People s United Financial Inc. increased its position in Chevron Corporation (NYSE:CVX) by 7.9% during the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 330,814 shares of the oil and gas company’s stock after acquiring an additional 24,191 shares during the period. Chevron makes up 1.2% of People s United Financial Inc.’s portfolio, making the stock its 14th biggest position. People s United Financial Inc.’s holdings in Chevron were worth $34,513,000 at the end of the most recent quarter.
Several other hedge funds have also recently added to or reduced their stakes in CVX. Vanguard Group Inc. boosted its holdings in shares of Chevron by 2.9% in the second quarter. Vanguard Group Inc. now owns 139,626,287 shares of the oil and gas company’s stock worth $14,567,210,000 after buying an additional 3,920,240 shares during the period. BlackRock Inc. boosted its holdings in shares of Chevron by 1.6% during the second quarter. BlackRock Inc. now owns 124,678,992 shares of the oil and gas company’s stock worth $13,007,759,000 after purchasing an additional 1,975,865 shares during the period. Northern Trust Corp boosted its holdings in shares of Chevron by 0.6% during the second quarter. Northern Trust Corp now owns 26,153,161 shares of the oil and gas company’s stock worth $2,728,558,000 after purchasing an additional 157,021 shares during the period. Franklin Resources Inc. boosted its holdings in shares of Chevron by 0.3% during the second quarter. Franklin Resources Inc. now owns 15,609,647 shares of the oil and gas company’s stock worth $1,628,554,000 after purchasing an additional 49,083 shares during the period. Finally, Ameriprise Financial Inc. boosted its holdings in shares of Chevron by 3.8% during the second quarter. Ameriprise Financial Inc. now owns 12,558,663 shares of the oil and gas company’s stock worth $1,310,208,000 after purchasing an additional 455,902 shares during the period. 63.80% of the stock is currently owned by institutional investors and hedge funds.
Several equities analysts recently weighed in on CVX shares. Jefferies Group reaffirmed a “buy” rating and set a $137.00 price objective (up previously from $113.54) on shares of Chevron in a research report on Monday, October 30th. Zacks Investment Research raised shares of Chevron from a “hold” rating to a “buy” rating and set a $131.00 target price on the stock in a research report on Friday, November 10th. Citigroup boosted their target price on shares of Chevron from $118.00 to $128.00 and gave the stock a “buy” rating in a research report on Monday, October 30th. Goldman Sachs Group reiterated a “buy” rating and set a $123.00 price target (up previously from $118.00) on shares of Chevron in a research note on Tuesday, September 19th. Finally, Wolfe Research upgraded shares of Chevron from a “market perform” rating to an “outperform” rating in a research note on Monday, October 16th. Three equities research analysts have rated the stock with a sell rating, eight have given a hold rating and sixteen have assigned a buy rating to the company. Chevron presently has a consensus rating of “Hold” and an average target price of $125.15.
Shares of Chevron Corporation (NYSE CVX) traded up $2.39 during mid-day trading on Tuesday, hitting $127.58. The stock had a trading volume of 5,630,000 shares, compared to its average volume of 5,020,000. Chevron Corporation has a 12-month low of $102.55 and a 12-month high of $127.74. The company has a quick ratio of 0.84, a current ratio of 1.04 and a debt-to-equity ratio of 0.23. The firm has a market capitalization of $242,320.00, a price-to-earnings ratio of 37.20, a price-to-earnings-growth ratio of 3.61 and a beta of 1.21.
Chevron (NYSE:CVX) last issued its quarterly earnings data on Friday, October 27th. The oil and gas company reported $1.03 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.99 by $0.04. The company had revenue of $36.21 billion during the quarter, compared to the consensus estimate of $34.06 billion. Chevron had a return on equity of 4.59% and a net margin of 4.79%. The firm’s revenue was up 20.1% compared to the same quarter last year. During the same period last year, the company earned $0.68 earnings per share. analysts forecast that Chevron Corporation will post 4.33 EPS for the current year.
The company also recently disclosed a quarterly dividend, which was paid on Monday, December 11th. Stockholders of record on Friday, November 17th were issued a dividend of $1.08 per share. The ex-dividend date of this dividend was Thursday, November 16th. This represents a $4.32 annualized dividend and a dividend yield of 3.39%. Chevron’s dividend payout ratio is 125.95%.
In other Chevron news, CFO Patricia E. Yarrington sold 13,143 shares of the business’s stock in a transaction on Thursday, November 16th. The stock was sold at an average price of $115.01, for a total value of $1,511,576.43. Following the transaction, the chief financial officer now owns 17,981 shares of the company’s stock, valued at $2,067,994.81. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, Vice Chairman Michael K. Wirth sold 1,229 shares of the business’s stock in a transaction on Tuesday, November 7th. The stock was sold at an average price of $118.00, for a total value of $145,022.00. Following the completion of the transaction, the insider now directly owns 1,229 shares in the company, valued at approximately $145,022. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 314,000 shares of company stock worth $36,540,822. 0.38% of the stock is owned by insiders.
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Chevron Corporation (Chevron) manages its investments in subsidiaries and affiliates, and provides administrative, financial, management and technology support to the United States and international subsidiaries that engage in integrated energy and chemicals operations. The Company operates through two business segments: Upstream and Downstream.
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