Essex Financial Services Inc. trimmed its position in shares of Chevron Corporation (NYSE:CVX) by 5.1% during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 32,171 shares of the oil and gas company’s stock after selling 1,739 shares during the period. Essex Financial Services Inc.’s holdings in Chevron were worth $3,356,000 at the end of the most recent reporting period.
Several other hedge funds have also recently made changes to their positions in CVX. Shine Investment Advisory Services Inc. bought a new stake in shares of Chevron during the 2nd quarter valued at $106,000. Thompson Davis & CO. Inc. grew its stake in Chevron by 20.0% during the first quarter. Thompson Davis & CO. Inc. now owns 1,146 shares of the oil and gas company’s stock valued at $123,000 after acquiring an additional 191 shares in the last quarter. Winfield Associates Inc. grew its stake in Chevron by 5.1% during the second quarter. Winfield Associates Inc. now owns 1,301 shares of the oil and gas company’s stock valued at $136,000 after acquiring an additional 63 shares in the last quarter. Daiwa SB Investments Ltd. grew its stake in Chevron by 438.5% during the second quarter. Daiwa SB Investments Ltd. now owns 1,400 shares of the oil and gas company’s stock valued at $146,000 after acquiring an additional 1,140 shares in the last quarter. Finally, New Capital Management LP grew its stake in Chevron by 0.3% during the first quarter. New Capital Management LP now owns 1,455 shares of the oil and gas company’s stock valued at $156,000 after acquiring an additional 4 shares in the last quarter. Hedge funds and other institutional investors own 63.93% of the company’s stock.
In related news, EVP Michael K. Wirth sold 110,771 shares of Chevron stock in a transaction dated Wednesday, November 22nd. The shares were sold at an average price of $116.17, for a total transaction of $12,868,267.07. Following the completion of the transaction, the executive vice president now directly owns 110,771 shares of the company’s stock, valued at approximately $12,868,267.07. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, CFO Patricia E. Yarrington sold 116,857 shares of Chevron stock in a transaction dated Tuesday, November 21st. The stock was sold at an average price of $115.29, for a total transaction of $13,472,443.53. Following the transaction, the chief financial officer now directly owns 39,506 shares of the company’s stock, valued at $4,554,646.74. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 290,750 shares of company stock valued at $33,774,072. 0.38% of the stock is owned by corporate insiders.
Chevron (NYSE:CVX) last issued its quarterly earnings data on Friday, October 27th. The oil and gas company reported $1.03 EPS for the quarter, topping analysts’ consensus estimates of $0.99 by $0.04. Chevron had a net margin of 4.79% and a return on equity of 4.59%. The business had revenue of $36.21 billion during the quarter, compared to analysts’ expectations of $34.06 billion. During the same period last year, the company posted $0.68 EPS. The business’s revenue was up 20.1% on a year-over-year basis. sell-side analysts anticipate that Chevron Corporation will post 4.39 earnings per share for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which will be paid on Monday, December 11th. Shareholders of record on Friday, November 17th will be paid a $1.08 dividend. The ex-dividend date is Thursday, November 16th. This represents a $4.32 dividend on an annualized basis and a dividend yield of 3.61%. Chevron’s payout ratio is currently 125.95%.
CVX has been the subject of several research analyst reports. Jefferies Group reaffirmed a “buy” rating and set a $137.00 target price (up from $113.54) on shares of Chevron in a research note on Monday, October 30th. Zacks Investment Research raised shares of Chevron from a “hold” rating to a “buy” rating and set a $131.00 target price for the company in a research note on Friday, November 10th. Citigroup raised their target price on shares of Chevron from $118.00 to $128.00 and gave the company a “buy” rating in a research note on Monday, October 30th. Goldman Sachs Group reaffirmed a “buy” rating and set a $123.00 target price (up from $118.00) on shares of Chevron in a research note on Tuesday, September 19th. Finally, Piper Jaffray Companies set a $119.00 target price on shares of Chevron and gave the company a “buy” rating in a research note on Friday, August 25th. Three investment analysts have rated the stock with a sell rating, nine have given a hold rating and fifteen have assigned a buy rating to the company. The stock has a consensus rating of “Hold” and a consensus target price of $121.22.
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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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