Hemenway Trust Co LLC Has $22.89 Million Position in Chevron Co. (NYSE:CVX)

Hemenway Trust Co LLC lifted its holdings in shares of Chevron Co. (NYSE:CVX) by 1.2% during the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 146,364 shares of the oil and gas company’s stock after purchasing an additional 1,726 shares during the quarter. Chevron accounts for about 2.0% of Hemenway Trust Co LLC’s portfolio, making the stock its 25th biggest position. Hemenway Trust Co LLC’s holdings in Chevron were worth $22,894,000 as of its most recent SEC filing.

A number of other hedge funds also recently modified their holdings of the business. Berkshire Hathaway Inc raised its position in shares of Chevron by 14.4% during the fourth quarter. Berkshire Hathaway Inc now owns 126,093,326 shares of the oil and gas company’s stock worth $18,808,081,000 after purchasing an additional 15,845,037 shares during the period. Norges Bank acquired a new stake in Chevron in the 4th quarter valued at approximately $2,902,007,000. Bank of New York Mellon Corp raised its position in Chevron by 4.2% in the 1st quarter. Bank of New York Mellon Corp now owns 16,103,302 shares of the oil and gas company’s stock valued at $2,540,135,000 after buying an additional 654,482 shares during the last quarter. Capital World Investors grew its stake in shares of Chevron by 3.2% during the 1st quarter. Capital World Investors now owns 16,009,766 shares of the oil and gas company’s stock worth $2,525,380,000 after acquiring an additional 495,879 shares in the last quarter. Finally, Franklin Resources Inc. raised its holdings in shares of Chevron by 13.0% in the fourth quarter. Franklin Resources Inc. now owns 15,622,388 shares of the oil and gas company’s stock valued at $2,330,235,000 after purchasing an additional 1,797,171 shares during the last quarter. Institutional investors and hedge funds own 72.42% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research analysts recently commented on the stock. Mizuho increased their target price on shares of Chevron from $200.00 to $205.00 and gave the stock a “buy” rating in a report on Monday, May 13th. Wolfe Research began coverage on shares of Chevron in a research note on Thursday, July 18th. They set a “peer perform” rating for the company. Barclays lowered their target price on Chevron from $203.00 to $185.00 and set an “overweight” rating on the stock in a research report on Tuesday, August 6th. Royal Bank of Canada reduced their price target on Chevron from $190.00 to $180.00 and set an “outperform” rating for the company in a research report on Monday, August 5th. Finally, Sanford C. Bernstein downgraded Chevron from an “outperform” rating to a “market perform” rating and decreased their price target for the company from $183.00 to $167.00 in a research note on Wednesday, July 17th. Seven analysts have rated the stock with a hold rating and thirteen have given a buy rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $183.82.

Chevron Stock Performance

CVX traded down $0.41 on Friday, reaching $140.52. The company had a trading volume of 1,424,685 shares, compared to its average volume of 7,728,699. The stock has a market cap of $258.97 billion, a P/E ratio of 13.05, a P/E/G ratio of 2.50 and a beta of 1.09. 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 Co. has a fifty-two week low of $139.62 and a fifty-two week high of $171.70. The company’s fifty day moving average is $151.18 and its 200 day moving average is $155.37.

Chevron (NYSE:CVX) last posted its earnings results on Friday, August 2nd. The oil and gas company reported $2.55 EPS for the quarter, missing the consensus estimate of $2.93 by ($0.38). The firm had revenue of $51.18 billion during the quarter, compared to analyst estimates of $48.68 billion. Chevron had a net margin of 9.31% and a return on equity of 13.70%. Chevron’s revenue for the quarter was up 4.7% compared to the same quarter last year. During the same period in the previous year, the company posted $3.08 EPS. As a group, analysts predict that Chevron Co. will post 11.86 earnings per share for the current fiscal year.

Chevron Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 10th. Shareholders of record on Monday, August 19th will be given a dividend of $1.63 per share. This represents a $6.52 annualized dividend and a yield of 4.64%. The ex-dividend date of this dividend is Monday, August 19th. Chevron’s payout ratio is 59.98%.

About Chevron

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.