Sompo Japan Nipponkoa Asset Management CO. LTD. grew its holdings in shares of Chevron Co. (NYSE:CVX) by 14.2% in the 1st quarter, Holdings Channel.com reports. The fund owned 66,440 shares of the oil and gas company’s stock after purchasing an additional 8,270 shares during the period. Chevron makes up about 1.3% of Sompo Japan Nipponkoa Asset Management CO. LTD.’s holdings, making the stock its 27th biggest holding. Sompo Japan Nipponkoa Asset Management CO. LTD.’s holdings in Chevron were worth $4,814,000 as of its most recent filing with the SEC.
Other hedge funds have also added to or reduced their stakes in the company. Capital Wealth Planning LLC raised its stake in shares of Chevron by 6.2% during the fourth quarter. Capital Wealth Planning LLC now owns 626,966 shares of the oil and gas company’s stock valued at $75,556,000 after acquiring an additional 36,574 shares during the last quarter. Alley Co LLC raised its stake in shares of Chevron by 1.7% during the fourth quarter. Alley Co LLC now owns 58,092 shares of the oil and gas company’s stock valued at $7,001,000 after acquiring an additional 949 shares during the last quarter. AXA raised its stake in shares of Chevron by 6.3% during the fourth quarter. AXA now owns 661,816 shares of the oil and gas company’s stock valued at $79,755,000 after acquiring an additional 39,182 shares during the last quarter. Americana Partners LLC bought a new position in shares of Chevron during the fourth quarter valued at $3,902,000. Finally, Keebeck Wealth Management LLC bought a new position in shares of Chevron during the fourth quarter valued at $520,000. 66.54% of the stock is owned by hedge funds and other institutional investors.
CVX has been the subject of several recent analyst reports. Independent Research cut shares of Chevron to a “hold” rating in a research report on Tuesday, April 14th. TheStreet cut shares of Chevron from a “b-” rating to a “c+” rating in a research report on Thursday, February 27th. Credit Suisse Group increased their price objective on shares of Chevron from $81.00 to $100.00 and gave the stock an “outperform” rating in a research report on Monday, May 4th. Argus reiterated a “buy” rating and set a $88.00 price objective (down from $150.00) on shares of Chevron in a research report on Thursday, March 26th. Finally, UBS Group cut shares of Chevron from a “buy” rating to a “neutral” rating and set a $95.00 price objective for the company. in a research report on Tuesday, May 12th. Seven investment analysts have rated the stock with a hold rating and sixteen have given a buy rating to the company. The company currently has an average rating of “Buy” and a consensus target price of $113.05.
Chevron (NYSE:CVX) last released its quarterly earnings results on Friday, May 1st. The oil and gas company reported $1.93 earnings per share for the quarter, beating analysts’ consensus estimates of $0.64 by $1.29. Chevron had a net margin of 2.71% and a return on equity of 8.28%. The company had revenue of $31.50 billion for the quarter, compared to analyst estimates of $30.46 billion. During the same period last year, the firm earned $1.47 earnings per share. The firm’s revenue was down 10.5% on a year-over-year basis. Analysts predict that Chevron Co. will post -0.39 earnings per share for the current fiscal year.
The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, June 10th. Shareholders of record on Tuesday, May 19th will be given a $1.29 dividend. This represents a $5.16 annualized dividend and a yield of 5.72%. The ex-dividend date is Monday, May 18th. Chevron’s dividend payout ratio is 82.30%.
In related news, Director John Frank acquired 400 shares of the stock in a transaction on Monday, February 24th. The shares were acquired at an average price of $104.61 per share, with a total value of $41,844.00. Following the completion of the transaction, the director now owns 5,114 shares in the company, valued at approximately $534,975.54. The purchase was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Insiders own 0.31% of the company’s stock.
Chevron Corporation, through its subsidiaries, engages in integrated energy, chemicals, and petroleum operations worldwide. The company operates in two segments, Upstream and Downstream. The Upstream segment is involved in the exploration, development, and production of crude oil and natural gas; processing, liquefaction, transportation, and regasification associated with liquefied natural gas; transportation of crude oil through pipelines; and transportation, storage, and marketing of natural gas, as well as operates a gas-to-liquids plant.
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