MTM Investment Management LLC Purchases 348 Shares of Chevron Co. (NYSE:CVX)

MTM Investment Management LLC raised its position in Chevron Co. (NYSE:CVX) by 1.2% in the 3rd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 28,312 shares of the oil and gas company’s stock after acquiring an additional 348 shares during the period. Chevron comprises approximately 1.7% of MTM Investment Management LLC’s holdings, making the stock its 12th largest holding. MTM Investment Management LLC’s holdings in Chevron were worth $4,268,000 at the end of the most recent reporting period.

Several other institutional investors also recently modified their holdings of CVX. Portfolio Design Labs LLC acquired a new position in shares of Chevron in the 3rd quarter valued at $1,423,000. Ontario Teachers Pension Plan Board boosted its holdings in Chevron by 20.2% during the third quarter. Ontario Teachers Pension Plan Board now owns 5,471 shares of the oil and gas company’s stock valued at $806,000 after purchasing an additional 920 shares in the last quarter. First Horizon Advisors Inc. grew its stake in shares of Chevron by 4.1% in the 3rd quarter. First Horizon Advisors Inc. now owns 99,183 shares of the oil and gas company’s stock valued at $14,607,000 after purchasing an additional 3,880 shares during the period. Connor Clark & Lunn Investment Management Ltd. grew its position in Chevron by 429.9% in the third quarter. Connor Clark & Lunn Investment Management Ltd. now owns 245,477 shares of the oil and gas company’s stock valued at $36,151,000 after acquiring an additional 199,148 shares during the period. Finally, Jennison Associates LLC increased its position in shares of Chevron by 11.9% during the 3rd quarter. Jennison Associates LLC now owns 449,683 shares of the oil and gas company’s stock worth $66,225,000 after purchasing an additional 47,747 shares in the last quarter. Institutional investors and hedge funds own 72.42% of the company’s stock.

Insider Transactions at Chevron

In other news, CEO Michael K. Wirth sold 164,600 shares of the business’s stock in a transaction dated Thursday, November 14th. The shares were sold at an average price of $160.13, for a total transaction of $26,357,398.00. Following the transaction, the chief executive officer now directly owns 4,280 shares in the company, valued at $685,356.40. The trade was a 97.47 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Company insiders own 0.20% of the company’s stock.

Analyst Ratings Changes

A number of research analysts have recently issued reports on the stock. Bank of America began coverage on shares of Chevron in a research note on Thursday, October 17th. They issued a “buy” rating and a $168.00 target price for the company. Mizuho cut their price objective on Chevron from $205.00 to $189.00 and set an “outperform” rating for the company in a research report on Monday, September 16th. Barclays increased their target price on Chevron from $168.00 to $174.00 and gave the stock an “overweight” rating in a report on Monday, November 4th. Wells Fargo & Company cut their price target on Chevron from $196.00 to $169.00 and set an “overweight” rating for the company in a report on Friday, September 27th. Finally, UBS Group increased their price objective on shares of Chevron from $192.00 to $194.00 and gave the stock a “buy” rating in a report on Monday, November 4th. Four analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $174.93.

Chevron Price Performance

CVX opened at $159.61 on Wednesday. The company has a fifty day moving average price of $150.23 and a two-hundred day moving average price of $152.57. The company has a debt-to-equity ratio of 0.13, a quick ratio of 0.80 and a current ratio of 1.07. The firm has a market capitalization of $286.83 billion, a PE ratio of 17.54, a P/E/G ratio of 3.63 and a beta of 1.09. Chevron Co. has a 52 week low of $135.37 and a 52 week high of $167.11.

Chevron (NYSE:CVX) last released its quarterly earnings results on Friday, November 1st. The oil and gas company reported $2.51 earnings per share for the quarter, beating the consensus estimate of $2.47 by $0.04. The company had revenue of $50.67 billion during the quarter, compared to analysts’ expectations of $48.86 billion. Chevron had a net margin of 8.44% and a return on equity of 13.15%. The business’s quarterly revenue was down 6.3% compared to the same quarter last year. During the same quarter in the prior year, the company earned $3.05 earnings per share. As a group, analysts anticipate that Chevron Co. will post 10.55 earnings per share for the current year.

Chevron Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, December 10th. Shareholders of record on Monday, November 18th will be given a dividend of $1.63 per share. The ex-dividend date is Monday, November 18th. This represents a $6.52 annualized dividend and a yield of 4.08%. Chevron’s dividend payout ratio (DPR) is presently 71.65%.

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.