Intact Investment Management Inc. Purchases 6,700 Shares of Chevron Co. (NYSE:CVX)

Intact Investment Management Inc. raised its position in shares of Chevron Co. (NYSE:CVX) by 10.7% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 69,450 shares of the oil and gas company’s stock after acquiring an additional 6,700 shares during the quarter. Intact Investment Management Inc.’s holdings in Chevron were worth $10,228,000 as of its most recent SEC filing.

A number of other large investors have also recently bought and sold shares of CVX. China Universal Asset Management Co. Ltd. bought a new stake in shares of Chevron in the 1st quarter valued at $566,000. Centric Wealth Management increased its stake in Chevron by 29.6% in the first quarter. Centric Wealth Management now owns 7,145 shares of the oil and gas company’s stock valued at $1,152,000 after purchasing an additional 1,631 shares in the last quarter. Ballast Advisors LLC raised its holdings in shares of Chevron by 8.9% during the first quarter. Ballast Advisors LLC now owns 6,946 shares of the oil and gas company’s stock valued at $1,096,000 after purchasing an additional 565 shares during the period. TKG Advisors LLC boosted its position in shares of Chevron by 11.4% during the 1st quarter. TKG Advisors LLC now owns 15,787 shares of the oil and gas company’s stock worth $2,490,000 after purchasing an additional 1,615 shares in the last quarter. Finally, Janney Montgomery Scott LLC grew its stake in shares of Chevron by 6.5% in the 1st quarter. Janney Montgomery Scott LLC now owns 1,172,511 shares of the oil and gas company’s stock valued at $184,952,000 after buying an additional 71,279 shares during the period. 72.42% of the stock is currently owned by institutional investors and hedge funds.

Chevron Stock Performance

Shares of CVX opened at $154.77 on Monday. The stock has a 50 day moving average of $146.96 and a 200 day moving average of $152.93. The company has a market capitalization of $283.06 billion, a price-to-earnings ratio of 16.82, a PEG ratio of 3.29 and a beta of 1.09. Chevron Co. has a 12 month low of $135.37 and a 12 month high of $167.11. The company has a current ratio of 1.16, a quick ratio of 0.85 and a debt-to-equity ratio of 0.13.

Chevron (NYSE:CVX) last announced its earnings results on Friday, August 2nd. The oil and gas company reported $2.55 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.93 by ($0.38). The business had revenue of $51.18 billion for the quarter, compared to analysts’ expectations of $48.68 billion. Chevron had a net margin of 9.31% and a return on equity of 13.70%. The company’s revenue for the quarter was up 4.7% compared to the same quarter last year. During the same period in the prior year, the business earned $3.08 earnings per share. As a group, sell-side analysts forecast that Chevron Co. will post 10.74 earnings per share for the current year.

Analysts Set New Price Targets

A number of research firms recently weighed in on CVX. Wolfe Research assumed coverage on Chevron in a research note on Thursday, July 18th. They set a “peer perform” rating on the stock. Scotiabank lowered their target price on Chevron from $180.00 to $163.00 and set a “sector outperform” rating on the stock in a research report on Thursday, October 10th. Royal Bank of Canada reissued an “outperform” rating and issued a $170.00 price target on shares of Chevron in a research report on Tuesday, October 8th. Wells Fargo & Company decreased their price target on shares of Chevron from $196.00 to $169.00 and set an “overweight” rating for the company in a research note on Friday, September 27th. Finally, Barclays raised their price objective on shares of Chevron from $168.00 to $174.00 and gave the company an “overweight” rating in a research note on Monday. Five research analysts have rated the stock with a hold rating and twelve have given a buy rating to the stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $173.47.

Chevron Company 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.