Daiwa Securities Group Inc. Boosts Stake in Chevron Co. (NYSE:CVX)

Daiwa Securities Group Inc. raised its position in Chevron Co. (NYSE:CVX) by 6.9% during the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 266,167 shares of the oil and gas company’s stock after purchasing an additional 17,128 shares during the quarter. Daiwa Securities Group Inc.’s holdings in Chevron were worth $41,634,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also modified their holdings of the company. Norges Bank acquired a new position in Chevron during the fourth quarter valued at approximately $2,902,007,000. Berkshire Hathaway Inc raised its stake in shares of Chevron by 14.4% in the 4th quarter. Berkshire Hathaway Inc now owns 126,093,326 shares of the oil and gas company’s stock valued at $18,808,081,000 after acquiring an additional 15,845,037 shares during the period. Capital World Investors lifted its holdings in shares of Chevron by 43.5% during the 4th quarter. Capital World Investors now owns 15,513,887 shares of the oil and gas company’s stock valued at $2,314,070,000 after acquiring an additional 4,700,289 shares in the last quarter. Massachusetts Financial Services Co. MA boosted its position in Chevron by 73,888.2% during the 4th quarter. Massachusetts Financial Services Co. MA now owns 4,602,805 shares of the oil and gas company’s stock worth $686,554,000 after purchasing an additional 4,596,584 shares during the period. Finally, Franklin Resources Inc. raised its position in 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 period. 72.42% of the stock is owned by institutional investors and hedge funds.

Chevron Stock Up 1.3 %

Shares of Chevron stock opened at $140.30 on Tuesday. The business has a 50-day moving average price of $150.50 and a 200 day moving average price of $155.16. Chevron Co. has a fifty-two week low of $137.87 and a fifty-two week high of $171.70. The firm has a market cap of $256.60 billion, a P/E ratio of 12.91, a P/E/G ratio of 2.34 and a beta of 1.09. The company has a quick ratio of 0.85, a current ratio of 1.16 and a debt-to-equity ratio of 0.13.

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

Chevron Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, September 10th. Stockholders of record on Monday, August 19th will be given a $1.63 dividend. The ex-dividend date of this dividend is Monday, August 19th. This represents a $6.52 dividend on an annualized basis and a dividend yield of 4.65%. Chevron’s payout ratio is currently 59.98%.

Analysts Set New Price Targets

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

Chevron 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.