Sumitomo Life Insurance Co. Acquires 667 Shares of Chevron Co. (NYSE:CVX)

Sumitomo Life Insurance Co. lifted its stake in Chevron Co. (NYSE:CVX) by 2.5% during the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 27,652 shares of the oil and gas company’s stock after purchasing an additional 667 shares during the quarter. Sumitomo Life Insurance Co.’s holdings in Chevron were worth $4,072,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors also recently made changes to their positions in CVX. American Capital Advisory LLC increased its holdings in shares of Chevron by 403.2% during the first quarter. American Capital Advisory LLC now owns 156 shares of the oil and gas company’s stock valued at $25,000 after acquiring an additional 125 shares in the last quarter. Anfield Capital Management LLC raised its holdings in Chevron by 118.0% in the second quarter. Anfield Capital Management LLC now owns 218 shares of the oil and gas company’s stock worth $34,000 after buying an additional 118 shares during the last quarter. Cyrus J. Lawrence LLC lifted its stake in shares of Chevron by 66.7% in the second quarter. Cyrus J. Lawrence LLC now owns 250 shares of the oil and gas company’s stock worth $39,000 after buying an additional 100 shares in the last quarter. Dixon Mitchell Investment Counsel Inc. bought a new position in shares of Chevron in the first quarter worth approximately $55,000. Finally, Richardson Capital Management LLC purchased a new stake in shares of Chevron during the first quarter valued at approximately $58,000. Hedge funds and other institutional investors own 72.42% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities analysts recently issued reports on the company. Scotiabank lowered their price objective on Chevron from $180.00 to $163.00 and set a “sector outperform” rating on the stock in a research report on Thursday, October 10th. Royal Bank of Canada reaffirmed an “outperform” rating and set a $170.00 price target on shares of Chevron in a report on Tuesday, October 8th. UBS Group increased their price objective on Chevron from $189.00 to $192.00 and gave the company a “buy” rating in a research report on Tuesday, October 8th. Wolfe Research started coverage on Chevron in a research report on Thursday, July 18th. They issued a “peer perform” rating for the company. Finally, Barclays dropped their price target on shares of Chevron from $185.00 to $168.00 and set an “overweight” rating on the stock in a report on Thursday, October 3rd. Six analysts have rated the stock with a hold rating and twelve have issued a buy rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $176.81.

Chevron Price Performance

Shares of CVX traded up $0.89 during mid-day trading on Wednesday, reaching $148.62. The stock had a trading volume of 461,457 shares, compared to its average volume of 7,705,692. The firm has a market cap of $273.90 billion, a price-to-earnings ratio of 13.59, a PEG ratio of 2.72 and a beta of 1.09. Chevron Co. has a 12 month low of $135.37 and a 12 month high of $170.17. The business has a fifty day moving average of $145.70 and a 200 day moving average of $153.82. The company has a debt-to-equity ratio of 0.13, a quick ratio of 0.85 and a current ratio of 1.16.

Chevron (NYSE:CVX) last issued its quarterly earnings results on Friday, August 2nd. The oil and gas company reported $2.55 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $2.93 by ($0.38). Chevron had a return on equity of 13.70% and a net margin of 9.31%. The business had revenue of $51.18 billion during the quarter, compared to analysts’ expectations of $48.68 billion. During the same quarter in the previous year, the company posted $3.08 EPS. The company’s quarterly revenue was up 4.7% on a year-over-year basis. Equities analysts predict that Chevron Co. will post 11.09 EPS for the current year.

Chevron Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Tuesday, September 10th. Investors of record on Monday, August 19th were issued a $1.63 dividend. The ex-dividend date of this dividend was Monday, August 19th. This represents a $6.52 dividend on an annualized basis and a yield of 4.39%. Chevron’s dividend payout ratio is presently 59.98%.

Chevron Company Profile

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.