Renaissance Investment Group LLC Acquires 98 Shares of Chevron Co. (NYSE:CVX)

Renaissance Investment Group LLC increased its holdings in Chevron Co. (NYSE:CVX) by 2.6% during the 3rd quarter, HoldingsChannel reports. The firm owned 3,877 shares of the oil and gas company’s stock after buying an additional 98 shares during the period. Renaissance Investment Group LLC’s holdings in Chevron were worth $571,000 at the end of the most recent reporting period.

Several other large investors also recently bought and sold shares of CVX. Massachusetts Financial Services Co. MA boosted its stake in Chevron by 55.5% during the second quarter. Massachusetts Financial Services Co. MA now owns 8,537,859 shares of the oil and gas company’s stock worth $1,335,492,000 after buying an additional 3,048,819 shares during the period. Wulff Hansen & CO. boosted its stake in Chevron by 15,542.0% during the second quarter. Wulff Hansen & CO. now owns 1,175,653 shares of the oil and gas company’s stock worth $183,896,000 after buying an additional 1,168,137 shares during the period. Global Assets Advisory LLC purchased a new position in Chevron during the first quarter worth $156,482,000. Confluence Investment Management LLC purchased a new position in Chevron during the first quarter worth $123,681,000. Finally, Capital International Investors boosted its stake in Chevron by 5.9% during the first quarter. Capital International Investors now owns 13,418,287 shares of the oil and gas company’s stock worth $2,116,600,000 after buying an additional 743,042 shares during the period. Institutional investors own 72.42% of the company’s stock.

Chevron Stock Performance

Shares of Chevron stock opened at $151.42 on Friday. The company has a market capitalization of $276.94 billion, a PE ratio of 14.99, a P/E/G ratio of 2.70 and a beta of 1.09. The company has a debt-to-equity ratio of 0.13, a quick ratio of 0.85 and a current ratio of 1.16. The company has a 50-day simple moving average of $145.46 and a two-hundred day simple moving average of $153.95. Chevron Co. has a one year low of $135.37 and a one year high of $170.17.

Chevron (NYSE:CVX) last announced its earnings results on Friday, August 2nd. The oil and gas company reported $2.55 EPS for the quarter, missing analysts’ consensus estimates of $2.93 by ($0.38). The firm had revenue of $51.18 billion during the quarter, compared to the consensus estimate of $48.68 billion. Chevron had a return on equity of 13.70% and a net margin of 9.31%. The business’s revenue for the quarter was up 4.7% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $3.08 earnings per share. Research analysts expect that Chevron Co. will post 11.09 EPS for the current fiscal year.

Chevron Dividend Announcement

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

Analyst Upgrades and Downgrades

Several research firms have commented on CVX. UBS Group lifted their price objective on shares of Chevron from $189.00 to $192.00 and gave the stock a “buy” rating in a research note on Tuesday, October 8th. Scotiabank lowered their target price on shares of Chevron from $180.00 to $163.00 and set a “sector outperform” rating for the company in a research note on Thursday. Wolfe Research assumed coverage on shares of Chevron in a research note on Thursday, July 18th. They set a “peer perform” rating for the company. Royal Bank of Canada reissued an “outperform” rating and set a $170.00 target price on shares of Chevron in a research note on Tuesday, October 8th. Finally, Mizuho lowered their target price on shares of Chevron from $205.00 to $189.00 and set an “outperform” rating for the company in a research note on Monday, September 16th. Six research analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $176.81.

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.