HighTower Advisors LLC Has $387.08 Million Stake in Chevron Corporation (NYSE:CVX)

Key Points

• HighTower Advisors LLC raised its position in Chevron shares by 2.4%, now owning approximately 2.3 million shares worth about $387 million.
• Chevron reported $1.77 earnings per share in its most recent quarterly earnings, surpassing analyst expectations of $1.58, despite a 12.4% revenue decline year-over-year.
• The company announced a quarterly dividend of $1.71, translating to an annualized dividend of $6.84 and a dividend yield of 4.5%.

HighTower Advisors LLC increased its position in shares of Chevron Corporation (NYSE:CVX - Free Report) by 2.4% in the 1st quarter, according to the company in its most recent disclosure with the SEC. The fund owned 2,313,831 shares of the oil and gas company's stock after purchasing an additional 53,241 shares during the quarter. HighTower Advisors LLC owned 0.13% of Chevron worth $387,081,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Harvest Fund Management Co. Ltd raised its holdings in shares of Chevron by 420.7% in the first quarter. Harvest Fund Management Co. Ltd now owns 151 shares of the oil and gas company's stock worth $25,000 after acquiring an additional 122 shares during the last quarter. 10Elms LLP acquired a new position in shares of Chevron in the fourth quarter worth $29,000. Navigoe LLC acquired a new position in shares of Chevron in the fourth quarter worth $33,000. IFS Advisors LLC grew its position in shares of Chevron by 119.6% in the first quarter. IFS Advisors LLC now owns 213 shares of the oil and gas company's stock valued at $36,000 after purchasing an additional 116 shares during the period. Finally, Cloud Capital Management LLC purchased a new stake in shares of Chevron in the first quarter valued at $39,000. 72.42% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently commented on the company. Raymond James Financial reaffirmed an "outperform" rating on shares of Chevron in a research report on Friday, August 1st. Evercore ISI reaffirmed an "outperform" rating and issued a $180.00 price objective on shares of Chevron in a research report on Thursday, July 31st. Wells Fargo & Company reaffirmed an "overweight" rating and issued a $178.00 price objective on shares of Chevron in a research report on Friday, August 1st. Redburn Atlantic reaffirmed a "sell" rating and issued a $124.00 price objective (down previously from $156.00) on shares of Chevron in a research report on Wednesday, April 23rd. Finally, Scotiabank reissued a "sector perform" rating and set a $160.00 price target (up previously from $143.00) on shares of Chevron in a research report on Friday, July 11th. Three analysts have rated the stock with a sell rating, six have assigned a hold rating and eleven have issued a buy rating to the company. According to data from MarketBeat, the stock has a consensus rating of "Hold" and a consensus target price of $164.11.

Chevron Stock Performance

CVX stock traded up $1.36 on Friday, reaching $156.52. The company's stock had a trading volume of 11,613,242 shares, compared to its average volume of 11,908,853. Chevron Corporation has a 52 week low of $132.04 and a 52 week high of $168.96. The company has a market capitalization of $270.46 billion, a P/E ratio of 20.14, a price-to-earnings-growth ratio of 2.33 and a beta of 0.87. The firm has a fifty day moving average of $150.13 and a two-hundred day moving average of $148.59. 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 - Get Free Report) 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, beating analysts' consensus estimates of $1.58 by $0.19. The firm had revenue of $44.82 billion during the quarter, compared to analyst estimates of $44.59 billion. Chevron had a return on equity of 9.90% and a net margin of 7.02%. The firm's quarterly revenue was down 12.4% on a year-over-year basis. During the same period last year, the company posted $2.55 EPS. As a group, analysts predict that Chevron Corporation will post 10.79 EPS for the current fiscal year.

Chevron Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, September 10th. Stockholders of record on Tuesday, August 19th will be paid a dividend of $1.71 per share. The ex-dividend date of this dividend is Tuesday, August 19th. This represents a $6.84 annualized dividend and a dividend yield of 4.4%. Chevron's dividend payout ratio (DPR) is currently 88.03%.

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.