Advisors Capital Management LLC Purchases 8,376 Shares of Chevron Co. (NYSE:CVX)

Advisors Capital Management LLC grew its stake in Chevron Co. (NYSE:CVX - Free Report) by 1.5% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 562,406 shares of the oil and gas company's stock after purchasing an additional 8,376 shares during the quarter. Chevron makes up approximately 1.3% of Advisors Capital Management LLC's investment portfolio, making the stock its 11th largest holding. Advisors Capital Management LLC's holdings in Chevron were worth $81,459,000 as of its most recent SEC filing.

Other hedge funds also recently modified their holdings of the company. Norges Bank acquired a new position in Chevron in the 4th quarter valued at $3,017,750,000. Raymond James Financial Inc. acquired a new stake in shares of Chevron during the fourth quarter worth $1,036,302,000. Bank of New York Mellon Corp boosted its position in shares of Chevron by 17.3% in the fourth quarter. Bank of New York Mellon Corp now owns 16,496,687 shares of the oil and gas company's stock valued at $2,389,380,000 after acquiring an additional 2,432,756 shares during the period. Amundi grew its stake in shares of Chevron by 27.7% in the fourth quarter. Amundi now owns 8,806,050 shares of the oil and gas company's stock valued at $1,323,549,000 after acquiring an additional 1,910,262 shares in the last quarter. Finally, Invesco Ltd. increased its position in Chevron by 6.9% during the fourth quarter. Invesco Ltd. now owns 15,027,474 shares of the oil and gas company's stock worth $2,176,579,000 after acquiring an additional 964,426 shares during the period. Institutional investors and hedge funds own 72.42% of the company's stock.

Insider Activity

In related news, VP Jeff B. Gustavson sold 9,325 shares of the business's stock in a transaction on Friday, February 7th. The shares were sold at an average price of $152.50, for a total value of $1,422,062.50. Following the sale, the vice president now owns 1,057 shares of the company's stock, valued at $161,192.50. The trade was a 89.82 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Insiders own 0.20% of the company's stock.

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Analysts Set New Price Targets

A number of analysts have issued reports on CVX shares. Raymond James cut their price objective on shares of Chevron from $180.00 to $175.00 and set an "outperform" rating for the company in a report on Monday, February 3rd. BNP Paribas cut Chevron to a "cautious" rating in a report on Tuesday. UBS Group reduced their target price on Chevron from $194.00 to $185.00 and set a "buy" rating on the stock in a report on Monday, April 7th. Wells Fargo & Company dropped their price target on Chevron from $184.00 to $173.00 and set an "overweight" rating for the company in a research note on Tuesday. Finally, Royal Bank of Canada reiterated an "outperform" rating and set a $175.00 price objective on shares of Chevron in a research note on Monday, February 3rd. One research analyst has rated the stock with a sell rating, five have assigned a hold rating and eleven have given a buy rating to the company. According to MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus price target of $169.50.

Chevron Price Performance

Shares of NYSE:CVX traded up $0.87 during trading on Wednesday, hitting $135.41. 8,628,837 shares of the company were exchanged, compared to its average volume of 7,896,978. Chevron Co. has a 1-year low of $132.04 and a 1-year high of $168.96. The company has a market capitalization of $238.40 billion, a P/E ratio of 13.93, a price-to-earnings-growth ratio of 1.46 and a beta of 0.93. The company has a quick ratio of 0.80, a current ratio of 1.07 and a debt-to-equity ratio of 0.13. The business's 50 day moving average is $154.64 and its 200-day moving average is $153.69.

Chevron (NYSE:CVX - Get Free Report) last posted its earnings results on Friday, January 31st. The oil and gas company reported $2.06 EPS for the quarter, missing the consensus estimate of $2.42 by ($0.36). Chevron had a net margin of 8.71% and a return on equity of 11.44%. During the same period in the prior year, the company earned $3.45 earnings per share. Equities analysts forecast that Chevron Co. will post 10.79 earnings per share for the current year.

Chevron Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, March 10th. Shareholders of record on Friday, February 14th were given a $1.71 dividend. This is a boost from Chevron's previous quarterly dividend of $1.63. This represents a $6.84 annualized dividend and a yield of 5.05%. The ex-dividend date of this dividend was Friday, February 14th. Chevron's dividend payout ratio is 70.37%.

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.