Industry News

Chevron Co. (NYSE:CVX) Shares Acquired by Clark Capital Management Group Inc.

By August 16, 2019 No Comments

Clark Capital Management Group Inc. lifted its position in shares of Chevron Co. (NYSE:CVX) by 5.9% during the 2nd quarter, according to its most recent disclosure with the SEC. The firm owned 326,945 shares of the oil and gas company’s stock after buying an additional 18,312 shares during the period. Clark Capital Management Group Inc.’s holdings in Chevron were worth $40,685,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently made changes to their positions in the company. Fisher Asset Management LLC increased its stake in Chevron by 3.1% during the 4th quarter. Fisher Asset Management LLC now owns 4,755,742 shares of the oil and gas company’s stock valued at $517,377,000 after buying an additional 143,056 shares during the period. Rhumbline Advisers lifted its stake in Chevron by 1.1% in 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 during the last quarter. Nordea Investment Management AB lifted its stake in Chevron by 298.6% in the fourth 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 acquiring an additional 1,269,889 shares during the last quarter. TD Asset Management Inc. lifted its stake in Chevron by 8.2% in the fourth quarter. TD Asset Management Inc. now owns 1,626,358 shares of the oil and gas company’s stock valued at $176,931,000 after acquiring an additional 123,779 shares during the last quarter. Finally, Thrivent Financial for Lutherans lifted its stake in Chevron by 7.2% in the fourth quarter. Thrivent Financial for Lutherans now owns 1,557,671 shares of the oil and gas company’s stock valued at $169,587,000 after acquiring an additional 104,658 shares during the last quarter. 65.90% of the stock is currently owned by institutional investors and hedge funds.

In related news, 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 transaction of $4,239,000.00. Following the completion of the sale, the chairman now owns 33,750 shares in the company, valued at $4,239,000. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, Director Enrique Hernandez, Jr. sold 2,100 shares of the company’s stock in a transaction on Tuesday, May 21st. The stock was sold at an average price of $121.75, for a total value of $255,675.00. Following the sale, the director now owns 15,689 shares of the company’s stock, valued at approximately $1,910,135.75. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 53,850 shares of company stock valued at $6,704,375. Corporate insiders own 0.31% of the company’s stock.

Shares of NYSE CVX traded down $1.27 during mid-day trading on Friday, reaching $115.68. The company had a trading volume of 884,762 shares, compared to its average volume of 5,837,384. Chevron Co. has a one year low of $100.22 and a one year high of $127.60. 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’s 50-day simple moving average is $123.31 and its 200 day simple moving average is $121.51. The firm has a market cap of $222.02 billion, a price-to-earnings ratio of 14.02, a PEG ratio of 2.98 and a beta of 1.00.

Chevron (NYSE:CVX) last announced its quarterly earnings results 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 return on equity of 9.58% and a net margin of 9.18%. The firm had revenue of $38.85 billion for the quarter, compared to analyst estimates of $40.14 billion. During the same period last year, the firm posted $1.78 earnings per share. The business’s revenue for the quarter was down 8.0% on a year-over-year basis. On average, sell-side analysts anticipate that Chevron Co. will post 6.81 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 issued a dividend of $1.19 per share. The ex-dividend date of this dividend is Friday, August 16th. This represents a $4.76 annualized dividend and a dividend yield of 4.11%. Chevron’s dividend payout ratio is 57.70%.

A number of research firms have recently commented on CVX. Citigroup began coverage on shares of Chevron in a research report on Monday, May 13th. They issued a “buy” rating and a $135.00 price target on the stock. Morgan Stanley dropped their target price 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. Finally, Zacks Investment Research lowered shares of Chevron from a “buy” rating to a “hold” rating in a research report on Tuesday, May 7th. Five analysts have rated the stock with a hold rating, thirteen have issued 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 an average target price of $135.41.

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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