Polar Asset Management Partners Inc. Acquires New Holdings in Chevron Co. (NYSE:CVX)

Polar Asset Management Partners Inc. purchased a new position in shares of Chevron Co. (NYSE:CVX - Free Report) during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 166,000 shares of the oil and gas company's stock, valued at approximately $24,043,000.

Several other hedge funds have also modified their holdings of the stock. IMG Wealth Management Inc. purchased a new position in shares of Chevron during the fourth quarter worth about $25,000. Mizuho Securities Co. Ltd. acquired a new stake in shares of Chevron during the 4th quarter valued at approximately $29,000. Fairway Wealth LLC grew its stake in Chevron by 75.9% in the 4th quarter. Fairway Wealth LLC now owns 204 shares of the oil and gas company's stock worth $30,000 after acquiring an additional 88 shares during the period. Navigoe LLC acquired a new position in shares of Chevron in the 4th quarter valued at $33,000. Finally, New Wave Wealth Advisors LLC acquired a new position in shares of Chevron in the 4th quarter valued at $39,000. 72.42% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

CVX has been the topic of several recent research reports. Raymond James reduced their target price on shares of Chevron from $180.00 to $175.00 and set an "outperform" rating on the stock in a report on Monday, February 3rd. UBS Group decreased their target price 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. Mizuho decreased their price objective on shares of Chevron from $188.00 to $186.00 and set an "outperform" rating for the company in a report on Tuesday, May 13th. Hsbc Global Res downgraded shares of Chevron from a "strong-buy" rating to a "hold" rating in a research report on Tuesday, May 13th. Finally, Barclays lowered shares of Chevron from an "overweight" rating to an "equal weight" rating and dropped their price target for the stock from $171.00 to $152.00 in a research note on Wednesday, April 23rd. Three equities research analysts have rated the stock with a sell rating, eight have given a hold rating and eight have issued a buy rating to the company's stock. Based on data from MarketBeat, Chevron presently has a consensus rating of "Hold" and a consensus price target of $160.24.

Chevron Trading Down 0.2%

Shares of NYSE:CVX traded down $0.22 during trading on Friday, hitting $142.04. 8,191,570 shares of the company's stock were exchanged, compared to its average volume of 8,033,326. The firm has a market cap of $248.06 billion, a P/E ratio of 14.61, a PEG ratio of 1.46 and a beta of 0.83. The firm has a 50-day moving average price of $146.65 and a two-hundred day moving average price of $151.79. The company has a current ratio of 1.07, a quick ratio of 0.80 and a debt-to-equity ratio of 0.13. Chevron Co. has a 1-year low of $132.04 and a 1-year high of $168.96.

Chevron (NYSE:CVX - Get Free Report) last released its quarterly earnings results 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. The company had revenue of $47.61 billion during the quarter, compared to analysts' expectations of $49.05 billion. Chevron had a net margin of 8.71% and a return on equity of 11.44%. The business's quarterly revenue was down 2.3% compared to the same quarter last year. During the same quarter in the prior year, the company earned $2.93 earnings per share. Equities analysts predict that Chevron Co. will post 10.79 earnings per share for the current year.

Chevron Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, June 10th. Investors of record on Monday, May 19th will be paid a $1.71 dividend. The ex-dividend date is Monday, May 19th. This represents a $6.84 annualized dividend and a dividend yield of 4.82%. Chevron's dividend payout ratio (DPR) is presently 78.17%.

Chevron 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.