Asset Advisors Investment Management LLC decreased its stake in shares of Chevron Co. (NYSE:CVX) by 67.6% in the 2nd quarter, according to its most recent 13F filing with the SEC. The firm owned 2,200 shares of the oil and gas company’s stock after selling 4,600 shares during the period. Asset Advisors Investment Management LLC’s holdings in Chevron were worth $274,000 as of its most recent filing with the SEC.
Several other hedge funds also recently made changes to their positions in CVX. Thoroughbred Financial Services LLC raised its stake in Chevron by 12,204.4% in the 2nd quarter. Thoroughbred Financial Services LLC now owns 3,259,805 shares of the oil and gas company’s stock worth $325,980,000 after purchasing an additional 3,233,312 shares in the last quarter. Nordea Investment Management AB raised its position in shares of Chevron by 298.6% in the 4th quarter. Nordea Investment Management AB now owns 1,695,198 shares of the oil and gas company’s stock valued at $184,416,000 after buying an additional 1,269,889 shares in the last quarter. Royal London Asset Management Ltd. acquired a new position in shares of Chevron in the 4th quarter valued at approximately $88,758,000. Hamlin Capital Management LLC raised its position in shares of Chevron by 90.6% in the 4th quarter. Hamlin Capital Management LLC now owns 707,870 shares of the oil and gas company’s stock valued at $77,009,000 after buying an additional 336,521 shares in the last quarter. Finally, Manning & Napier Group LLC raised its position in shares of Chevron by 1,698.5% in the 2nd quarter. Manning & Napier Group LLC now owns 335,520 shares of the oil and gas company’s stock valued at $41,751,000 after buying an additional 316,864 shares in the last quarter. 66.45% of the stock is owned by institutional investors and hedge funds.
CVX opened at $115.18 on Friday. Chevron Co. has a fifty-two week low of $100.22 and a fifty-two week high of $127.60. The company has a debt-to-equity ratio of 0.16, a current ratio of 1.15 and a quick ratio of 0.91. The firm has a market capitalization of $223.79 billion, a price-to-earnings ratio of 13.96, a PEG ratio of 2.84 and a beta of 1.00. The company’s 50 day moving average price is $122.15 and its two-hundred day moving average price is $121.39.Chevron (NYSE:CVX) last posted its earnings results on Friday, August 2nd. The oil and gas company reported $2.27 earnings per share for the quarter, topping the Zacks’ consensus estimate of $1.74 by $0.53. Chevron had a net margin of 9.18% and a return on equity of 9.58%. The firm had revenue of $38.85 billion for the quarter, compared to analyst estimates of $40.14 billion. During the same period in the previous year, the firm posted $1.78 EPS. The company’s revenue for the quarter was down 8.0% compared to the same quarter last year. As a group, equities research analysts predict that Chevron Co. will post 6.82 EPS for the current year.
The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 10th. Stockholders of record on Monday, August 19th will be paid a $1.19 dividend. This represents a $4.76 dividend on an annualized basis and a dividend yield of 4.13%. The ex-dividend date is Friday, August 16th. Chevron’s dividend payout ratio is currently 57.70%.
In other news, Chairman Michael K. Wirth sold 33,750 shares of the company’s stock in a transaction on Friday, June 21st. The shares were sold at an average price of $125.60, for a total value of $4,239,000.00. Following the sale, the chairman now directly owns 33,750 shares of the company’s stock, valued at approximately $4,239,000. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, insider Joseph C. Geagea sold 8,000 shares of the company’s stock in a transaction on Tuesday, August 13th. The shares were sold at an average price of $122.50, for a total transaction of $980,000.00. Following the completion of the sale, the insider now directly owns 9,243 shares in the company, valued at $1,132,267.50. 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. Insiders own 0.31% of the company’s stock.
CVX has been the subject of several analyst reports. Barclays initiated coverage on shares of Chevron in a research report on Monday, August 19th. They issued an “overweight” rating and a $145.00 target price for the company. Morgan Stanley dropped their target price on shares of Chevron from $146.00 to $144.00 and set an “overweight” rating for the company in a research report on Friday, July 12th. BMO Capital Markets initiated coverage on shares of Chevron in a research report on Tuesday, August 20th. They issued an “outperform” rating and a $165.00 target price for the company. Zacks Investment Research cut shares of Chevron from a “buy” rating to a “hold” rating in a research report on Tuesday, May 7th. Finally, Citigroup started coverage on shares of Chevron in a research report on Monday, May 13th. They set a “buy” rating and a $135.00 price objective for the company. Five investment analysts have rated the stock with a hold rating, fourteen have given a buy rating and one has assigned a strong buy rating to the company. Chevron presently has a consensus rating of “Buy” and a consensus price target of $136.78.
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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