Industry News

Cypress Capital Management LLC Increases Stock Position in Chevron Co. (NYSE:CVX)

By August 24, 2019 No Comments

Cypress Capital Management LLC raised its holdings in Chevron Co. (NYSE:CVX) by 4.4% during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 94,952 shares of the oil and gas company’s stock after purchasing an additional 3,970 shares during the quarter. Chevron accounts for about 1.8% of Cypress Capital Management LLC’s holdings, making the stock its 15th biggest position. Cypress Capital Management LLC’s holdings in Chevron were worth $11,816,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also made changes to their positions in CVX. Fisher Asset Management LLC lifted its stake in Chevron by 3.4% in the 2nd 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 buying an additional 166,952 shares in the last quarter. Rhumbline Advisers lifted its stake in Chevron by 1.1% in the 4th quarter. Rhumbline Advisers now owns 3,439,855 shares of the oil and gas company’s stock valued at $374,222,000 after buying an additional 36,737 shares in the last quarter. Thoroughbred Financial Services LLC lifted 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 valued at $325,980,000 after buying an additional 3,233,312 shares in the last quarter. Investec Asset Management LTD lifted its stake in Chevron by 33.0% in the 2nd 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 buying an additional 530,897 shares in the last quarter. Finally, TD Asset Management Inc. lifted its stake in Chevron by 2.7% in the 2nd 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 buying an additional 51,804 shares in the last quarter. 66.45% of the stock is currently owned by institutional investors.

A number of research firms recently issued reports on CVX. Citigroup began coverage on Chevron in a research note on Monday, May 13th. They issued a “buy” rating and a $135.00 target price on the stock. Barclays began coverage on Chevron in a research note on Monday, August 19th. They issued an “overweight” rating and a $145.00 target price on the stock. Morgan Stanley reduced their target price on Chevron from $146.00 to $144.00 and set an “overweight” rating on the stock in a research note on Friday, July 12th. Zacks Investment Research lowered Chevron from a “buy” rating to a “hold” rating in a research note on Tuesday, May 7th. Finally, BMO Capital Markets started coverage on Chevron in a research note on Tuesday. They issued an “outperform” rating and a $165.00 target price on the stock. Five analysts have rated the stock with a hold rating, fourteen have given a buy rating and one has given a strong buy rating to the company’s stock. The stock has an average rating of “Buy” and a consensus target price of $136.78.

Shares of CVX opened at $115.18 on Friday. The stock has a fifty day moving average of $122.15 and a two-hundred day moving average of $121.39. 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 company has a market capitalization of $223.79 billion, a PE ratio of 13.96, a price-to-earnings-growth ratio of 2.84 and a beta of 1.00. Chevron Co. has a fifty-two week low of $100.22 and a fifty-two week high of $127.60.

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, beating the Thomson Reuters’ consensus estimate of $1.74 by $0.53. The company had revenue of $38.85 billion during the quarter, compared to the consensus estimate of $40.14 billion. Chevron had a return on equity of 9.58% and a net margin of 9.18%. Chevron’s revenue was down 8.0% on a year-over-year basis. During the same period in the previous year, the firm posted $1.78 EPS. As a group, equities research analysts forecast that Chevron Co. will post 6.82 earnings per share for the current fiscal 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 is Friday, August 16th. This represents a $4.76 dividend on an annualized basis and a dividend yield of 4.13%. Chevron’s payout ratio is 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 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 directly owns 33,750 shares in the company, valued at approximately $4,239,000. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, insider Joseph C. Geagea sold 8,000 shares of the company’s stock in a transaction on Tuesday, August 13th. The stock was 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 disclosure for this sale can be found here. Over the last 90 days, insiders have sold 51,750 shares of company stock valued at $6,448,700. Insiders own 0.31% of the company’s stock.

About Chevron

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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