Industry News

Achmea Investment Management B.V. Sells 9,160 Shares of Chevron Co. (NYSE:CVX)

By August 25, 2019 No Comments

Achmea Investment Management B.V. lowered its stake in Chevron Co. (NYSE:CVX) by 5.4% in the 2nd quarter, according to its most recent disclosure with the SEC. The fund owned 159,252 shares of the oil and gas company’s stock after selling 9,160 shares during the quarter. Chevron accounts for 0.8% of Achmea Investment Management B.V.’s portfolio, making the stock its 26th biggest position. Achmea Investment Management B.V.’s holdings in Chevron were worth $19,818,000 as of its most recent filing with the SEC.

Other hedge funds also recently made changes to their positions in the company. Fisher Asset Management LLC raised its holdings in shares of Chevron by 3.4% during the second quarter. Fisher Asset Management LLC now owns 5,039,254 shares of the oil and gas company’s stock valued at $627,085,000 after acquiring an additional 166,952 shares in the last quarter. Rhumbline Advisers raised its holdings in shares of Chevron by 1.1% during the fourth quarter. Rhumbline Advisers now owns 3,439,855 shares of the oil and gas company’s stock valued at $374,222,000 after acquiring an additional 36,737 shares in the last quarter. Thoroughbred Financial Services LLC raised its holdings in shares of Chevron by 12,204.4% during the second quarter. Thoroughbred Financial Services LLC now owns 3,259,805 shares of the oil and gas company’s stock valued at $325,980,000 after acquiring an additional 3,233,312 shares in the last quarter. Investec Asset Management LTD raised its holdings in shares of Chevron by 33.0% during the second quarter. Investec Asset Management LTD now owns 2,139,343 shares of the oil and gas company’s stock valued at $266,220,000 after acquiring an additional 530,897 shares in the last quarter. Finally, TD Asset Management Inc. raised its holdings in shares of Chevron by 2.7% during the second quarter. TD Asset Management Inc. now owns 1,993,109 shares of the oil and gas company’s stock valued at $248,022,000 after acquiring an additional 51,804 shares in the last quarter. Hedge funds and other institutional investors own 66.45% of the company’s stock.

In other news, Director Debra L. Reed purchased 4,250 shares of Chevron stock in a transaction that occurred on Wednesday, August 7th. The shares were bought at an average cost of $118.14 per share, with a total value of $502,095.00. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Chairman Michael K. Wirth sold 33,750 shares of the company’s stock in a transaction on Friday, June 21st. The stock was sold at an average price of $125.60, for a total value of $4,239,000.00. Following the completion of the sale, the chairman now directly owns 33,750 shares in the company, valued at $4,239,000. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 51,750 shares of company stock worth $6,448,700. 0.31% of the stock is owned by insiders.

CVX has been the subject of a number of recent analyst reports. Citigroup initiated coverage on Chevron in a report on Monday, May 13th. They set a “buy” rating and a $135.00 target price for the company. Zacks Investment Research downgraded Chevron from a “buy” rating to a “hold” rating in a report on Tuesday, May 7th. BMO Capital Markets initiated coverage on Chevron in a report on Tuesday, August 20th. They set an “outperform” rating and a $165.00 target price for the company. Barclays initiated coverage on Chevron in a report on Monday, August 19th. They set an “overweight” rating and a $145.00 target price for the company. Finally, Morgan Stanley decreased their target price on Chevron from $146.00 to $144.00 and set an “overweight” rating for the company in a report on Friday, July 12th. Five analysts have rated the stock with a hold rating, fourteen have assigned a buy rating and one has assigned a strong buy rating to the stock. Chevron presently has an average rating of “Buy” and a consensus price target of $136.78.

Shares of CVX stock opened at $115.18 on Friday. The stock has a market cap of $223.50 billion, a price-to-earnings ratio of 13.96, a PEG ratio of 2.88 and a beta of 1.00. The business’s fifty day moving average is $122.15 and its 200 day moving average is $121.39. Chevron Co. has a twelve month low of $100.22 and a twelve month high of $127.60. The company has a quick ratio of 0.91, a current ratio of 1.15 and a debt-to-equity ratio of 0.16.

Chevron (NYSE:CVX) last issued its quarterly earnings results on Friday, August 2nd. The oil and gas company reported $2.27 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $1.74 by $0.53. The company had revenue of $38.85 billion for the quarter, compared to analysts’ expectations of $40.14 billion. Chevron had a return on equity of 9.58% and a net margin of 9.18%. The firm’s revenue for the quarter was down 8.0% on a year-over-year basis. During the same period in the prior year, the firm earned $1.78 earnings per share. Equities research analysts expect that Chevron Co. will post 6.82 earnings per share for the current fiscal year.

The company also recently declared a quarterly dividend, which will be paid on Tuesday, September 10th. Investors of record on Monday, August 19th will be paid a $1.19 dividend. The ex-dividend date is Friday, August 16th. This represents a $4.76 annualized dividend and a yield of 4.13%. Chevron’s payout ratio is 57.70%.

Chevron Profile

Chevron Corporation, through its subsidiaries, engages in integrated energy, chemicals, and petroleum operations worldwide. The company operates in two segments, Upstream and Downstream. The Upstream segment is involved in the exploration, development, and production of crude oil and natural gas; processing, liquefaction, transportation, and regasification associated with liquefied natural gas; transportation of crude oil through pipelines; and transportation, storage, and marketing of natural gas, as well as operates a gas-to-liquids plant.

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Institutional Ownership by Quarter for Chevron (NYSE:CVX)

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