ZWJ Investment Counsel Inc. boosted its stake in shares of Chevron Co. (NYSE:CVX) by 1.4% in the third quarter, HoldingsChannel.com reports. The firm owned 238,332 shares of the oil and gas company’s stock after purchasing an additional 3,315 shares during the quarter. Chevron makes up approximately 2.2% of ZWJ Investment Counsel Inc.’s holdings, making the stock its 11th largest holding. ZWJ Investment Counsel Inc. owned about 125.77% of Chevron worth $28,004,000 at the end of the most recent reporting period.
Other large investors also recently added to or reduced their stakes in the company. Vanguard Group Inc. raised its stake in Chevron by 2.9% during the 2nd quarter. Vanguard Group Inc. now owns 139,626,287 shares of the oil and gas company’s stock valued at $14,567,210,000 after acquiring an additional 3,920,240 shares in the last quarter. BlackRock Inc. raised its stake in Chevron by 1.6% during the 2nd quarter. BlackRock Inc. now owns 124,678,992 shares of the oil and gas company’s stock valued at $13,007,759,000 after acquiring an additional 1,975,865 shares in the last quarter. Capital World Investors raised its stake in Chevron by 9.8% during the 2nd quarter. Capital World Investors now owns 35,546,848 shares of the oil and gas company’s stock valued at $3,708,603,000 after acquiring an additional 3,182,250 shares in the last quarter. Northern Trust Corp raised its stake in Chevron by 0.6% during the 2nd quarter. Northern Trust Corp now owns 26,153,161 shares of the oil and gas company’s stock valued at $2,728,558,000 after acquiring an additional 157,021 shares in the last quarter. Finally, Franklin Resources Inc. raised its stake in Chevron by 0.3% during the 2nd quarter. Franklin Resources Inc. now owns 15,609,647 shares of the oil and gas company’s stock valued at $1,628,554,000 after acquiring an additional 49,083 shares in the last quarter. Institutional investors and hedge funds own 63.84% of the company’s stock.
CVX has been the topic of several recent analyst reports. Jefferies Group reaffirmed a “buy” rating and set a $137.00 target price (up previously from $113.54) on shares of Chevron in a research note on Monday, October 30th. Zacks Investment Research raised Chevron from a “hold” rating to a “buy” rating and set a $131.00 target price on the stock in a research note on Friday, November 10th. Citigroup lifted their target price on Chevron from $118.00 to $128.00 and gave the company a “buy” rating in a research note on Monday, October 30th. HSBC downgraded Chevron from a “buy” rating to a “hold” rating in a research note on Thursday. Finally, Wolfe Research raised Chevron from a “market perform” rating to an “outperform” rating in a research note on Monday, October 16th. Three research analysts have rated the stock with a sell rating, eleven have given a hold rating and fourteen have assigned a buy rating to the company. Chevron has a consensus rating of “Hold” and an average price target of $126.06.
Chevron (NYSE:CVX) last announced its earnings results on Friday, October 27th. The oil and gas company reported $1.03 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.99 by $0.04. The company had revenue of $36.21 billion for the quarter, compared to analyst estimates of $34.06 billion. Chevron had a return on equity of 4.59% and a net margin of 4.79%. Chevron’s revenue for the quarter was up 20.1% compared to the same quarter last year. During the same period in the previous year, the firm earned $0.68 earnings per share. research analysts forecast that Chevron Co. will post 4.35 earnings per share for the current fiscal year.
In other news, Vice Chairman Michael K. Wirth sold 1,229 shares of the business’s stock in a transaction on Tuesday, November 7th. The stock was sold at an average price of $118.00, for a total transaction of $145,022.00. Following the sale, the insider now directly owns 1,229 shares of the company’s stock, valued at $145,022. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Pierre R. Breber sold 23,250 shares of the business’s stock in a transaction on Monday, November 13th. The stock was sold at an average price of $116.85, for a total value of $2,716,762.50. The disclosure for this sale can be found here. Insiders have sold 288,500 shares of company stock worth $33,480,822 over the last ninety days. 0.38% of the stock is owned by insiders.
Chevron Company Profile
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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