Elefante Mark B Purchases 3,635 Shares of Chevron Corporation (NYSE:CVX)

Key Points

• Elefante Mark B increased its stake in Chevron Corporation by 23.1%, now holding shares valued at $3.24 million.
• A variety of institutional investors have recently adjusted their stakes in Chevron, with hedge funds now owning 72.42% of the company's stock.
• Chevron declared a quarterly dividend of $1.71 per share, representing an annualized dividend yield of 4.42%.

Elefante Mark B raised its holdings in Chevron Corporation (NYSE:CVX - Free Report) by 23.1% in the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 19,383 shares of the oil and gas company's stock after acquiring an additional 3,635 shares during the quarter. Chevron comprises approximately 2.6% of Elefante Mark B's holdings, making the stock its 18th largest position. Elefante Mark B's holdings in Chevron were worth $3,243,000 at the end of the most recent quarter.

A number of other institutional investors have also recently added to or reduced their stakes in CVX. Geode Capital Management LLC lifted its stake 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 worth $5,247,142,000 after buying an additional 392,916 shares during the last quarter. Norges Bank acquired a new stake in shares of Chevron in the fourth quarter worth $3,017,750,000. Northern Trust Corp lifted its stake 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 worth $2,965,135,000 after buying an additional 1,394,091 shares during the last quarter. Franklin Resources Inc. lifted its stake 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 worth $2,502,850,000 after buying 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 worth $2,421,564,000 after buying an additional 211,023 shares during the last quarter. 72.42% of the stock is currently owned by institutional investors and hedge funds.

Chevron Trading Up 0.9%

Chevron stock traded up $1.45 during trading hours on Monday, reaching $156.29. 3,649,852 shares of the company's stock traded hands, compared to its average volume of 9,469,922. The company has a debt-to-equity ratio of 0.17, a quick ratio of 0.82 and a current ratio of 1.08. Chevron Corporation has a fifty-two week low of $132.04 and a fifty-two week high of $168.96. The firm has a market capitalization of $272.93 billion, a price-to-earnings ratio of 17.85, a PEG ratio of 2.44 and a beta of 0.83. The firm's 50 day moving average is $145.12 and its 200-day moving average is $148.82.

Chevron (NYSE:CVX - Get Free Report) last released its earnings results on Friday, May 2nd. The oil and gas company reported $2.18 earnings per share (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 company had revenue of $47.61 billion for the quarter, compared to the consensus estimate of $49.05 billion. During the same period in the prior year, the company posted $2.93 EPS. The company's revenue was down 2.3% compared to the same quarter last year. On average, analysts predict that Chevron Corporation will post 10.79 earnings per share for the current 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 $1.71 dividend. The ex-dividend date of this dividend was Monday, May 19th. This represents a $6.84 dividend on an annualized basis and a dividend yield of 4.38%. Chevron's dividend payout ratio is 78.17%.

Wall Street Analysts Forecast Growth

CVX has been the subject of a number of analyst reports. Redburn Atlantic restated a "sell" rating and issued a $124.00 price objective (down from $156.00) on shares of Chevron in a research note on Wednesday, April 23rd. Mizuho dropped their target price on shares of Chevron from $188.00 to $186.00 and set an "outperform" rating on the stock in a research report on Tuesday, May 13th. TD Cowen dropped their target price on shares of Chevron from $155.00 to $150.00 and set a "hold" rating on the stock in a research report on Monday, May 5th. BNP Paribas lowered shares of Chevron to a "cautious" rating in a research report on Tuesday, April 15th. Finally, DZ Bank lowered shares of Chevron from a "buy" rating to a "sell" rating and set a $130.00 price target on the stock. in a report on Tuesday, May 6th. Three investment analysts have rated the stock with a sell rating, six have given a hold rating and nine have given a buy rating to the company's stock. According to MarketBeat.com, the company has a consensus rating of "Hold" and a consensus target price of $162.13.

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.