Industry News

Intact Investment Management Inc. Decreases Position in Chevron Co. (NYSE:CVX)

By August 17, 2019 No Comments

Intact Investment Management Inc. lessened its holdings in shares of Chevron Co. (NYSE:CVX) by 0.9% in the 2nd quarter, HoldingsChannel.com reports. The firm owned 86,200 shares of the oil and gas company’s stock after selling 800 shares during the quarter. Intact Investment Management Inc.’s holdings in Chevron were worth $10,716,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also modified their holdings of the company. Fisher Asset Management LLC increased its position in shares of 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 acquiring an additional 166,952 shares during the period. Rhumbline Advisers increased its position in shares of 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 acquiring an additional 36,737 shares during the period. Thoroughbred Financial Services LLC increased its position in shares of 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 acquiring an additional 3,233,312 shares during the period. Investec Asset Management LTD increased its position in shares of 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 acquiring an additional 530,897 shares during the period. Finally, Nordea Investment Management AB increased its position in shares of Chevron by 298.6% in the 4th 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 period. Hedge funds and other institutional investors own 65.90% of the company’s stock.

In other news, EVP Joseph C. Geagea sold 10,000 shares of the firm’s stock in a transaction dated Thursday, August 8th. The stock was sold at an average price of $122.97, for a total transaction of $1,229,700.00. Following the sale, the executive vice president now directly owns 11,243 shares in the company, valued at approximately $1,382,551.71. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, 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 sale, the insider now owns 9,243 shares in the company, valued at $1,132,267.50. The disclosure for this sale can be found here. Insiders have sold a total of 53,850 shares of company stock worth $6,704,375 over the last 90 days. Insiders own 0.31% of the company’s stock.

Shares of CVX opened at $116.95 on Friday. The business’s 50-day moving average is $123.31 and its two-hundred day moving average is $121.51. The company has a market capitalization of $232.35 billion, a P/E ratio of 14.18, a P/E/G ratio of 2.98 and a beta of 1.00. The company has a debt-to-equity ratio of 0.16, a quick ratio of 0.91 and a current ratio of 1.15. Chevron Co. has a fifty-two week low of $100.22 and a fifty-two week high of $127.60.

Chevron (NYSE:CVX) last announced its quarterly earnings results on Friday, August 2nd. The oil and gas company reported $2.27 earnings per share for the quarter, topping the 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 company had revenue of $38.85 billion for the quarter, compared to the consensus estimate of $40.14 billion. During the same period last year, the firm earned $1.78 EPS. The firm’s revenue for the quarter was down 8.0% compared to the same quarter last year. Analysts forecast that Chevron Co. will post 6.81 EPS for the current year.

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, September 10th. Stockholders of record on Monday, August 19th will be given a dividend of $1.19 per share. This represents a $4.76 dividend on an annualized basis and a dividend yield of 4.07%. The ex-dividend date of this dividend is Friday, August 16th. Chevron’s dividend payout ratio (DPR) is presently 57.70%.

Several research firms recently issued reports on CVX. Zacks Investment Research downgraded Chevron from a “buy” rating to a “hold” rating in a research report on Tuesday, May 7th. Morgan Stanley cut their price target on Chevron from $146.00 to $144.00 and set an “overweight” rating on the stock in a research report on Friday, July 12th. Finally, Citigroup began coverage on Chevron in a research report on Monday, May 13th. They set a “buy” rating and a $135.00 price target on the stock. Five equities research analysts have rated the stock with a hold rating, thirteen have assigned a buy rating and one has assigned a strong buy rating to the company. The stock has a consensus rating of “Buy” and a consensus price target of $135.41.

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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