Industry News

Selway Asset Management Has $2.60 Million Position in Chevron Co. (NYSE:CVX)

By August 23, 2019 No Comments

Selway Asset Management increased its holdings in shares of Chevron Co. (NYSE:CVX) by 69.1% in the second quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 20,865 shares of the oil and gas company’s stock after purchasing an additional 8,525 shares during the quarter. Chevron accounts for about 1.7% of Selway Asset Management’s investment portfolio, making the stock its 21st largest holding. Selway Asset Management’s holdings in Chevron were worth $2,596,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also bought and sold shares of the stock. Guidant Wealth Advisors grew its position in shares of Chevron by 63.9% during the second quarter. Guidant Wealth Advisors now owns 259 shares of the oil and gas company’s stock worth $32,000 after buying an additional 101 shares in the last quarter. Evolution Wealth Advisors LLC acquired a new stake in shares of Chevron during the second quarter worth approximately $34,000. Cordasco Financial Network grew its position in shares of Chevron by 55.3% during the second quarter. Cordasco Financial Network now owns 379 shares of the oil and gas company’s stock worth $47,000 after buying an additional 135 shares in the last quarter. Ashburton Jersey Ltd acquired a new stake in shares of Chevron during the second quarter worth approximately $54,000. Finally, Thor Advisors LLC acquired a new stake in shares of Chevron during the first quarter worth approximately $67,000. 66.45% of the stock is owned by hedge funds and other institutional investors.

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

In related news, EVP Joseph C. Geagea sold 10,000 shares of Chevron 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 transaction, the executive vice president now directly owns 11,243 shares of the company’s stock, valued at $1,382,551.71. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Also, insider Joseph C. Geagea sold 8,000 shares of Chevron stock in a transaction dated Tuesday, August 13th. The stock was sold at an average price of $122.50, for a total value of $980,000.00. Following the transaction, the insider now directly owns 9,243 shares in the company, valued at $1,132,267.50. The disclosure for this sale can be found here. Insiders sold 51,750 shares of company stock worth $6,448,700 over the last quarter. 0.31% of the stock is currently owned by company insiders.

CVX stock traded down $0.15 during mid-day trading on Thursday, reaching $117.73. The company had a trading volume of 4,361,926 shares, compared to its average volume of 6,732,761. The company has a quick ratio of 0.91, a current ratio of 1.15 and a debt-to-equity ratio of 0.16. The stock has a market capitalization of $222.70 billion, a P/E ratio of 14.27, a P/E/G ratio of 2.82 and a beta of 1.00. Chevron Co. has a one year low of $100.22 and a one year high of $127.60. The stock’s 50-day simple moving average is $122.41 and its two-hundred day simple moving average is $121.41.

Chevron (NYSE:CVX) last posted its earnings results on Friday, August 2nd. The oil and gas company reported $2.27 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.74 by $0.53. The company had revenue of $38.85 billion for the quarter, compared to analysts’ expectations of $40.14 billion. Chevron had a return on equity of 9.58% and a net margin of 9.18%. The firm’s quarterly revenue was down 8.0% compared to the same quarter last year. During the same period last year, the business posted $1.78 earnings per share. On average, research analysts forecast that Chevron Co. will post 6.93 EPS for the current fiscal year.

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

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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