Industry News

Edgestream Partners L.P. Raises Position in Chevron Co. (NYSE:CVX)

By August 31, 2019 No Comments

Edgestream Partners L.P. increased its holdings in Chevron Co. (NYSE:CVX) by 574.8% during the second quarter, according to its most recent disclosure with the SEC. The institutional investor owned 14,475 shares of the oil and gas company’s stock after buying an additional 12,330 shares during the period. Edgestream Partners L.P.’s holdings in Chevron were worth $1,801,000 as of its most recent SEC filing.

Other hedge funds have also modified their holdings of the company. LSV Asset Management grew its stake in shares of Chevron by 1.6% during the second quarter. LSV Asset Management now owns 5,328,633 shares of the oil and gas company’s stock valued at $663,095,000 after buying an additional 82,600 shares during the last quarter. Fisher Asset Management LLC grew its stake in shares of Chevron by 3.4% during the second 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 during the last quarter. Rhumbline Advisers grew its stake in shares of Chevron by 1.1% during 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 buying an additional 36,737 shares during the last quarter. Thoroughbred Financial Services LLC grew its stake in shares of Chevron by 12,204.4% during the second 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 during the last quarter. Finally, Investec Asset Management LTD grew its stake in shares of Chevron by 33.0% during the second 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 during the last quarter. Institutional investors own 66.45% of the company’s stock.

Chevron stock opened at $117.72 on Friday. The company has a current ratio of 1.15, a quick ratio of 0.91 and a debt-to-equity ratio of 0.16. The firm has a 50-day moving average of $121.07 and a 200-day moving average of $121.32. The firm has a market cap of $221.79 billion, a P/E ratio of 14.27, a P/E/G ratio of 2.85 and a beta of 1.00. Chevron Co. has a 1-year low of $100.22 and a 1-year high of $127.60.

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 company had revenue of $38.85 billion during the quarter, compared to analyst estimates of $40.14 billion. During the same period in the prior year, the business posted $1.78 earnings per share. Chevron’s revenue for the quarter was down 8.0% on a year-over-year basis. Research analysts forecast that Chevron Co. will post 6.82 earnings per share for the current fiscal year.

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

In other Chevron news, insider Joseph C. Geagea sold 8,000 shares of the firm’s stock in a transaction dated Tuesday, August 13th. The shares were sold at an average price of $122.50, for a total value 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 sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Debra L. Reed acquired 4,250 shares of the stock in a transaction on Wednesday, August 7th. The stock was bought at an average price of $118.14 per share, with a total value of $502,095.00. The disclosure for this purchase can be found here. Insiders sold 51,750 shares of company stock valued at $6,448,700 over the last 90 days. 0.31% of the stock is currently owned by company insiders.

CVX has been the topic of a number of recent research reports. Independent Research set a $127.00 price objective on Chevron and gave the company a “neutral” rating in a research note on Thursday. Morgan Stanley reduced their price objective on Chevron from $146.00 to $144.00 and set an “overweight” rating on the stock in a research note on Friday, July 12th. Citigroup initiated coverage on Chevron in a research note on Monday, May 13th. They set a “buy” rating and a $135.00 price objective on the stock. Barclays initiated coverage on Chevron in a research note on Monday, August 19th. They set an “overweight” rating and a $145.00 price objective on the stock. Finally, Zacks Investment Research cut Chevron from a “buy” rating to a “hold” rating in a research note on Tuesday, May 7th. Six investment analysts have rated the stock with a hold rating, fourteen have issued a buy rating and one has assigned a strong buy rating to the company’s stock. Chevron presently has an average rating of “Buy” and an average price target of $136.26.

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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