Fayez Sarofim & Co boosted its holdings in Chevron Corporation (NYSE:CVX - Free Report) by 2.4% during the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 6,316,069 shares of the oil and gas company's stock after acquiring an additional 148,302 shares during the quarter. Chevron accounts for about 2.5% of Fayez Sarofim & Co's investment portfolio, making the stock its 13th biggest position. Fayez Sarofim & Co owned about 0.32% of Chevron worth $1,046,952,000 as of its most recent SEC filing.
Several other hedge funds have also recently added to or reduced their stakes in CVX. BlackRock Inc. acquired a new stake in Chevron during the second quarter valued at approximately $25,663,729,000. Norges Bank acquired a new position in shares of Chevron in the 4th quarter worth approximately $3,727,586,000. Bank of New York Mellon Corp acquired a new position in shares of Chevron in the 2nd quarter worth approximately $2,378,114,000. State Street Corp lifted its position in shares of Chevron by 9.1% during the 3rd quarter. State Street Corp now owns 152,605,988 shares of the oil and gas company's stock worth $23,698,184,000 after buying an additional 12,789,399 shares during the period. Finally, Legal & General Group Plc bought a new position in shares of Chevron during the 2nd quarter worth approximately $1,462,412,000. Institutional investors and hedge funds own 72.42% of the company's stock.
Insider Transactions at Chevron
In other news, insider R. Hewitt Pate sold 2,470 shares of the company's stock in a transaction on Tuesday, August 18th. The stock was sold at an average price of $205.11, for a total transaction of $506,621.70. Following the transaction, the insider owned 10,794 shares of the company's stock, valued at $2,213,957.34. This represents a 18.62% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, insider Andrew Benjamin Walz sold 16,800 shares of the firm's stock in a transaction dated Monday, August 17th. The shares were sold at an average price of $201.06, for a total value of $3,377,808.00. Following the completion of the transaction, the insider owned 14 shares in the company, valued at approximately $2,814.84. This represents a 99.92% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last ninety days, insiders have sold 1,152,582 shares of company stock worth $225,853,661. Insiders own 0.56% of the company's stock.
Analyst Ratings Changes
A number of brokerages have weighed in on CVX. Royal Bank Of Canada reiterated an "outperform" rating and issued a $220.00 price target on shares of Chevron in a research report on Tuesday, May 5th. Wall Street Zen raised Chevron from a "hold" rating to a "buy" rating in a report on Saturday, August 8th. Bank of America boosted their target price on shares of Chevron from $210.00 to $227.00 and gave the company a "buy" rating in a research note on Tuesday, July 28th. Jefferies Financial Group reaffirmed a "buy" rating and issued a $216.00 target price on shares of Chevron in a report on Friday, July 10th. Finally, Wolfe Research upgraded shares of Chevron from a "peer perform" rating to an "outperform" rating and set a $210.00 target price for the company in a research report on Thursday, July 2nd. Twenty analysts have rated the stock with a Buy rating, five have given a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $207.48.
Read Our Latest Stock Analysis on CVX
Chevron Price Performance
CVX opened at $200.26 on Thursday. The company has a debt-to-equity ratio of 0.19, a current ratio of 1.25 and a quick ratio of 0.98. The stock has a market capitalization of $395.67 billion, a P/E ratio of 19.20, a price-to-earnings-growth ratio of 0.60 and a beta of 0.49. The company's 50 day simple moving average is $186.34 and its 200-day simple moving average is $188.63. Chevron Corporation has a one year low of $146.49 and a one year high of $214.71.
Chevron (NYSE:CVX - Get Free Report) last posted its quarterly earnings data on Friday, July 31st. The oil and gas company reported $6.06 earnings per share for the quarter, topping the consensus estimate of $5.55 by $0.51. Chevron had a net margin of 9.57% and a return on equity of 11.09%. The firm had revenue of $67.20 billion during the quarter, compared to analysts' expectations of $62.72 billion. During the same quarter in the previous year, the company posted $1.77 EPS. Chevron's revenue was up 57.4% on a year-over-year basis. Sell-side analysts anticipate that Chevron Corporation will post 16.17 earnings per share for the current fiscal year.
Chevron Announces Dividend
The company also recently announced a quarterly dividend, which will be paid on Thursday, September 10th. Stockholders of record on Wednesday, August 19th will be given a dividend of $1.78 per share. The ex-dividend date is Wednesday, August 19th. This represents a $7.12 dividend on an annualized basis and a dividend yield of 3.6%. Chevron's payout ratio is presently 68.26%.
Chevron Company Profile
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Free Report)
Chevron Corporation NYSE: CVX is an American multinational energy company engaged in virtually all aspects of the oil and gas industry. As an integrated energy firm, Chevron's core activities include upstream oil and natural gas exploration and production, midstream transportation and storage, downstream refining and marketing of fuels and lubricants, and petrochemical manufacturing through joint ventures and subsidiaries. The company markets fuels under brands such as Chevron, Texaco and Caltex and supplies a range of products and services to retail customers, industrial users and commercial fleets worldwide.
Chevron traces its corporate lineage to the early petroleum companies that eventually became Standard Oil of California and has evolved through significant mergers and restructurings, including the acquisitions of Gulf Oil and Texaco.
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