Woodline Partners LP Makes New Investment in Chevron Co. (NYSE:CVX)

by · The Markets Daily

Woodline Partners LP purchased a new stake in Chevron Co. (NYSE:CVX – Free Report) during the fourth quarter, Holdings Channel reports. The fund purchased 100,368 shares of the oil and gas company’s stock, valued at approximately $14,537,000.

A number of other institutional investors and hedge funds have also made changes to their positions in the stock. Zurich Insurance Group Ltd FI raised its stake in shares of Chevron by 146.3% in the 4th quarter. Zurich Insurance Group Ltd FI now owns 555,941 shares of the oil and gas company’s stock valued at $80,522,000 after acquiring an additional 330,216 shares during the period. Vident Advisory LLC raised its stake in shares of Chevron by 99.4% in the 4th quarter. Vident Advisory LLC now owns 240,201 shares of the oil and gas company’s stock valued at $34,793,000 after acquiring an additional 119,757 shares during the period. Spurstone Advisory Services LLC purchased a new stake in shares of Chevron in the 4th quarter valued at approximately $293,000. Vivaldi Capital Management LP raised its stake in shares of Chevron by 12.8% in the 4th quarter. Vivaldi Capital Management LP now owns 2,078 shares of the oil and gas company’s stock valued at $327,000 after acquiring an additional 236 shares during the period. Finally, Waters Parkerson & CO. LLC raised its stake in shares of Chevron by 2.1% in the 4th quarter. Waters Parkerson & CO. LLC now owns 303,390 shares of the oil and gas company’s stock valued at $43,943,000 after acquiring an additional 6,198 shares during the period. 72.42% of the stock is owned by hedge funds and other institutional investors.

Chevron Trading Down 1.2%

NYSE CVX opened at $135.57 on Thursday. The company has a quick ratio of 0.80, a current ratio of 1.07 and a debt-to-equity ratio of 0.13. Chevron Co. has a 52 week low of $132.04 and a 52 week high of $168.96. The stock has a market capitalization of $236.75 billion, a PE ratio of 13.95, a price-to-earnings-growth ratio of 1.46 and a beta of 0.83. The firm has a 50 day moving average of $145.61 and a two-hundred day moving average of $151.50.

Chevron (NYSE:CVX – Get Free Report) last posted its quarterly earnings results on Friday, May 2nd. The oil and gas company reported $2.18 EPS for the quarter, topping the consensus estimate of $2.15 by $0.03. Chevron had a net margin of 8.71% and a return on equity of 11.44%. The company had revenue of $47.61 billion during the quarter, compared to analysts’ expectations of $49.05 billion. During the same quarter in the previous year, the business posted $2.93 EPS. The firm’s revenue was down 2.3% on a year-over-year basis. As a group, research analysts expect that Chevron Co. will post 10.79 EPS for the current fiscal year.

Chevron Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, June 10th. Stockholders of record on Monday, May 19th will be issued a $1.71 dividend. This represents a $6.84 annualized dividend and a dividend yield of 5.05%. The ex-dividend date of this dividend is Monday, May 19th. Chevron’s payout ratio is 78.17%.

Analysts Set New Price Targets

A number of research firms have recently issued reports on CVX. DZ Bank downgraded shares of Chevron from a “buy” rating to a “sell” rating and set a $130.00 price target on the stock. in a research note on Tuesday, May 6th. Raymond James cut their target price on shares of Chevron from $180.00 to $175.00 and set an “outperform” rating on the stock in a research note on Monday, February 3rd. HSBC downgraded shares of Chevron from a “buy” rating to a “hold” rating and cut their target price for the stock from $176.00 to $158.00 in a research note on Tuesday, May 13th. Royal Bank of Canada reaffirmed an “outperform” rating and set a $175.00 target price on shares of Chevron in a research note on Monday, February 3rd. Finally, Mizuho cut their target price on shares of Chevron from $188.00 to $186.00 and set an “outperform” rating on the stock in a research note on Tuesday, May 13th. Three investment analysts have rated the stock with a sell rating, eight have assigned a hold rating and eight have issued a buy rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and an average target price of $160.24.

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About Chevron

(Free Report)

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.

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