Tocqueville Asset Management L.P. trimmed its holdings in shares of Chevron Co. (NYSE:CVX) by 18.4% during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 197,518 shares of the oil and gas company’s stock after selling 44,592 shares during the quarter. Tocqueville Asset Management L.P.’s holdings in Chevron were worth $24,579,000 at the end of the most recent quarter.
Other institutional investors have also bought and sold shares of the company. BKD Wealth Advisors LLC increased its stake in 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 worth $3,462,000 after purchasing an additional 763 shares during the period. Assenagon Asset Management S.A. increased its stake in Chevron by 4.6% in the fourth quarter. Assenagon Asset Management S.A. now owns 654,910 shares of the oil and gas company’s stock worth $71,248,000 after purchasing an additional 28,626 shares during the period. First National Bank of Omaha increased its stake in Chevron by 3.0% in the fourth quarter. First National Bank of Omaha now owns 191,617 shares of the oil and gas company’s stock worth $20,846,000 after purchasing an additional 5,644 shares during the period. Bartlett & Co. LLC increased its stake in Chevron by 1.4% in the fourth quarter. Bartlett & Co. LLC now owns 362,605 shares of the oil and gas company’s stock worth $39,448,000 after purchasing an additional 5,036 shares during the period. Finally, Paulson Wealth Management Inc. increased its stake in Chevron by 30.4% in the fourth quarter. Paulson Wealth Management Inc. now owns 3,076 shares of the oil and gas company’s stock worth $346,000 after purchasing an additional 718 shares during the period. 65.90% of the stock is currently owned by hedge funds and other institutional investors.
In other Chevron news, Director Enrique Hernandez, Jr. sold 2,100 shares of Chevron stock in a transaction dated Tuesday, May 21st. The stock was sold at an average price of $121.75, for a total value of $255,675.00. Following the transaction, the director now owns 15,689 shares in the company, valued at $1,910,135.75. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Chairman Michael K. Wirth sold 33,750 shares of Chevron stock in a transaction dated Friday, June 21st. The shares were sold at an average price of $125.60, for a total value of $4,239,000.00. Following the completion of the transaction, 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. In the last 90 days, insiders have sold 53,850 shares of company stock worth $6,704,375. Insiders own 0.31% of the company’s stock.Shares of Chevron stock opened at $115.81 on Friday. The firm has a market cap of $223.52 billion, a P/E ratio of 14.04, a P/E/G ratio of 2.88 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 Co. has a 12 month low of $100.22 and a 12 month high of $127.60. The stock’s fifty day moving average price is $123.15 and its 200-day moving average price is $121.48.
Chevron (NYSE:CVX) last announced its quarterly earnings results on Friday, August 2nd. The oil and gas company reported $2.27 EPS for the quarter, beating the consensus estimate of $1.74 by $0.53. The firm had revenue of $38.85 billion for the quarter, compared to analyst estimates of $40.14 billion. Chevron had a return on equity of 9.58% and a net margin of 9.18%. The business’s revenue for the quarter was down 8.0% on a year-over-year basis. During the same quarter last year, the firm posted $1.78 earnings per share. Analysts forecast that Chevron Co. will post 6.93 earnings per share for the current year.
The company also recently declared a quarterly dividend, which will be paid on Tuesday, September 10th. Stockholders of record on Monday, August 19th will be paid a dividend of $1.19 per share. The ex-dividend date is Friday, August 16th. This represents a $4.76 annualized dividend and a dividend yield of 4.11%. Chevron’s dividend payout ratio is currently 57.70%.
A number of analysts have weighed in on CVX shares. Morgan Stanley reduced their target price 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 started coverage on Chevron in a research note on Monday, May 13th. They issued a “buy” rating and a $135.00 target price on the stock. Finally, Zacks Investment Research lowered Chevron from a “buy” rating to a “hold” rating in a research note on Tuesday, May 7th. Five investment 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’s stock. The stock presently has an average rating of “Buy” and a consensus target price of $135.41.
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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