State Treasurer State of Michigan lowered its stake in Chevron Co. (NYSE:CVX) by 3.2% during the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 556,768 shares of the oil and gas company’s stock after selling 18,300 shares during the quarter. State Treasurer State of Michigan’s holdings in Chevron were worth $69,702,000 at the end of the most recent reporting period.
A number of other institutional investors and hedge funds also recently made changes to their positions in CVX. Acrospire Investment Management LLC lifted its position in shares of Chevron by 133.3% in the second quarter. Acrospire Investment Management LLC now owns 1,400 shares of the oil and gas company’s stock worth $146,000 after purchasing an additional 800 shares in the last quarter. Accurate Investment Solutions Inc. raised its position in Chevron by 59.1% during the third quarter. Accurate Investment Solutions Inc. now owns 1,352 shares of the oil and gas company’s stock worth $159,000 after acquiring an additional 502 shares in the last quarter. Ffcm LLC raised its position in Chevron by 121.1% during the second quarter. Ffcm LLC now owns 1,501 shares of the oil and gas company’s stock worth $160,000 after acquiring an additional 822 shares in the last quarter. Mountain Capital Investment Advisors Inc bought a new stake in Chevron during the second quarter worth $160,000. Finally, Intellectus Partners LLC raised its position in Chevron by 1.0% during the second quarter. Intellectus Partners LLC now owns 1,557 shares of the oil and gas company’s stock worth $162,000 after acquiring an additional 15 shares in the last quarter. 64.98% of the stock is currently owned by hedge funds and other institutional investors.
Several research firms have issued reports on CVX. Vetr lowered shares of Chevron from a “buy” rating to a “hold” rating and set a $134.35 price target on the stock. in a research report on Thursday, January 11th. Royal Bank of Canada set a $130.00 price target on shares of Chevron and gave the stock a “hold” rating in a research report on Friday. Wells Fargo upped their price target on shares of Chevron from $138.00 to $153.00 and gave the stock an “outperform” rating in a research report on Thursday. They noted that the move was a valuation call. Zacks Investment Research raised shares of Chevron from a “hold” rating to a “buy” rating and set a $140.00 price target on the stock in a research report on Wednesday, December 27th. Finally, Credit Suisse Group reaffirmed a “neutral” rating and set a $130.00 price target (up from $123.00) on shares of Chevron in a research report on Tuesday, January 23rd. One analyst has rated the stock with a sell rating, eight have issued a hold rating and nineteen have assigned a buy rating to the company’s stock. Chevron presently has a consensus rating of “Buy” and an average target price of $131.29.
Chevron (NYSE:CVX) last released its quarterly earnings data on Friday, February 2nd. The oil and gas company reported $0.73 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $1.27 by ($0.54). Chevron had a net margin of 6.49% and a return on equity of 5.22%. The company had revenue of $37.62 billion during the quarter, compared to analyst estimates of $38.43 billion. During the same quarter in the prior year, the firm earned $0.22 earnings per share. Chevron’s revenue for the quarter was up 19.4% on a year-over-year basis. analysts predict that Chevron Co. will post 6.39 earnings per share for the current fiscal year.
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Chevron Company Profile
Chevron Corporation, through its subsidiaries, engages in integrated energy, chemicals, and petroleum operations worldwide. The company operates in two segments, Upstream and Downstream. The Upstream segment is involved in the exploration, development, and production of crude oil and natural gas; processing, liquefaction, transportation, and regasification associated with liquefied natural gas; transportation of crude oil through pipelines; and transportation, storage, and marketing of natural gas, as well as operates a gas-to-liquids plant.
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