Highstreet Asset Management Inc. boosted its holdings in Chevron Co. (NYSE:CVX) by 18.9% during the second quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 27,865 shares of the oil and gas company’s stock after acquiring an additional 4,432 shares during the quarter. Highstreet Asset Management Inc.’s holdings in Chevron were worth $3,468,000 at the end of the most recent reporting period.
A number of other hedge funds and other institutional investors have also made changes to their positions in the business. BKD Wealth Advisors LLC raised its position in shares of Chevron by 2.5% in the fourth quarter. BKD Wealth Advisors LLC now owns 31,824 shares of the oil and gas company’s stock valued at $3,462,000 after purchasing an additional 763 shares during the period. Pioneer Trust Bank N A OR raised its position in shares of Chevron by 9.0% in the fourth quarter. Pioneer Trust Bank N A OR now owns 52,372 shares of the oil and gas company’s stock valued at $5,698,000 after purchasing an additional 4,305 shares during the period. Monarch Capital Management Inc. raised its position in shares of Chevron by 3.1% in the fourth quarter. Monarch Capital Management Inc. now owns 16,713 shares of the oil and gas company’s stock valued at $1,818,000 after purchasing an additional 505 shares during the period. Clean Yield Group bought a new position in shares of Chevron in the fourth quarter valued at approximately $331,000. Finally, Tributary Capital Management LLC bought a new position in Chevron during the fourth quarter worth $84,000. Institutional investors and hedge funds own 65.90% of the company’s stock.
In other Chevron news, insider Joseph C. Geagea sold 8,000 shares of Chevron stock in a transaction 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 sale, the insider now owns 9,243 shares in the company, valued at $1,132,267.50. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Chairman Michael K. Wirth sold 33,750 shares of Chevron 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 sale, the chairman now owns 33,750 shares in the company, valued at approximately $4,239,000. The disclosure for this sale can be found here. Insiders have sold 53,850 shares of company stock worth $6,704,375 in the last quarter. Corporate insiders own 0.31% of the company’s stock.Shares of CVX stock opened at $116.95 on Friday. Chevron Co. has a 1 year low of $100.22 and a 1 year high of $127.60. The firm’s fifty day simple moving average is $123.31 and its 200 day simple moving average is $121.51. The firm has a market capitalization of $232.35 billion, a P/E ratio of 14.18, a price-to-earnings-growth ratio of 2.98 and a beta of 1.00. The company has a current ratio of 1.15, a quick ratio of 0.91 and a debt-to-equity ratio of 0.16.
Chevron (NYSE:CVX) last posted its quarterly 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 firm had revenue of $38.85 billion for the quarter, compared to the consensus estimate of $40.14 billion. During the same quarter in the previous year, the company earned $1.78 earnings per share. The business’s revenue was down 8.0% compared to the same quarter last year. Equities research analysts anticipate that Chevron Co. will post 6.81 EPS for the current fiscal year.
The firm also recently declared a quarterly dividend, which will be paid on Tuesday, September 10th. Shareholders of record on Monday, August 19th will be paid a dividend of $1.19 per share. The ex-dividend date of this dividend is Friday, August 16th. This represents a $4.76 dividend on an annualized basis and a yield of 4.07%. Chevron’s dividend payout ratio is currently 57.70%.
A number of equities analysts recently issued reports on the stock. Citigroup assumed coverage on shares of Chevron in a research report on Monday, May 13th. They set a “buy” rating and a $135.00 target price 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 equities research 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 stock. The company presently has an average rating of “Buy” and a consensus target price of $135.41.
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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