Sumitomo Mitsui Asset Management Company LTD Raises Stake in Chevron Corporation (NYSE:CVX)

Sumitomo Mitsui Asset Management Company LTD boosted its stake in shares of Chevron Corporation (NYSE:CVX) by 5.5% during the first quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 213,238 shares of the oil and gas company’s stock after buying an additional 11,196 shares during the period. Sumitomo Mitsui Asset Management Company LTD’s holdings in Chevron Corporation were worth $22,895,000 as of its most recent SEC filing.

Several other hedge funds have also recently modified their holdings of CVX. Norges Bank bought a new stake in Chevron Corporation during the fourth quarter worth approximately $2,183,692,000. Genovese Burford & Brothers Wealth & Retirement Plan Management LLC increased its stake in Chevron Corporation by 17,780.6% in the fourth quarter. Genovese Burford & Brothers Wealth & Retirement Plan Management LLC now owns 2,445,527 shares of the oil and gas company’s stock worth $2,445,000 after buying an additional 2,431,850 shares in the last quarter. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main bought a new stake in Chevron Corporation during the fourth quarter worth approximately $179,172,000. Renaissance Technologies LLC bought a new stake in Chevron Corporation during the fourth quarter worth approximately $140,238,000. Finally, Teachers Advisors LLC boosted its position in shares of Chevron Corporation by 14.9% in the fourth quarter. Teachers Advisors LLC now owns 4,416,166 shares of the oil and gas company’s stock worth $519,783,000 after buying an additional 573,660 shares during the last quarter. 62.58% of the stock is currently owned by institutional investors and hedge funds.

Chevron Corporation (NYSE CVX) opened at 109.23 on Friday. The company has a 50-day moving average of $106.01 and a 200-day moving average of $107.75. Chevron Corporation has a 12 month low of $97.53 and a 12 month high of $119.00. The company has a market cap of $206.99 billion, a price-to-earnings ratio of 35.42 and a beta of 1.23.

Chevron Corporation (NYSE:CVX) last announced its quarterly earnings data on Friday, July 28th. The oil and gas company reported $0.91 EPS for the quarter, beating the Zacks’ consensus estimate of $0.89 by $0.02. Chevron Corporation had a return on equity of 4.13% and a net margin of 4.50%. The firm had revenue of $34.48 billion during the quarter, compared to analysts’ expectations of $32.77 billion. During the same quarter last year, the firm posted ($0.78) earnings per share. The company’s revenue for the quarter was up 17.8% compared to the same quarter last year. Analysts predict that Chevron Corporation will post $3.80 EPS for the current year.

The company also recently disclosed a quarterly dividend, which will be paid on Monday, September 11th. Shareholders of record on Friday, August 18th will be paid a $1.08 dividend. The ex-dividend date of this dividend is Wednesday, August 16th. This represents a $4.32 dividend on an annualized basis and a yield of 3.95%. Chevron Corporation’s dividend payout ratio (DPR) is presently 140.26%.

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A number of equities analysts have issued reports on the stock. Zacks Investment Research upgraded shares of Chevron Corporation from a “sell” rating to a “hold” rating in a research report on Thursday, August 3rd. Piper Jaffray Companies reissued a “buy” rating on shares of Chevron Corporation in a research report on Thursday, August 3rd. BNP Paribas raised shares of Chevron Corporation from an “underperform” rating to a “neutral” rating and set a $105.00 price objective for the company in a research report on Monday, August 7th. BidaskClub raised shares of Chevron Corporation from a “sell” rating to a “hold” rating in a research report on Tuesday, August 1st. Finally, TheStreet lowered shares of Chevron Corporation from a “b” rating to a “c+” rating in a research report on Friday, July 28th. Three equities research analysts have rated the stock with a sell rating, eight have issued a hold rating, fourteen have given a buy rating and one has given a strong buy rating to the company. The company currently has an average rating of “Buy” and a consensus target price of $116.18.

In related news, insider James William Johnson sold 31,000 shares of Chevron Corporation stock in a transaction that occurred on Wednesday, August 2nd. The stock was sold at an average price of $110.68, for a total transaction of $3,431,080.00. Following the transaction, the insider now owns 11,000 shares of the company’s stock, valued at $1,217,480. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CFO Patricia E. Yarrington sold 39,000 shares of Chevron Corporation stock in a transaction that occurred on Wednesday, August 2nd. The shares were sold at an average price of $111.00, for a total value of $4,329,000.00. Following the transaction, the chief financial officer now directly owns 43,838 shares in the company, valued at approximately $4,866,018. The disclosure for this sale can be found here. Company insiders own 0.38% of the company’s stock.

About Chevron Corporation

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.