MONECO Advisors LLC has recently raised its stake in Chevron Corporation, increasing its holdings by 9.2% during the fourth quarter of the last fiscal year. This move, outlined in the firm's latest 13F filing with the Securities and Exchange Commission (SEC), means MONECO now owns 20,516 shares of the oil giant, valued at approximately $2,971,000.
Numerous other hedge funds have also made significant adjustments to their positions. For example, Pekin Hardy Strauss Inc. raised its stake by 7.5%, bringing its total to 38,561 shares, valued at $5,585,000 after acquiring 2,700 additional shares. Similarly, Howard Capital Management Inc. upped its position by 3.2%, now holding 19,075 shares valued at $2,763,000. Integral Investment Advisors Inc. followed suit with a 4.0% increase, acquiring 560 more shares, which now totals 14,457 shares worth $2,094,000.
On the other hand, Sigma Investment Counselors Inc. saw fit to lower its stake by 56.7% during the same quarter, now holding only 7,489 shares valued at $1,085,000 after offloading 9,814 shares. Other entities, like Tacita Capital Inc., Wallace Capital Management Inc., and TFB Advisors LLC also made modest increases or adjustments to their stakes, reflecting the dynamic nature of institutional investment strategies.
Institutional investors and hedged funds collectively own approximately 72.42% of Chevron, illustrating the significant backing of this oil and gas corporation by major investment players.
On the front of analyst interactions, several research firms have recently assessed Chevron’s stock. Barclays adjusted its price target downward from $174.00 to $171.00 but maintained its "overweight" rating. Royal Bank of Canada, on the other hand, reaffirmed its "outperform" rating with a target of $175. According to DZ Bank, shares were upgraded from "hold" to "buy" with a target price set at $170.00, reflecting optimistic market outlook based on strategic growth and performance.
Chevron’s stock has reacted to these predictions; at the last trading session, shares opened at $156.92, showing some fluctuations on the market. The company boasts impressive numbers, with its shares hitting a 52-week hiking high of $167.11 and operating with stable fundamentals including a market cap of $282.00 billion and strong debt-to-equity ratio of 0.13.
Recently, the company posted its quarterly earnings results on January 31st, reporting earnings per share of $2.06. This figure fell short of the consensus estimate of $2.42 by $0.36, leading to discussions about the company's performance trends.
Despite the earnings miss, Chevron announced significant news for investors: the company is increasing its quarterly dividend to $1.71 per share—up from the previous $1.63—which will be paid out to shareholders on March 10, 2020. This increase signifies a commitment by Chevron to return value to its shareholders even amid economic challenges, establishing an annualized dividend yield of 4.36% based on its recent trading price.
Looking at broader market conditions and Chevron's pension, analysts project Chevron will maintain its status with expectations of earnings per share reaching 10.79 for the current fiscal year, indicating potential for growth even with recent challenges.
Insider activity also played its part recently. Jeff B. Gustavson, Chevron’s vice president, sold off 9,325 shares on February 7th at $152.50, totaling more than $1.4 million worth of shares, marking about an 89.82% decrease of his position following these transactions.
Overall, Chevron remains well-positioned amid market fluctuations. Analysts give it an average rating of "Moderate Buy," with 13 buy ratings and four hold ratings confirming investor confidence, even as the company navigates through various economic landscapes.
The future looks promising for Chevron with institutional backing, consistent dividend growth, and increased analyst interest, reinforcing its stature as one of the key players within the energy sector.