MidAtlantic Capital Management Inc. Acquires Shares of 619 Chevron Co. (NYSE:CVX)

MidAtlantic Capital Management Inc. acquired a new stake in shares of Chevron Co. (NYSE:CVX) during the third quarter, according to its most recent Form 13F filing with the SEC. The fund acquired 619 shares of the oil and gas company’s stock, valued at approximately $91,000.

Other hedge funds have also added to or reduced their stakes in the company. China Universal Asset Management Co. Ltd. bought a new stake in shares of Chevron during the 1st quarter valued at $566,000. Empowered Funds LLC boosted its holdings in shares of Chevron by 5.4% during the 1st quarter. Empowered Funds LLC now owns 429,000 shares of the oil and gas company’s stock valued at $67,670,000 after buying an additional 22,047 shares in the last quarter. UniSuper Management Pty Ltd boosted its holdings in shares of Chevron by 126.6% during the 1st quarter. UniSuper Management Pty Ltd now owns 31,182 shares of the oil and gas company’s stock valued at $4,919,000 after buying an additional 17,422 shares in the last quarter. PYA Waltman Capital LLC boosted its holdings in shares of Chevron by 8.5% during the 1st quarter. PYA Waltman Capital LLC now owns 13,699 shares of the oil and gas company’s stock valued at $2,161,000 after buying an additional 1,069 shares in the last quarter. Finally, Hilltop Partners LLC boosted its holdings in shares of Chevron by 28.3% during the 1st quarter. Hilltop Partners LLC now owns 3,932 shares of the oil and gas company’s stock valued at $620,000 after buying an additional 867 shares in the last quarter. 72.42% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of analysts have recently commented on the stock. Mizuho dropped their target price on shares of Chevron from $205.00 to $189.00 and set an “outperform” rating on the stock in a report on Monday, September 16th. Bank of America started coverage on shares of Chevron in a research note on Thursday, October 17th. They issued a “buy” rating and a $168.00 price target on the stock. Wells Fargo & Company dropped their price target on shares of Chevron from $196.00 to $169.00 and set an “overweight” rating on the stock in a research note on Friday, September 27th. DZ Bank upgraded shares of Chevron from a “hold” rating to a “buy” rating and set a $170.00 price target on the stock in a research note on Tuesday, November 5th. Finally, UBS Group upped their price target on shares of Chevron from $192.00 to $194.00 and gave the stock a “buy” rating in a research note on Monday, November 4th. Four equities research analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $174.93.

Chevron Price Performance

CVX opened at $160.38 on Monday. Chevron Co. has a 52-week low of $135.37 and a 52-week high of $167.11. The stock has a market capitalization of $288.22 billion, a P/E ratio of 17.74, a P/E/G ratio of 3.63 and a beta of 1.09. The company has a debt-to-equity ratio of 0.13, a quick ratio of 0.80 and a current ratio of 1.07. The company’s 50-day simple moving average is $149.39 and its two-hundred day simple moving average is $152.57.

Chevron (NYSE:CVX) last released its quarterly earnings results on Friday, November 1st. The oil and gas company reported $2.51 EPS for the quarter, beating the consensus estimate of $2.47 by $0.04. Chevron had a net margin of 8.44% and a return on equity of 13.15%. The firm had revenue of $50.67 billion during the quarter, compared to analyst estimates of $48.86 billion. During the same quarter in the prior year, the firm earned $3.05 EPS. The business’s revenue for the quarter was down 6.3% compared to the same quarter last year. As a group, analysts predict that Chevron Co. will post 10.55 EPS for the current year.

Chevron Dividend Announcement

The firm also recently declared 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 4.07%. The ex-dividend date is Monday, November 18th. Chevron’s payout ratio is currently 71.65%.

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.