Meritage Portfolio Management decreased its holdings in Chevron Co. (NYSE:CVX) by 6.0% in the 2nd quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 47,146 shares of the oil and gas company’s stock after selling 3,013 shares during the quarter. Meritage Portfolio Management’s holdings in Chevron were worth $5,867,000 at the end of the most recent reporting period.
Several other hedge funds and other institutional investors have also bought and sold shares of CVX. Fiduciary Financial Services of The Southwest Inc. TX lifted its position in shares of Chevron by 4.3% during the 2nd quarter. Fiduciary Financial Services of The Southwest Inc. TX now owns 12,647 shares of the oil and gas company’s stock worth $1,574,000 after buying an additional 520 shares during the last quarter. First Trust Advisors LP increased its holdings in shares of Chevron by 21.7% in the 2nd quarter. First Trust Advisors LP now owns 1,448,663 shares of the oil and gas company’s stock valued at $180,272,000 after acquiring an additional 258,192 shares during the period. Berman Capital Advisors LLC increased its holdings in shares of Chevron by 12.0% in the 2nd quarter. Berman Capital Advisors LLC now owns 2,819 shares of the oil and gas company’s stock valued at $349,000 after acquiring an additional 301 shares during the period. Personal Wealth Partners acquired a new position in shares of Chevron in the 2nd quarter valued at $136,000. Finally, Investec Asset Management LTD increased its holdings 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. 66.45% of the stock is owned by institutional investors and hedge funds.
A number of equities analysts have recently commented on CVX shares. Barclays started coverage on shares of Chevron in a report on Monday. They issued an “overweight” rating and a $145.00 target price on the stock. Zacks Investment Research cut shares of Chevron from a “buy” rating to a “hold” rating in a research note on Tuesday, May 7th. Citigroup assumed coverage on shares of Chevron in a research note on Monday, May 13th. They issued a “buy” rating and a $135.00 price objective on the stock. BMO Capital Markets assumed coverage on shares of Chevron in a research note on Tuesday. They issued an “outperform” rating and a $165.00 price objective on the stock. Finally, Morgan Stanley dropped their price objective on shares of Chevron from $146.00 to $144.00 and set an “overweight” rating on the stock in a research note on Friday, July 12th. Five equities research analysts have rated the stock with a hold rating, fourteen have issued a buy rating and one has given a strong buy rating to the stock. The stock has a consensus rating of “Buy” and a consensus target price of $136.78.Shares of NYSE:CVX traded down $0.12 on Thursday, reaching $117.76. 1,866,410 shares of the company were exchanged, compared to its average volume of 6,253,847. 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 Co. has a 1-year low of $100.22 and a 1-year high of $127.60. The firm has a market cap of $222.70 billion, a price-to-earnings ratio of 14.27, a price-to-earnings-growth ratio of 2.82 and a beta of 1.00. The company has a 50-day moving average of $122.41 and a 200-day moving average of $121.41.
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 business had revenue of $38.85 billion for the quarter, compared to analysts’ expectations of $40.14 billion. During the same period in the prior year, the company posted $1.78 EPS. The business’s revenue for the quarter was down 8.0% on a year-over-year basis. As a group, analysts forecast that Chevron Co. will post 6.93 earnings per share for the current year.
The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 10th. Investors of record on Monday, August 19th will be given a $1.19 dividend. The ex-dividend date of this dividend is Friday, August 16th. This represents a $4.76 annualized dividend and a dividend yield of 4.04%. Chevron’s dividend payout ratio is presently 57.70%.
In other news, Director Debra L. Reed bought 4,250 shares of Chevron stock in a transaction on Wednesday, August 7th. The shares were bought at an average cost of $118.14 per share, for a total transaction of $502,095.00. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, Chairman Michael K. Wirth sold 33,750 shares of the company’s stock in a transaction dated Friday, June 21st. The shares were sold at an average price of $125.60, for a total transaction of $4,239,000.00. Following the completion of the transaction, the chairman now owns 33,750 shares in the company, valued at $4,239,000. The disclosure for this sale can be found here. Insiders sold a total of 51,750 shares of company stock worth $6,448,700 over the last quarter. Insiders own 0.31% of the company’s stock.
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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