Ballentine Partners LLC Increases Position in Chevron Corporation (NYSE:CVX)

by · The Markets Daily

Ballentine Partners LLC increased its stake in Chevron Corporation (NYSE:CVX – Free Report) by 7.4% in the first quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 36,398 shares of the oil and gas company’s stock after purchasing an additional 2,497 shares during the quarter. Ballentine Partners LLC’s holdings in Chevron were worth $6,089,000 at the end of the most recent quarter.

A number of other large investors have also made changes to their positions in CVX. Geode Capital Management LLC grew its stake in Chevron by 1.1% in the 4th quarter. Geode Capital Management LLC now owns 36,269,270 shares of the oil and gas company’s stock valued at $5,247,142,000 after acquiring an additional 392,916 shares during the last quarter. Norges Bank acquired a new stake in Chevron in the 4th quarter valued at about $3,017,750,000. Northern Trust Corp grew its stake in Chevron by 7.3% in the 4th quarter. Northern Trust Corp now owns 20,471,800 shares of the oil and gas company’s stock valued at $2,965,135,000 after acquiring an additional 1,394,091 shares during the last quarter. Franklin Resources Inc. grew its stake in Chevron by 0.5% in the 4th quarter. Franklin Resources Inc. now owns 17,280,105 shares of the oil and gas company’s stock valued at $2,502,850,000 after acquiring an additional 79,917 shares during the last quarter. Finally, Ameriprise Financial Inc. grew its stake in Chevron by 1.3% in the 4th quarter. Ameriprise Financial Inc. now owns 16,718,838 shares of the oil and gas company’s stock valued at $2,421,564,000 after acquiring an additional 211,023 shares during the last quarter. Hedge funds and other institutional investors own 72.42% of the company’s stock.

Analysts Set New Price Targets

A number of equities research analysts recently commented on CVX shares. BNP Paribas cut shares of Chevron to a “cautious” rating in a research note on Tuesday, April 15th. Scotiabank increased their price objective on shares of Chevron from $143.00 to $160.00 and gave the company a “sector perform” rating in a research note on Friday. Redburn Atlantic reissued a “sell” rating and issued a $124.00 price objective (down from $156.00) on shares of Chevron in a research note on Wednesday, April 23rd. Mizuho decreased their price target 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. Finally, TD Cowen decreased their price target on shares of Chevron from $155.00 to $150.00 and set a “hold” rating on the stock in a research note on Monday, May 5th. Three equities research analysts have rated the stock with a sell rating, eight have given a hold rating and eight have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus price target of $161.65.

Get Our Latest Analysis on CVX

Chevron Trading Up 0.8%

Shares of CVX stock opened at $155.38 on Friday. The firm has a market cap of $271.35 billion, a P/E ratio of 17.76, a PEG ratio of 2.61 and a beta of 0.83. Chevron Corporation has a 1-year low of $132.04 and a 1-year high of $168.96. The company has a debt-to-equity ratio of 0.17, a current ratio of 1.08 and a quick ratio of 0.82. The firm’s 50-day simple moving average is $142.62 and its 200-day simple moving average is $148.41.

Chevron (NYSE:CVX – Get Free Report) last announced its quarterly earnings data on Friday, May 2nd. The oil and gas company reported $2.18 earnings per share for the quarter, topping the consensus estimate of $2.15 by $0.03. The business had revenue of $47.61 billion for the quarter, compared to analyst estimates of $49.05 billion. Chevron had a net margin of 7.76% and a return on equity of 10.73%. The company’s revenue was down 2.3% on a year-over-year basis. During the same period in the prior year, the firm posted $2.93 EPS. As a group, equities analysts forecast that Chevron Corporation will post 10.79 EPS for the current year.

Chevron Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, June 10th. Stockholders of record on Monday, May 19th were issued a dividend of $1.71 per share. The ex-dividend date was Monday, May 19th. This represents a $6.84 annualized dividend and a dividend yield of 4.40%. Chevron’s payout ratio is currently 78.17%.

Chevron Company Profile

(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.

Further Reading

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