Scotia Capital Inc. Buys 4,139 Shares of Chevron Corporation (NYSE:CVX)

Key Points

• Scotia Capital Inc. increased its stake in Chevron Corporation by 7.4%, owning 59,700 shares valued at approximately $9.99 million after acquiring 4,139 additional shares in Q1.
• Various hedge funds have also increased their holdings in Chevron, with some reporting significant percentage increases, such as Liberty Wealth Management, which grew its stake by 845.1%.
• Chevron's analysts have mixed ratings, with three analysts rating the stock as a sell, while ten have given it a buy rating, resulting in an average rating of "Hold" and a consensus price target of $163.18.

Scotia Capital Inc. grew its stake in Chevron Corporation (NYSE:CVX - Free Report) by 7.4% during the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 59,700 shares of the oil and gas company's stock after purchasing an additional 4,139 shares during the quarter. Scotia Capital Inc.'s holdings in Chevron were worth $9,987,000 at the end of the most recent reporting period.

A number of other hedge funds have also bought and sold shares of the business. Cheviot Value Management LLC lifted its holdings in Chevron by 1.4% during the first quarter. Cheviot Value Management LLC now owns 78,908 shares of the oil and gas company's stock worth $13,201,000 after acquiring an additional 1,122 shares during the period. Liberty Wealth Management LLC lifted its holdings in Chevron by 845.1% during the first quarter. Liberty Wealth Management LLC now owns 211,004 shares of the oil and gas company's stock worth $35,299,000 after acquiring an additional 188,678 shares during the period. SCP Investment LP lifted its holdings in Chevron by 314.3% during the first quarter. SCP Investment LP now owns 11,600 shares of the oil and gas company's stock worth $1,941,000 after acquiring an additional 8,800 shares during the period. Malaga Cove Capital LLC lifted its holdings in Chevron by 6.1% during the first quarter. Malaga Cove Capital LLC now owns 4,691 shares of the oil and gas company's stock worth $785,000 after acquiring an additional 271 shares during the period. Finally, Aviso Wealth Management lifted its holdings in Chevron by 11.3% during the first quarter. Aviso Wealth Management now owns 15,435 shares of the oil and gas company's stock worth $2,582,000 after acquiring an additional 1,561 shares during the period. 72.42% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

A number of brokerages recently commented on CVX. Redburn Atlantic reiterated a "sell" rating and set a $124.00 price target (down from $156.00) on shares of Chevron in a report on Wednesday, April 23rd. Raymond James Financial reiterated an "outperform" rating on shares of Chevron in a report on Friday. UBS Group dropped their price target on Chevron from $194.00 to $185.00 and set a "buy" rating on the stock in a report on Monday, April 7th. Barclays reiterated an "equal weight" rating on shares of Chevron in a report on Tuesday, July 15th. Finally, TD Cowen decreased their target price on Chevron from $155.00 to $150.00 and set a "hold" rating for the company in a research report on Monday, May 5th. Three research analysts have rated the stock with a sell rating, six have assigned a hold rating and ten have assigned a buy rating to the company. According to data from MarketBeat, the company presently has an average rating of "Hold" and a consensus price target of $163.18.

Chevron Price Performance

Shares of NYSE CVX opened at $151.33 on Monday. The stock has a market cap of $264.28 billion, a PE ratio of 19.48, a price-to-earnings-growth ratio of 2.31 and a beta of 0.87. Chevron Corporation has a fifty-two week low of $132.04 and a fifty-two week high of $168.96. The company has a debt-to-equity ratio of 0.17, a quick ratio of 0.82 and a current ratio of 1.08. The stock has a fifty day moving average of $146.86 and a 200-day moving average of $148.73.

Chevron (NYSE:CVX - Get Free Report) last announced its quarterly earnings results on Friday, August 1st. The oil and gas company reported $1.77 earnings per share for the quarter, beating the consensus estimate of $1.58 by $0.19. The company had revenue of $44.82 billion during the quarter, compared to analysts' expectations of $44.59 billion. Chevron had a return on equity of 9.80% and a net margin of 7.02%. The firm's quarterly revenue was down 12.4% compared to the same quarter last year. During the same period in the previous year, the business earned $2.55 earnings per share. Equities research analysts anticipate that Chevron Corporation will post 10.79 earnings per share for the current year.

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.

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