Industry News

Buckingham Asset Management LLC Raises Position in Chevron Co. (NYSE:CVX)

By August 23, 2019 No Comments

Buckingham Asset Management LLC grew its holdings in shares of Chevron Co. (NYSE:CVX) by 19.9% during the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 50,817 shares of the oil and gas company’s stock after purchasing an additional 8,423 shares during the quarter. Chevron makes up about 0.7% of Buckingham Asset Management LLC’s investment portfolio, making the stock its 29th biggest position. Buckingham Asset Management LLC’s holdings in Chevron were worth $6,324,000 as of its most recent SEC filing.

Several other institutional investors have also modified their holdings of CVX. Beese Fulmer Investment Management Inc. lifted its position in shares of Chevron by 0.4% during the second quarter. Beese Fulmer Investment Management Inc. now owns 58,040 shares of the oil and gas company’s stock worth $7,222,000 after purchasing an additional 238 shares during the last quarter. DekaBank Deutsche Girozentrale increased its stake in shares of Chevron by 74.7% in the second quarter. DekaBank Deutsche Girozentrale now owns 1,387,145 shares of the oil and gas company’s stock valued at $171,630,000 after purchasing an additional 592,920 shares during the period. Curbstone Financial Management Corp increased its stake in shares of Chevron by 22.9% in the second quarter. Curbstone Financial Management Corp now owns 17,360 shares of the oil and gas company’s stock valued at $2,160,000 after purchasing an additional 3,230 shares during the period. Berman Capital Advisors LLC increased its stake in shares of Chevron by 12.0% in the second quarter. Berman Capital Advisors LLC now owns 2,819 shares of the oil and gas company’s stock valued at $349,000 after purchasing an additional 301 shares during the period. Finally, Sandy Spring Bank increased its stake in shares of Chevron by 1.7% in the second quarter. Sandy Spring Bank now owns 71,983 shares of the oil and gas company’s stock valued at $8,957,000 after purchasing an additional 1,217 shares during the period. 66.45% of the stock is currently owned by institutional investors.

In related news, insider Joseph C. Geagea sold 8,000 shares of the firm’s stock in a transaction that occurred 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 transaction, the insider now owns 9,243 shares in the company, valued at $1,132,267.50. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, EVP Joseph C. Geagea sold 10,000 shares of the firm’s stock in a transaction that occurred on Thursday, August 8th. The shares were sold at an average price of $122.97, for a total transaction of $1,229,700.00. Following the transaction, the executive vice president now owns 11,243 shares in the company, valued at approximately $1,382,551.71. The disclosure for this sale can be found here. Insiders have sold 51,750 shares of company stock worth $6,448,700 in the last quarter. Company insiders own 0.31% of the company’s stock.

NYSE CVX opened at $117.88 on Thursday. Chevron Co. has a 12 month low of $100.22 and a 12 month 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 $222.70 billion, a PE ratio of 14.29, a P/E/G ratio of 2.82 and a beta of 1.00. The company’s 50 day simple moving average is $122.41 and its 200 day simple moving average is $121.41.

Chevron (NYSE:CVX) last posted its quarterly earnings data on Friday, August 2nd. The oil and gas company reported $2.27 EPS for the quarter, beating 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 business had revenue of $38.85 billion for the quarter, compared to analyst estimates of $40.14 billion. During the same quarter last year, the business earned $1.78 earnings per share. The business’s revenue for the quarter was down 8.0% on a year-over-year basis. Sell-side analysts anticipate that Chevron Co. will post 6.93 earnings per share for the current fiscal year.

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 10th. Investors of record on Monday, August 19th will be paid a dividend of $1.19 per share. The ex-dividend date is Friday, August 16th. This represents a $4.76 dividend on an annualized basis and a dividend yield of 4.04%. Chevron’s dividend payout ratio is presently 57.70%.

Several brokerages have commented on CVX. Zacks Investment Research lowered shares of Chevron from a “buy” rating to a “hold” rating in a research note on Tuesday, May 7th. Morgan Stanley dropped their price target on shares of Chevron from $146.00 to $144.00 and set an “overweight” rating on the stock in a research note on Friday, July 12th. Barclays began coverage on shares of Chevron in a research note on Monday. They issued an “overweight” rating and a $145.00 price target on the stock. BMO Capital Markets began coverage on shares of Chevron in a research note on Tuesday. They issued an “outperform” rating and a $165.00 price target on the stock. Finally, Citigroup began coverage on shares of Chevron in a research note on Monday, May 13th. They issued a “buy” rating and a $135.00 price target on the stock. Five 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’s stock. The stock presently has a consensus rating of “Buy” and a consensus target price of $136.78.

Chevron Company 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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