Oppenheimer & Co. Inc. Reduces Stake in Chevron Corporation (CVX)

Oppenheimer & Co. Inc. decreased its position in Chevron Corporation (NYSE:CVX) by 4.0% during the first quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 139,694 shares of the oil and gas company’s stock after selling 5,771 shares during the period. Oppenheimer & Co. Inc.’s holdings in Chevron Corporation were worth $14,999,000 at the end of the most recent reporting period.

Other hedge funds also recently added to or reduced their stakes in the company. Thompson Davis & CO. Inc. boosted its stake in Chevron Corporation by 20.0% in the first quarter. Thompson Davis & CO. Inc. now owns 1,146 shares of the oil and gas company’s stock worth $123,000 after buying an additional 191 shares in the last quarter. Patriot Financial Group Insurance Agency LLC bought a new stake in Chevron Corporation during the fourth quarter worth approximately $139,000. Americafirst Capital Management LLC bought a new stake in Chevron Corporation during the first quarter worth approximately $140,000. Tortoise Investment Management LLC boosted its stake in Chevron Corporation by 46.4% in the fourth quarter. Tortoise Investment Management LLC now owns 1,329 shares of the oil and gas company’s stock worth $156,000 after buying an additional 421 shares in the last quarter. Finally, First Wilshire Securities Management Inc. bought a new stake in Chevron Corporation during the fourth quarter worth approximately $218,000. 62.58% of the stock is owned by institutional investors and hedge funds.

Shares of Chevron Corporation (CVX) traded down 0.01% during trading on Friday, hitting $110.10. 868,855 shares of the stock traded hands. The firm has a market cap of $208.64 billion, a PE ratio of 35.70 and a beta of 1.23. Chevron Corporation has a 52-week low of $97.53 and a 52-week high of $119.00. The company’s 50 day moving average is $105.87 and its 200 day moving average is $107.79.

Chevron Corporation (NYSE:CVX) last posted its quarterly earnings results on Friday, July 28th. The oil and gas company reported $0.91 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.89 by $0.02. The firm had revenue of $34.48 billion for the quarter, compared to analysts’ expectations of $32.77 billion. Chevron Corporation had a net margin of 4.50% and a return on equity of 4.13%. The firm’s quarterly revenue was up 17.8% on a year-over-year basis. During the same period in the prior year, the company posted ($0.78) earnings per share. On average, equities research analysts predict that Chevron Corporation will post $3.80 EPS for the current year.

The business also recently declared a quarterly dividend, which will be paid on Monday, September 11th. Investors of record on Friday, August 18th will be issued a $1.08 dividend. The ex-dividend date is Wednesday, August 16th. This represents a $4.32 annualized dividend and a yield of 3.92%. Chevron Corporation’s dividend payout ratio is presently 140.26%.

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A number of research firms have recently commented on CVX. Simmons cut their target price on shares of Chevron Corporation from $129.00 to $124.00 and set an “overweight” rating for the company in a research note on Wednesday, April 19th. Citigroup Inc. cut their target price on shares of Chevron Corporation from $129.00 to $118.00 and set a “buy” rating for the company in a research note on Friday, July 21st. BMO Capital Markets set a $120.00 price objective on shares of Chevron Corporation and gave the company a “buy” rating in a research note on Sunday, July 30th. Exane BNP Paribas cut shares of Chevron Corporation from a “neutral” rating to an “underperform” rating and dropped their price objective for the company from $105.00 to $100.00 in a research note on Friday, May 26th. Finally, BidaskClub raised shares of Chevron Corporation from a “sell” rating to a “hold” rating in a research note on Tuesday, August 1st. Three analysts have rated the stock with a sell rating, eight have assigned a hold rating, fourteen have issued a buy rating and one has assigned a strong buy rating to the company’s stock. The stock currently has an average rating of “Buy” and an average target price of $116.18.

In other Chevron Corporation news, insider James William Johnson sold 31,000 shares of the business’s stock in a transaction on Wednesday, August 2nd. The shares were sold at an average price of $110.68, for a total transaction of $3,431,080.00. Following the completion of the sale, the insider now owns 11,000 shares in the company, valued at $1,217,480. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, CFO Patricia E. Yarrington sold 39,000 shares of the business’s stock in a transaction on Wednesday, August 2nd. The shares were sold at an average price of $111.00, for a total transaction of $4,329,000.00. Following the sale, the chief financial officer now owns 43,838 shares of the company’s stock, valued at approximately $4,866,018. The disclosure for this sale can be found here. Corporate insiders own 0.38% of the company’s stock.

Chevron Corporation Company Profile

Chevron Corporation (Chevron) manages its investments in subsidiaries and affiliates, and provides administrative, financial, management and technology support to the United States and international subsidiaries that engage in integrated energy and chemicals operations. The Company operates through two business segments: Upstream and Downstream.

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

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