Industry News

Western Wealth Management LLC Decreases Stake in Chevron Co. (NYSE:CVX)

By August 27, 2019 No Comments

Western Wealth Management LLC decreased its position in Chevron Co. (NYSE:CVX) by 7.1% in the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 15,440 shares of the oil and gas company’s stock after selling 1,174 shares during the period. Western Wealth Management LLC’s holdings in Chevron were worth $1,918,000 as of its most recent filing with the SEC.

A number of other large investors have also recently bought and sold shares of CVX. Fisher Asset Management LLC increased its stake in shares of Chevron by 3.4% during the 2nd quarter. Fisher Asset Management LLC now owns 5,039,254 shares of the oil and gas company’s stock worth $627,085,000 after purchasing an additional 166,952 shares during the last quarter. Rhumbline Advisers increased its stake in shares of Chevron by 1.1% during the 4th quarter. Rhumbline Advisers now owns 3,439,855 shares of the oil and gas company’s stock worth $374,222,000 after purchasing an additional 36,737 shares during the last quarter. Thoroughbred Financial Services LLC increased its stake in shares of Chevron by 12,204.4% during the 2nd quarter. Thoroughbred Financial Services LLC now owns 3,259,805 shares of the oil and gas company’s stock worth $325,980,000 after purchasing an additional 3,233,312 shares during the last quarter. Investec Asset Management LTD increased its stake in shares of Chevron by 33.0% during the 2nd quarter. Investec Asset Management LTD now owns 2,139,343 shares of the oil and gas company’s stock worth $266,220,000 after purchasing an additional 530,897 shares during the last quarter. Finally, TD Asset Management Inc. increased its stake in shares of Chevron by 2.7% during the 2nd quarter. TD Asset Management Inc. now owns 1,993,109 shares of the oil and gas company’s stock worth $248,022,000 after purchasing an additional 51,804 shares during the last quarter. Hedge funds and other institutional investors own 66.45% of the company’s stock.

CVX traded up $0.22 on Monday, hitting $115.40. The company’s stock had a trading volume of 729,091 shares, compared to its average volume of 6,274,581. The company’s 50 day simple moving average is $122.15 and its 200-day simple moving average is $121.39. The firm has a market cap of $219.65 billion, a P/E ratio of 13.99, a price-to-earnings-growth ratio of 2.88 and a beta of 1.00. Chevron Co. has a 12 month low of $100.22 and a 12 month high of $127.60. The company has a quick ratio of 0.91, a current ratio of 1.15 and a debt-to-equity ratio of 0.16.

Chevron (NYSE:CVX) last released its quarterly earnings data on Friday, August 2nd. The oil and gas company reported $2.27 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $1.74 by $0.53. The company had revenue of $38.85 billion during the quarter, compared to the consensus estimate of $40.14 billion. Chevron had a net margin of 9.18% and a return on equity of 9.58%. Chevron’s revenue for the quarter was down 8.0% on a year-over-year basis. During the same period last year, the firm earned $1.78 EPS. Equities analysts predict that Chevron Co. will post 6.82 earnings per share for the current fiscal 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 issued a $1.19 dividend. This represents a $4.76 annualized dividend and a yield of 4.12%. The ex-dividend date of this dividend is Friday, August 16th. Chevron’s dividend payout ratio (DPR) is presently 57.70%.

In other news, Director Debra L. Reed purchased 4,250 shares of the business’s stock in a transaction on Wednesday, August 7th. The stock was purchased at an average cost of $118.14 per share, with a total value of $502,095.00. The purchase was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Chairman Michael K. Wirth sold 33,750 shares of the firm’s stock in a transaction on 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 directly owns 33,750 shares of the company’s stock, valued at $4,239,000. The disclosure for this sale can be found here. Over the last three months, insiders sold 51,750 shares of company stock valued at $6,448,700. Insiders own 0.31% of the company’s stock.

Several brokerages have recently issued reports on CVX. 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 note on Friday, July 12th. Zacks Investment Research lowered shares of Chevron from a “buy” rating to a “hold” rating in a research note on Tuesday, May 7th. BMO Capital Markets began coverage on shares of Chevron in a research note on Tuesday, August 20th. They set an “outperform” rating and a $165.00 price target for the company. Citigroup began coverage on shares of Chevron in a research note on Monday, May 13th. They set a “buy” rating and a $135.00 price target for the company. Finally, Barclays began coverage on shares of Chevron in a research note on Monday, August 19th. They set an “overweight” rating and a $145.00 price target for the company. 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 company. The company currently has an average rating of “Buy” and a consensus target price of $136.78.

Chevron 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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Institutional Ownership by Quarter for Chevron (NYSE:CVX)

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