Grisanti Capital Management LLC increased its position in shares of Chevron Corp. (NYSE:CVX) by 622.4% during the second quarter, Holdings Channel reports. The fund owned 72,425 shares of the company’s stock after buying an additional 62,400 shares during the period. Chevron Corp. makes up approximately 4.2% of Grisanti Capital Management LLC’s portfolio, making the stock its 13th largest position. Grisanti Capital Management LLC’s holdings in Chevron Corp. were worth $7,593,000 at the end of the most recent reporting period.
A number of other hedge funds and other institutional investors also recently bought and sold shares of the stock. CHURCHILL MANAGEMENT Corp acquired a new stake in shares of Chevron Corp. during the second quarter worth about $2,118,000. Chevy Chase Trust Holdings Inc. raised its stake in shares of Chevron Corp. by 0.7% in the second quarter. Chevy Chase Trust Holdings Inc. now owns 1,644,631 shares of the company’s stock worth $172,407,000 after buying an additional 11,249 shares during the period. Arizona State Retirement System raised its stake in shares of Chevron Corp. by 1.8% in the first quarter. Arizona State Retirement System now owns 730,403 shares of the company’s stock worth $69,680,000 after buying an additional 13,100 shares during the period. Societe Generale acquired a new stake in shares of Chevron Corp. during the second quarter worth about $66,963,000. Finally, NN Investment Partners Holdings N.V. acquired a new stake in shares of Chevron Corp. during the first quarter worth about $55,733,000. 62.24% of the stock is currently owned by institutional investors.
Shares of Chevron Corp. (NYSE:CVX) traded up 1.63% on Friday, hitting $102.92. The stock had a trading volume of 9,431,524 shares. Chevron Corp. has a 12-month low of $75.33 and a 12-month high of $107.58. The company’s 50-day moving average price is $101.06 and its 200 day moving average price is $100.84. The firm’s market cap is $194.16 billion.
Chevron Corp. (NYSE:CVX) last issued its quarterly earnings results on Friday, July 29th. The company reported ($0.78) earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.32 by $1.10. Chevron Corp. had a negative net margin of 0.64% and a positive return on equity of 1.07%. The firm earned $29.28 billion during the quarter, compared to the consensus estimate of $25.78 billion. During the same quarter last year, the firm posted $0.30 earnings per share. Chevron Corp.’s revenue was down 27.4% compared to the same quarter last year. On average, equities research analysts forecast that Chevron Corp. will post $1.29 earnings per share for the current fiscal year.
The company also recently declared a quarterly dividend, which was paid on Monday, September 12th. Stockholders of record on Friday, August 19th were issued a $1.07 dividend. The ex-dividend date was Wednesday, August 17th. This represents a $4.28 dividend on an annualized basis and a dividend yield of 4.16%. Chevron Corp.’s dividend payout ratio (DPR) is -1,097.44%.
CVX has been the topic of a number of recent research reports. Vetr upgraded shares of Chevron Corp. from a “hold” rating to a “buy” rating and set a $107.24 price target on the stock in a research note on Tuesday, August 9th. Jefferies Group reiterated a “buy” rating on shares of Chevron Corp. in a research note on Friday, August 5th. Zacks Investment Research upgraded shares of Chevron Corp. from a “hold” rating to a “buy” rating and set a $118.00 price target on the stock in a research note on Tuesday, July 12th. Barclays PLC reiterated an “equal weight” rating and set a $125.00 price target on shares of Chevron Corp. in a research note on Thursday, July 28th. Finally, Morgan Stanley restated a “hold” rating and set a $85.00 target price on shares of Chevron Corp. in a research note on Wednesday, June 8th. Twelve analysts have rated the stock with a hold rating, nineteen have assigned a buy rating and one has given a strong buy rating to the company’s stock. The company currently has a consensus rating of “Buy” and a consensus price target of $105.53.
In other news, Director Inge G. Thulin purchased 487 shares of the stock in a transaction dated Monday, August 15th. The stock was acquired at an average cost of $102.87 per share, for a total transaction of $50,097.69. The acquisition was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, insider Michael K. Wirth sold 125,000 shares of the business’s stock in a transaction that occurred on Monday, August 1st. The shares were sold at an average price of $100.47, for a total value of $12,558,750.00. Following the completion of the sale, the insider now owns 4,222 shares of the company’s stock, valued at $424,184.34. The disclosure for this sale can be found here. 0.40% of the stock is owned by insiders.
About Chevron Corp.
Chevron Corporation (Chevron) manages its investments in subsidiaries and affiliates and provides administrative, financial, management and technology support to the United States and international subsidiaries that engage in integrated energy and chemicals operations. The Company operates through two business segments: Upstream and Downstream.
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