NFJ Investment Group LLC Buys 8,685 Shares of Chevron Co. (NYSE:CVX)

NFJ Investment Group LLC raised its stake in shares of Chevron Co. (NYSE:CVX) by 3.6% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 251,700 shares of the oil and gas company’s stock after acquiring an additional 8,685 shares during the period. Chevron comprises approximately 1.1% of NFJ Investment Group LLC’s investment portfolio, making the stock its 21st largest holding. NFJ Investment Group LLC’s holdings in Chevron were worth $37,068,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds have also recently bought and sold shares of the company. IHT Wealth Management LLC grew its holdings in shares of Chevron by 27.9% in the third quarter. IHT Wealth Management LLC now owns 49,663 shares of the oil and gas company’s stock valued at $7,345,000 after acquiring an additional 10,820 shares in the last quarter. Integrated Wealth Concepts LLC grew its stake in Chevron by 1.3% in the 3rd quarter. Integrated Wealth Concepts LLC now owns 108,767 shares of the oil and gas company’s stock valued at $16,018,000 after purchasing an additional 1,366 shares during the period. Investmark Advisory Group LLC increased its position in shares of Chevron by 1.9% during the 3rd quarter. Investmark Advisory Group LLC now owns 25,228 shares of the oil and gas company’s stock valued at $3,715,000 after purchasing an additional 464 shares during the last quarter. Investment Management Corp of Ontario raised its stake in shares of Chevron by 48.2% during the 3rd quarter. Investment Management Corp of Ontario now owns 58,097 shares of the oil and gas company’s stock worth $8,556,000 after purchasing an additional 18,900 shares during the period. Finally, Janus Henderson Group PLC boosted its holdings in shares of Chevron by 6.0% in the 3rd quarter. Janus Henderson Group PLC now owns 3,061,193 shares of the oil and gas company’s stock worth $450,814,000 after buying an additional 174,121 shares during the last quarter. 72.42% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

CVX has been the topic of several research reports. Barclays lifted their price objective on shares of Chevron from $168.00 to $174.00 and gave the stock an “overweight” rating in a research report on Monday, November 4th. Citigroup raised shares of Chevron from a “neutral” rating to a “buy” rating and lifted their price target for the stock from $145.00 to $185.00 in a report on Tuesday, November 26th. Wells Fargo & Company decreased their target price on Chevron from $196.00 to $169.00 and set an “overweight” rating for the company in a research report on Friday, September 27th. UBS Group upped their price target on Chevron from $194.00 to $195.00 and gave the company a “buy” rating in a research report on Tuesday. Finally, Royal Bank of Canada lifted their price objective on Chevron from $170.00 to $175.00 and gave the stock an “outperform” rating in a report on Monday, November 4th. Four equities research analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $175.63.

Chevron Price Performance

Shares of Chevron stock traded down $0.11 during trading on Tuesday, hitting $162.10. The stock had a trading volume of 836,482 shares, compared to its average volume of 7,614,795. The firm has a market cap of $291.31 billion, a price-to-earnings ratio of 17.92, a P/E/G ratio of 3.58 and a beta of 1.10. Chevron Co. has a 12 month low of $135.37 and a 12 month high of $167.11. The business’s 50-day moving average is $153.36 and its 200 day moving average is $152.46. The company has a current ratio of 1.07, a quick ratio of 0.80 and a debt-to-equity ratio of 0.13.

Chevron (NYSE:CVX) last released its quarterly earnings results on Friday, November 1st. The oil and gas company reported $2.51 earnings per share for the quarter, beating the consensus estimate of $2.47 by $0.04. Chevron had a return on equity of 13.15% and a net margin of 8.44%. The firm had revenue of $50.67 billion for the quarter, compared to analysts’ expectations of $48.86 billion. During the same quarter last year, the firm posted $3.05 EPS. The company’s revenue was down 6.3% compared to the same quarter last year. As a group, sell-side analysts anticipate that Chevron Co. will post 10.53 earnings per share for the current year.

Chevron Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 10th. Stockholders of record on Monday, November 18th will be given a dividend of $1.63 per share. This represents a $6.52 annualized dividend and a dividend yield of 4.02%. The ex-dividend date of this dividend is Monday, November 18th. Chevron’s dividend payout ratio (DPR) is currently 71.65%.

Insider Transactions at Chevron

In other Chevron news, CEO Michael K. Wirth sold 164,600 shares of Chevron stock in a transaction dated Thursday, November 14th. The stock was sold at an average price of $160.13, for a total transaction of $26,357,398.00. Following the completion of the sale, the chief executive officer now owns 4,280 shares of the company’s stock, valued at $685,356.40. The trade was a 97.47 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. 0.20% of the stock is currently owned by insiders.

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.