Johnson Investment Counsel Inc. Buys 16,524 Shares of Chevron Corporation (NYSE:CVX)

Johnson Investment Counsel Inc. boosted its stake in Chevron Corporation (NYSE:CVX - Free Report) by 2.1% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 809,506 shares of the oil and gas company's stock after buying an additional 16,524 shares during the quarter. Chevron makes up approximately 1.3% of Johnson Investment Counsel Inc.'s portfolio, making the stock its 13th largest holding. Johnson Investment Counsel Inc.'s holdings in Chevron were worth $135,422,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Norges Bank purchased a new stake in shares of Chevron during the 4th quarter valued at approximately $3,017,750,000. Raymond James Financial Inc. purchased a new stake in shares of Chevron during the 4th quarter valued at approximately $1,036,302,000. GAMMA Investing LLC raised its position in shares of Chevron by 21,191.5% during the 1st quarter. GAMMA Investing LLC now owns 5,408,248 shares of the oil and gas company's stock valued at $904,746,000 after buying an additional 5,382,847 shares during the period. Bank of New York Mellon Corp increased its holdings in Chevron by 17.3% in the 4th quarter. Bank of New York Mellon Corp now owns 16,496,687 shares of the oil and gas company's stock valued at $2,389,380,000 after purchasing an additional 2,432,756 shares during the last quarter. Finally, Amundi increased its holdings in Chevron by 27.7% in the 4th quarter. Amundi now owns 8,806,050 shares of the oil and gas company's stock valued at $1,323,549,000 after purchasing an additional 1,910,262 shares during the last quarter. 72.42% of the stock is owned by hedge funds and other institutional investors.

Chevron Price Performance

Shares of CVX stock traded up $1.17 during trading hours on Friday, reaching $149.36. 23,672,194 shares of the company were exchanged, compared to its average volume of 8,283,483. The stock's fifty day moving average is $139.09 and its two-hundred day moving average is $148.81. Chevron Corporation has a fifty-two week low of $132.04 and a fifty-two week high of $168.96. The company has a market cap of $260.84 billion, a price-to-earnings ratio of 17.07, a P/E/G ratio of 2.60 and a beta of 0.83. The company has a debt-to-equity ratio of 0.17, a current ratio of 1.08 and a quick ratio of 0.82.

Chevron (NYSE:CVX - Get Free Report) last announced its quarterly earnings data on Friday, May 2nd. The oil and gas company reported $2.18 earnings per share for the quarter, beating the consensus estimate of $2.15 by $0.03. Chevron had a net margin of 7.76% and a return on equity of 10.73%. The business had revenue of $47.61 billion for the quarter, compared to analyst estimates of $49.05 billion. During the same period in the prior year, the business posted $2.93 earnings per share. Chevron's revenue was down 2.3% compared to the same quarter last year. Sell-side analysts forecast that Chevron Corporation will post 10.79 earnings per share for the current fiscal year.

Chevron Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, June 10th. Shareholders of record on Monday, May 19th were issued a $1.71 dividend. The ex-dividend date of this dividend was Monday, May 19th. This represents a $6.84 annualized dividend and a yield of 4.58%. Chevron's dividend payout ratio (DPR) is presently 78.17%.

Analysts Set New Price Targets

Several research firms have commented on CVX. Mizuho dropped their price target on shares of Chevron from $188.00 to $186.00 and set an "outperform" rating for the company in a research note on Tuesday, May 13th. UBS Group decreased their price objective on shares of Chevron from $194.00 to $185.00 and set a "buy" rating for the company in a research report on Monday, April 7th. TD Cowen decreased their price objective on shares of Chevron from $155.00 to $150.00 and set a "hold" rating for the company in a research report on Monday, May 5th. Scotiabank cut shares of Chevron from a "sector outperform" rating to a "sector perform" rating and decreased their price objective for the stock from $160.00 to $143.00 in a research report on Friday, April 11th. Finally, HSBC cut shares of Chevron from a "buy" rating to a "hold" rating and reduced their price target for the company from $176.00 to $158.00 in a research report on Tuesday, May 13th. Three investment analysts have rated the stock with a sell rating, eight have assigned a hold rating and eight have issued a buy rating to the company's stock. Based on data from MarketBeat.com, the company has an average rating of "Hold" and a consensus target price of $160.24.

Chevron Company 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.