Industry News

Chevron Co. (NYSE:CVX) is AR Asset Management Inc.’s 2nd Largest Position

By August 29, 2019 No Comments

AR Asset Management Inc. boosted its position in Chevron Co. (NYSE:CVX) by 0.1% in the second quarter, according to its most recent filing with the SEC. The institutional investor owned 117,294 shares of the oil and gas company’s stock after purchasing an additional 100 shares during the period. Chevron comprises 5.3% of AR Asset Management Inc.’s investment portfolio, making the stock its 2nd biggest position. AR Asset Management Inc.’s holdings in Chevron were worth $14,596,000 at the end of the most recent reporting period.

Other hedge funds have also recently modified their holdings of the company. Pettyjohn Wood & White Inc. boosted its holdings in Chevron by 1.4% in the 2nd quarter. Pettyjohn Wood & White Inc. now owns 47,453 shares of the oil and gas company’s stock worth $5,905,000 after buying an additional 667 shares during the period. Bingham Osborn & Scarborough LLC lifted its stake in Chevron by 4.5% in the 2nd quarter. Bingham Osborn & Scarborough LLC now owns 18,558 shares of the oil and gas company’s stock worth $2,309,000 after purchasing an additional 802 shares in the last quarter. Duff & Phelps Investment Management Co. raised its position in shares of Chevron by 3.4% during the 2nd quarter. Duff & Phelps Investment Management Co. now owns 20,895 shares of the oil and gas company’s stock valued at $2,600,000 after buying an additional 680 shares in the last quarter. Forbes J M & Co. LLP raised its position in shares of Chevron by 2.5% during the 2nd quarter. Forbes J M & Co. LLP now owns 10,289 shares of the oil and gas company’s stock valued at $1,280,000 after buying an additional 250 shares in the last quarter. Finally, Advanced Asset Management Advisors Inc purchased a new stake in shares of Chevron during the 2nd quarter valued at $1,154,000. 66.45% of the stock is owned by institutional investors and hedge funds.

Several research firms have recently weighed in on CVX. Morgan Stanley lowered their price objective on shares of Chevron from $146.00 to $144.00 and set an “overweight” rating on the stock in a research report on Friday, July 12th. Barclays started coverage on shares of Chevron in a report on Monday, August 19th. They issued an “overweight” rating and a $145.00 price target on the stock. BMO Capital Markets started coverage on shares of Chevron in a research note on Tuesday, August 20th. They set an “outperform” rating and a $165.00 price objective on the stock. Citigroup started coverage on shares of Chevron in a research note on Monday, May 13th. They set a “buy” rating and a $135.00 price objective on the stock. Finally, Zacks Investment Research lowered shares of Chevron from a “buy” rating to a “hold” rating in a research note on Tuesday, May 7th. Five equities research 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. The stock currently has an average rating of “Buy” and an average target price of $136.78.

In other news, insider Joseph C. Geagea sold 8,000 shares of the stock in a transaction on Tuesday, August 13th. The shares were sold at an average price of $122.50, for a total value of $980,000.00. Following the sale, the insider now owns 9,243 shares of the company’s stock, valued at $1,132,267.50. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, Chairman Michael K. Wirth sold 33,750 shares of the stock in a transaction on Friday, June 21st. The shares were sold at an average price of $125.60, for a total transaction of $4,239,000.00. Following the completion of the sale, the chairman now directly owns 33,750 shares in the company, valued at approximately $4,239,000. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 51,750 shares of company stock worth $6,448,700. 0.31% of the stock is owned by insiders.

Shares of CVX traded up $0.72 during mid-day trading on Wednesday, reaching $116.55. The stock had a trading volume of 305,415 shares, compared to its average volume of 6,308,719. The company has a debt-to-equity ratio of 0.16, a quick ratio of 0.91 and a current ratio of 1.15. The business has a fifty day moving average of $121.50 and a 200 day moving average of $121.32. Chevron Co. has a 12 month low of $100.22 and a 12 month high of $127.60. The firm has a market cap of $218.66 billion, a price-to-earnings ratio of 14.13, a PEG ratio of 2.81 and a beta of 1.00.

Chevron (NYSE:CVX) last issued 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. The firm had revenue of $38.85 billion during the quarter, compared to analyst estimates of $40.14 billion. Chevron had a net margin of 9.18% and a return on equity of 9.58%. Chevron’s revenue for the quarter was down 8.0% on a year-over-year basis. During the same quarter in the prior year, the business earned $1.78 earnings per share. On average, research analysts forecast that Chevron Co. will post 6.82 EPS for the current fiscal year.

The firm 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 dividend of $1.19 per share. This represents a $4.76 dividend on an annualized basis and a yield of 4.08%. The ex-dividend date is Friday, August 16th. Chevron’s payout ratio is 57.70%.

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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