Sumitomo Life Insurance Co. Increases Stock Position in Chevron Co. (NYSE:CVX)

Sumitomo Life Insurance Co. raised its stake in shares of Chevron Co. (NYSE:CVX) by 2.5% in the 3rd quarter, Holdings Channel reports. The firm owned 27,652 shares of the oil and gas company’s stock after acquiring an additional 667 shares during the period. Sumitomo Life Insurance Co.’s holdings in Chevron were worth $4,072,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently made changes to their positions in the company. Scarborough Advisors LLC bought a new stake in Chevron in the fourth quarter worth $98,000. Campbell Capital Management Inc. lifted its holdings in shares of Chevron by 12.1% in the 1st quarter. Campbell Capital Management Inc. now owns 32,551 shares of the oil and gas company’s stock valued at $5,135,000 after acquiring an additional 3,521 shares during the last quarter. GoalFusion Wealth Management LLC purchased a new position in Chevron in the first quarter worth about $207,000. Cullen Investment Group LTD. increased its stake in Chevron by 22.6% during the first quarter. Cullen Investment Group LTD. now owns 33,985 shares of the oil and gas company’s stock worth $5,430,000 after acquiring an additional 6,257 shares during the last quarter. Finally, S. R. Schill & Associates raised its position in Chevron by 9.4% during the first quarter. S. R. Schill & Associates now owns 8,440 shares of the oil and gas company’s stock valued at $1,331,000 after purchasing an additional 728 shares during the period. Hedge funds and other institutional investors own 72.42% of the company’s stock.

Chevron Trading Up 0.6 %

CVX traded up $0.89 during trading on Wednesday, hitting $148.62. 461,457 shares of the stock were exchanged, compared to its average volume of 7,705,692. 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 firm has a 50 day simple moving average of $145.70 and a 200 day simple moving average of $153.82. The firm has a market cap of $273.90 billion, a price-to-earnings ratio of 13.59, a P/E/G ratio of 2.72 and a beta of 1.09. Chevron Co. has a 1 year low of $135.37 and a 1 year high of $170.17.

Chevron (NYSE:CVX) last announced 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). Chevron had a net margin of 9.31% and a return on equity of 13.70%. The firm had revenue of $51.18 billion for the quarter, compared to analysts’ expectations of $48.68 billion. During the same quarter in the prior year, the business posted $3.08 EPS. The business’s quarterly revenue was up 4.7% on a year-over-year basis. As a group, equities analysts expect that Chevron Co. will post 11.09 EPS for the current year.

Chevron Dividend Announcement

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 $1.63 dividend. The ex-dividend date was Monday, August 19th. This represents a $6.52 annualized dividend and a dividend yield of 4.39%. Chevron’s dividend payout ratio is currently 59.98%.

Analyst Upgrades and Downgrades

Several equities analysts have recently weighed in on the company. Wolfe Research initiated coverage on Chevron in a research report on Thursday, July 18th. They set a “peer perform” rating on the stock. Mizuho cut their price objective on shares of Chevron from $205.00 to $189.00 and set an “outperform” rating on the stock in a research report on Monday, September 16th. Scotiabank reduced their target price on shares of Chevron from $180.00 to $163.00 and set a “sector outperform” rating on the stock in a research note on Thursday, October 10th. UBS Group lifted their price target 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. Finally, Sanford C. Bernstein downgraded shares of Chevron from an “outperform” rating to a “market perform” rating and cut their price target for the company from $183.00 to $167.00 in a report on Wednesday, July 17th. Six equities research analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $176.81.

About Chevron

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.