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Convergence Investment Partners LLC Purchases 6,684 Shares of Chevron Corporation (NYSE:CVX)

Chevron logo with Energy background

Convergence Investment Partners LLC boosted its holdings in shares of Chevron Corporation (NYSE:CVX - Free Report) by 37.5% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 24,496 shares of the oil and gas company's stock after buying an additional 6,684 shares during the quarter. Chevron comprises 1.1% of Convergence Investment Partners LLC's portfolio, making the stock its 18th biggest holding. Convergence Investment Partners LLC's holdings in Chevron were worth $4,098,000 as of its most recent SEC filing.

Other hedge funds have also recently bought and sold shares of the company. Geode Capital Management LLC grew its position in shares of Chevron by 1.1% in the fourth quarter. Geode Capital Management LLC now owns 36,269,270 shares of the oil and gas company's stock valued at $5,247,142,000 after purchasing an additional 392,916 shares during the last quarter. Norges Bank acquired a new stake in shares of Chevron in the fourth quarter valued at about $3,017,750,000. Northern Trust Corp grew its position in shares of Chevron by 7.3% in the fourth quarter. Northern Trust Corp now owns 20,471,800 shares of the oil and gas company's stock valued at $2,965,135,000 after purchasing an additional 1,394,091 shares during the last quarter. Franklin Resources Inc. grew its position in shares of Chevron by 0.5% in the fourth quarter. Franklin Resources Inc. now owns 17,280,105 shares of the oil and gas company's stock valued at $2,502,850,000 after purchasing an additional 79,917 shares during the last quarter. Finally, Ameriprise Financial Inc. lifted its stake in shares of Chevron by 1.3% in the fourth quarter. Ameriprise Financial Inc. now owns 16,718,838 shares of the oil and gas company's stock valued at $2,421,564,000 after buying an additional 211,023 shares during the period. 72.42% of the stock is owned by institutional investors and hedge funds.

Chevron Stock Down 0.6%

NYSE:CVX traded down $1.00 on Friday, hitting $154.84. 7,872,671 shares of the company's stock were exchanged, compared to its average volume of 12,051,790. The firm has a 50-day moving average price of $145.12 and a 200-day moving average price of $148.83. 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 Corporation has a 52 week low of $132.04 and a 52 week high of $168.96. The company has a market cap of $270.40 billion, a P/E ratio of 17.70, a price-to-earnings-growth ratio of 2.46 and a beta of 0.83.

Chevron (NYSE:CVX - Get Free Report) last announced its quarterly earnings results 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. 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 quarter in the prior year, the business earned $2.93 EPS. Chevron's quarterly revenue was down 2.3% on a year-over-year basis. As a group, analysts expect that Chevron Corporation will post 10.79 EPS for the current fiscal year.

Chevron Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Tuesday, June 10th. Investors of record on Monday, May 19th were given a dividend of $1.71 per share. The ex-dividend date was Monday, May 19th. This represents a $6.84 annualized dividend and a dividend yield of 4.42%. Chevron's dividend payout ratio is 78.17%.

Analyst Ratings Changes

Several research firms recently weighed in on CVX. Redburn Atlantic reiterated a "sell" rating and issued a $124.00 target price (down previously from $156.00) on shares of Chevron in a research note on Wednesday, April 23rd. Hsbc Global Res cut shares of Chevron from a "strong-buy" rating to a "hold" rating in a research note on Tuesday, May 13th. Jefferies Financial Group reiterated a "buy" rating on shares of Chevron in a research note on Friday, July 18th. Mizuho reduced their target price 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. Finally, Barclays restated an "equal weight" rating on shares of Chevron in a research note on Tuesday, July 15th. Three equities research analysts have rated the stock with a sell rating, six have assigned a hold rating and nine have given a buy rating to the stock. According to data from MarketBeat.com, the stock has an average rating of "Hold" and an average price target of $162.13.

View Our Latest Report on Chevron

Chevron Company Profile

(Free Report)

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.

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Institutional Ownership by Quarter for Chevron (NYSE:CVX)

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