Chevron Co. (CVX) Shares Bought by Twin Capital Management Inc.
Twin Capital Management Inc. grew its position in shares of Chevron Co. (NYSE:CVX) by 31.5% during the third quarter, Holdings Channel reports. The institutional investor owned 186,220 shares of the oil and gas company’s stock after buying an additional 44,660 shares during the quarter. Chevron comprises about 1.1% of Twin Capital Management Inc.’s investment portfolio, making the stock its 13th largest position. Twin Capital Management Inc.’s holdings in Chevron were worth $21,881,000 at the end of the most recent reporting period.
A number of other large investors have also recently added to or reduced their stakes in the business. Vanguard Group Inc. increased its position in Chevron by 2.9% in the 2nd quarter. Vanguard Group Inc. now owns 139,626,287 shares of the oil and gas company’s stock valued at $14,567,210,000 after acquiring an additional 3,920,240 shares during the period. BlackRock Inc. increased its position in Chevron by 1.6% in the 2nd quarter. BlackRock Inc. now owns 124,678,992 shares of the oil and gas company’s stock valued at $13,007,759,000 after acquiring an additional 1,975,865 shares during the period. Capital World Investors increased its position in Chevron by 9.8% in the 2nd quarter. Capital World Investors now owns 35,546,848 shares of the oil and gas company’s stock valued at $3,708,603,000 after acquiring an additional 3,182,250 shares during the period. Northern Trust Corp increased its position in Chevron by 0.6% in the 2nd quarter. Northern Trust Corp now owns 26,153,161 shares of the oil and gas company’s stock valued at $2,728,558,000 after acquiring an additional 157,021 shares during the period. Finally, Franklin Resources Inc. increased its position in Chevron by 0.3% in the 2nd quarter. Franklin Resources Inc. now owns 15,609,647 shares of the oil and gas company’s stock valued at $1,628,554,000 after acquiring an additional 49,083 shares during the period. 63.72% of the stock is currently owned by institutional investors.
Several research firms recently commented on CVX. Vetr cut Chevron from a “buy” rating to a “hold” rating and set a $134.35 target price on the stock. in a research report on Thursday, January 11th. Credit Suisse Group assumed coverage on Chevron in a research report on Monday, December 11th. They issued a “neutral” rating and a $123.00 target price on the stock. TheStreet upgraded Chevron from a “c+” rating to a “b” rating in a research report on Monday, October 23rd. Wells Fargo & Co reiterated a “market perform” rating on shares of Chevron in a research report on Thursday, October 19th. They noted that the move was a valuation call. Finally, BMO Capital Markets cut Chevron from an “outperform” rating to a “market perform” rating and set a $120.00 price target on the stock. in a research report on Wednesday, October 18th. They noted that the move was a valuation call. Two investment analysts have rated the stock with a sell rating, nine have given a hold rating, sixteen have assigned a buy rating and one has assigned a strong buy rating to the stock. The stock presently has a consensus rating of “Buy” and an average target price of $130.30.
Chevron (NYSE:CVX) last released its quarterly earnings data on Friday, February 2nd. The oil and gas company reported $0.73 earnings per share for the quarter, missing the consensus estimate of $1.27 by ($0.54). The company had revenue of $37.62 billion for the quarter, compared to the consensus estimate of $38.43 billion. Chevron had a return on equity of 5.23% and a net margin of 6.49%. The business’s revenue was up 19.4% compared to the same quarter last year. During the same period in the prior year, the business earned $0.22 earnings per share. research analysts anticipate that Chevron Co. will post 6.36 earnings per share for the current year.
The business also recently disclosed a quarterly dividend, which will be paid on Monday, March 12th. Stockholders of record on Friday, February 16th will be paid a dividend of $1.12 per share. The ex-dividend date is Thursday, February 15th. This is a positive change from Chevron’s previous quarterly dividend of $1.08. This represents a $4.48 annualized dividend and a dividend yield of 3.93%. Chevron’s dividend payout ratio (DPR) is currently 89.07%.
In other news, CFO Patricia E. Yarrington sold 13,143 shares of the firm’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 completion of the sale, the chief financial officer now owns 17,981 shares of the company’s stock, valued at $2,067,994.81. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CFO Patricia E. Yarrington sold 116,857 shares of the firm’s stock in a transaction on Tuesday, November 21st. The stock was sold at an average price of $115.29, for a total value of $13,472,443.53. Following the completion of the sale, the chief financial officer now directly owns 39,506 shares of the company’s stock, valued at approximately $4,554,646.74. The disclosure for this sale can be found here. Over the last three months, insiders have sold 264,021 shares of company stock valued at $30,619,037. Corporate insiders own 0.38% of the company’s stock.
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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