lowered shares of Chevron to a "cautious" rating in a research note on Tuesday, April 15th. Three research analysts have rated the stock with a sell rating, six have assigned a hold rating and eight have given a buy rating to the stock. Based on data from MarketBeat, Chevron presently has a consensus rating of "Hold" and an average price target of $161.25.

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.