Wedge Capital Management L L P NC Purchases 120 Shares of Chevron Co. (NYSE:CVX)

Wedge Capital Management L L P NC lifted its position in Chevron Co. (NYSE:CVX) by 4.3% in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 2,887 shares of the oil and gas company’s stock after acquiring an additional 120 shares during the quarter. Wedge Capital Management L L P NC’s holdings in Chevron were worth $425,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in CVX. Stolper Co lifted its stake in shares of Chevron by 4.6% during the 1st quarter. Stolper Co now owns 50,224 shares of the oil and gas company’s stock worth $7,922,000 after purchasing an additional 2,226 shares during the last quarter. Welch Group LLC lifted its position in shares of Chevron by 5.1% during the first quarter. Welch Group LLC now owns 372,870 shares of the oil and gas company’s stock valued at $58,817,000 after buying an additional 18,014 shares during the last quarter. Richard P Slaughter Associates Inc bought a new stake in shares of Chevron in the 1st quarter valued at about $2,194,000. Ellenbecker Investment Group grew its position in shares of Chevron by 1.5% in the 1st quarter. Ellenbecker Investment Group now owns 4,346 shares of the oil and gas company’s stock worth $686,000 after buying an additional 65 shares during the last quarter. Finally, Safeguard Financial LLC bought a new position in shares of Chevron during the 1st quarter worth approximately $210,000. 72.42% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

Several research firms have issued reports on CVX. Wolfe Research began coverage on shares of Chevron in a report on Thursday, July 18th. They issued a “peer perform” rating on the stock. Barclays dropped their target price on Chevron from $185.00 to $168.00 and set an “overweight” rating on the stock in a research note on Thursday, October 3rd. Sanford C. Bernstein cut 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. Bank of America initiated coverage on Chevron in a research note on Thursday. They set a “buy” rating and a $168.00 price target on the stock. Finally, UBS Group increased their price objective on shares of Chevron from $189.00 to $192.00 and gave the company a “buy” rating in a research report on Tuesday, October 8th. Five equities research analysts have rated the stock with a hold rating and twelve have issued a buy rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $173.07.

Chevron Price Performance

Shares of CVX stock opened at $151.19 on Friday. The company has a debt-to-equity ratio of 0.13, a current ratio of 1.16 and a quick ratio of 0.85. The company has a market capitalization of $276.51 billion, a PE ratio of 14.97, a price-to-earnings-growth ratio of 2.74 and a beta of 1.09. The firm’s 50-day moving average is $145.96 and its two-hundred day moving average is $153.76. Chevron Co. has a 12 month low of $135.37 and a 12 month high of $170.17.

Chevron (NYSE:CVX) last released its quarterly 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 for the quarter, compared to analysts’ expectations of $48.68 billion. Chevron had a net margin of 9.31% and a return on equity of 13.70%. The firm’s quarterly revenue was up 4.7% compared to the same quarter last year. During the same period in the previous year, the firm posted $3.08 EPS. Analysts predict that Chevron Co. will post 11.06 earnings per share for the current year.

Chevron Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Tuesday, September 10th. Stockholders of record on Monday, August 19th were issued a dividend of $1.63 per share. This represents a $6.52 dividend on an annualized basis and a dividend yield of 4.31%. The ex-dividend date of this dividend was Monday, August 19th. Chevron’s dividend payout ratio is presently 64.55%.

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.