Chevron Corporation $CVX Holdings Boosted by Colrain Capital LLC

Colrain Capital LLC lifted its position in shares of Chevron Corporation (NYSE:CVX) by 5,654.8% during the third quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 104,622 shares of the oil and gas company’s stock after purchasing an additional 102,804 shares during the period. Chevron comprises about 9.3% of Colrain Capital LLC’s holdings, making the stock its 3rd largest position. Colrain Capital LLC’s holdings in Chevron were worth $16,247,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently added to or reduced their stakes in the company. Perigon Wealth Management LLC raised its stake in Chevron by 19.3% during the third quarter. Perigon Wealth Management LLC now owns 73,448 shares of the oil and gas company’s stock worth $11,406,000 after purchasing an additional 11,875 shares during the period. New York State Teachers Retirement System grew its stake in shares of Chevron by 15.3% during the 3rd quarter. New York State Teachers Retirement System now owns 1,620,231 shares of the oil and gas company’s stock valued at $251,606,000 after buying an additional 215,345 shares during the period. Pictet North America Advisors SA acquired a new stake in shares of Chevron during the 3rd quarter worth $5,662,000. New York State Common Retirement Fund raised its position in shares of Chevron by 10.2% in the 3rd quarter. New York State Common Retirement Fund now owns 1,894,470 shares of the oil and gas company’s stock worth $294,192,000 after buying an additional 175,439 shares during the period. Finally, Envestnet Asset Management Inc. raised its position in shares of Chevron by 8.7% in the 3rd quarter. Envestnet Asset Management Inc. now owns 4,891,609 shares of the oil and gas company’s stock worth $759,618,000 after buying an additional 389,694 shares during the period. Hedge funds and other institutional investors own 72.42% of the company’s stock.

Wall Street Analysts Forecast Growth

Several brokerages have commented on CVX. JPMorgan Chase & Co. upgraded Chevron from a “neutral” rating to an “overweight” rating and set a $176.00 price target for the company in a research note on Tuesday, January 20th. Morgan Stanley dropped their target price on shares of Chevron from $180.00 to $174.00 and set an “overweight” rating for the company in a research report on Friday, January 23rd. Wall Street Zen upgraded shares of Chevron from a “sell” rating to a “hold” rating in a report on Saturday, January 31st. HSBC downgraded shares of Chevron from a “buy” rating to a “hold” rating and set a $180.00 price objective for the company. in a research note on Monday, February 2nd. Finally, Jefferies Financial Group raised their target price on shares of Chevron from $174.00 to $189.00 and gave the company a “buy” rating in a research note on Wednesday, January 14th. Twelve research analysts have rated the stock with a Buy rating, seven have assigned a Hold rating and four have given a Sell rating to the company. According to MarketBeat, Chevron presently has an average rating of “Hold” and a consensus target price of $175.00.

Chevron Trading Up 0.7%

CVX opened at $183.65 on Tuesday. The firm’s 50 day moving average is $163.21 and its 200-day moving average is $157.68. Chevron Corporation has a 52-week low of $132.04 and a 52-week high of $186.52. The company has a quick ratio of 0.86, a current ratio of 1.15 and a debt-to-equity ratio of 0.19. The firm has a market capitalization of $369.79 billion, a P/E ratio of 27.58, a P/E/G ratio of 12.16 and a beta of 0.70.

Chevron (NYSE:CVX) last announced its earnings results on Friday, January 30th. The oil and gas company reported $1.52 earnings per share for the quarter, beating the consensus estimate of $1.44 by $0.08. Chevron had a net margin of 6.51% and a return on equity of 8.23%. The business had revenue of $45.79 billion during the quarter, compared to the consensus estimate of $48.18 billion. During the same period in the prior year, the firm earned $2.06 earnings per share. The business’s quarterly revenue was down 10.2% compared to the same quarter last year. Analysts expect that Chevron Corporation will post 10.79 EPS for the current fiscal year.

Chevron Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, March 10th. Stockholders of record on Tuesday, February 17th will be given a dividend of $1.78 per share. The ex-dividend date of this dividend is Tuesday, February 17th. This is a positive change from Chevron’s previous quarterly dividend of $1.71. This represents a $7.12 dividend on an annualized basis and a dividend yield of 3.9%. Chevron’s dividend payout ratio is presently 102.70%.

Insiders Place Their Bets

In related news, insider R. Hewitt Pate sold 41,134 shares of the business’s stock in a transaction dated Friday, January 30th. The stock was sold at an average price of $176.40, for a total value of $7,256,037.60. Following the transaction, the insider owned 4,169 shares in the company, valued at approximately $735,411.60. The trade was a 90.80% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director John B. Hess sold 275,000 shares of the firm’s stock in a transaction that occurred on 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 sale, the director 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 position. The SEC filing for this sale provides additional information. In the last 90 days, insiders have sold 793,163 shares of company stock valued at $127,920,502. Insiders own 0.20% of the company’s stock.

Chevron Profile

Chevron Corporation (NYSE: CVX) is an American multinational energy company engaged in virtually all aspects of the oil and gas industry. As an integrated energy firm, Chevron’s core activities include upstream oil and natural gas exploration and production, midstream transportation and storage, downstream refining and marketing of fuels and lubricants, and petrochemical manufacturing through joint ventures and subsidiaries. The company markets fuels under brands such as Chevron, Texaco and Caltex and supplies a range of products and services to retail customers, industrial users and commercial fleets worldwide.

Chevron traces its corporate lineage to the early petroleum companies that eventually became Standard Oil of California and has evolved through significant mergers and restructurings, including the acquisitions of Gulf Oil and Texaco.