Becker Capital Management Inc. Boosts Holdings in Chevron Corporation $CVX

Becker Capital Management Inc. increased its position in Chevron Corporation (NYSE:CVX) by 3.7% in the 2nd quarter, according to its most recent filing with the SEC. The fund owned 248,707 shares of the oil and gas company’s stock after purchasing an additional 8,809 shares during the period. Chevron accounts for about 1.1% of Becker Capital Management Inc.’s holdings, making the stock its 24th biggest holding. Becker Capital Management Inc.’s holdings in Chevron were worth $35,612,000 at the end of the most recent reporting period.

Other hedge funds have also recently added to or reduced their stakes in the company. Kingstone Capital Partners Texas LLC grew its position in shares of Chevron by 652,139.5% during the second quarter. Kingstone Capital Partners Texas LLC now owns 83,714,936 shares of the oil and gas company’s stock worth $13,214,757,000 after acquiring an additional 83,702,101 shares during the last quarter. Norges Bank acquired a new stake in Chevron during the 2nd quarter worth $2,721,477,000. GQG Partners LLC purchased a new position in Chevron during the 1st quarter worth $1,466,751,000. Laurel Wealth Advisors LLC grew its position in Chevron by 14,194.2% during the 2nd quarter. Laurel Wealth Advisors LLC now owns 3,722,217 shares of the oil and gas company’s stock worth $532,984,000 after purchasing an additional 3,696,177 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. increased its stake in Chevron by 4.0% in the second quarter. Charles Schwab Investment Management Inc. now owns 34,772,753 shares of the oil and gas company’s stock valued at $4,979,255,000 after purchasing an additional 1,342,723 shares during the period. Hedge funds and other institutional investors own 72.42% of the company’s stock.

Analysts Set New Price Targets

Several equities research analysts have recently weighed in on the stock. Melius initiated coverage on shares of Chevron in a research note on Wednesday, August 20th. They set a “hold” rating and a $155.00 target price for the company. Wall Street Zen raised Chevron from a “sell” rating to a “hold” rating in a research report on Saturday, November 8th. Melius Research assumed coverage on Chevron in a research note on Wednesday, August 20th. They set a “hold” rating and a $155.00 price target for the company. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Chevron in a report on Wednesday, October 8th. Finally, Morgan Stanley boosted their price objective on shares of Chevron from $177.00 to $180.00 and gave the company an “overweight” rating in a research note on Thursday, November 13th. One equities research analyst has rated the stock with a Strong Buy rating, eleven have given a Buy rating, seven have given a Hold rating and four have issued a Sell rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Hold” and a consensus price target of $166.16.

Chevron Stock Up 1.9%

Chevron stock opened at $151.27 on Thursday. The stock’s 50 day moving average price is $152.87 and its 200 day moving average price is $151.90. Chevron Corporation has a 1-year low of $132.04 and a 1-year high of $168.96. The company has a market cap of $304.58 billion, a PE ratio of 21.28, a price-to-earnings-growth ratio of 8.76 and a beta of 0.68. The company has a debt-to-equity ratio of 0.19, a current ratio of 1.15 and a quick ratio of 0.86.

Chevron (NYSE:CVX) last released its earnings results on Friday, October 31st. The oil and gas company reported $1.85 EPS for the quarter, beating analysts’ consensus estimates of $1.71 by $0.14. The company had revenue of $48.17 billion during the quarter, compared to the consensus estimate of $46.99 billion. Chevron had a return on equity of 8.74% and a net margin of 6.57%.Chevron’s quarterly revenue was down 1.9% compared to the same quarter last year. During the same quarter last year, the company earned $2.48 earnings per share. On average, sell-side analysts predict that Chevron Corporation will post 10.79 EPS for the current fiscal year.

Chevron Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, December 10th. Investors of record on Tuesday, November 18th were issued a dividend of $1.71 per share. The ex-dividend date of this dividend was Tuesday, November 18th. This represents a $6.84 dividend on an annualized basis and a yield of 4.5%. Chevron’s payout ratio is currently 96.20%.

Insiders Place Their Bets

In other Chevron news, Director John B. Hess sold 275,000 shares of the stock in a transaction dated Thursday, November 20th. The shares were sold at an average price of $150.75, for a total value of $41,456,250.00. Following the completion of the transaction, the director directly owned 1,128,045 shares of the company’s stock, valued at approximately $170,052,783.75. This trade represents a 19.60% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Insiders own 0.21% of the company’s stock.

About Chevron

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.