First Mercantile Trust Co. Cuts Stake in Chevron Co. (CVX)

First Mercantile Trust Co. lowered its position in shares of Chevron Co. (NYSE:CVX) by 11.8% in the 3rd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 16,386 shares of the oil and gas company’s stock after selling 2,195 shares during the period. First Mercantile Trust Co.’s holdings in Chevron were worth $2,004,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently made changes to their positions in the business. Morgan Stanley boosted its position in Chevron by 3.8% during the 2nd quarter. Morgan Stanley now owns 16,986,164 shares of the oil and gas company’s stock valued at $2,147,560,000 after buying an additional 626,514 shares during the period. Dimensional Fund Advisors LP boosted its position in Chevron by 1.5% during the 2nd quarter. Dimensional Fund Advisors LP now owns 13,217,173 shares of the oil and gas company’s stock valued at $1,671,000,000 after buying an additional 190,647 shares during the period. Schwab Charles Investment Management Inc. boosted its position in Chevron by 2.3% during the 2nd quarter. Schwab Charles Investment Management Inc. now owns 8,933,341 shares of the oil and gas company’s stock valued at $1,129,443,000 after buying an additional 204,547 shares during the period. Standard Life Aberdeen plc boosted its position in Chevron by 78.9% during the 2nd quarter. Standard Life Aberdeen plc now owns 6,790,689 shares of the oil and gas company’s stock valued at $858,547,000 after buying an additional 2,994,612 shares during the period. Finally, Sumitomo Mitsui Trust Holdings Inc. boosted its position in Chevron by 2.1% during the 3rd quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 6,522,445 shares of the oil and gas company’s stock valued at $797,565,000 after buying an additional 131,239 shares during the period. 64.62% of the stock is owned by institutional investors and hedge funds.

Shares of NYSE CVX opened at $117.58 on Monday. The company has a debt-to-equity ratio of 0.19, a current ratio of 1.22 and a quick ratio of 1.01. Chevron Co. has a 12 month low of $100.22 and a 12 month high of $131.08. The firm has a market capitalization of $224.67 billion, a price-to-earnings ratio of 14.25, a P/E/G ratio of 4.03 and a beta of 1.02.

Chevron (NYSE:CVX) last issued its quarterly earnings data on Friday, February 1st. The oil and gas company reported $1.95 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $1.87 by $0.08. Chevron had a net margin of 8.91% and a return on equity of 9.82%. The business had revenue of $42.35 billion during the quarter, compared to analyst estimates of $41.46 billion. During the same period in the prior year, the business earned $1.64 EPS. The company’s revenue for the quarter was up 12.6% on a year-over-year basis. Equities research analysts expect that Chevron Co. will post 6.63 EPS for the current year.

The business also recently disclosed a quarterly dividend, which will be paid on Monday, March 11th. Shareholders of record on Friday, February 15th will be issued a $1.19 dividend. The ex-dividend date is Thursday, February 14th. This is a positive change from Chevron’s previous quarterly dividend of $1.12. This represents a $4.76 annualized dividend and a yield of 4.05%. Chevron’s dividend payout ratio is 54.30%.

CVX has been the subject of several analyst reports. Piper Jaffray Companies reissued an “overweight” rating on shares of Chevron in a research report on Tuesday, October 23rd. UBS Group raised shares of Chevron from a “neutral” rating to a “buy” rating and set a $112.95 price target for the company in a research report on Friday, January 18th. Credit Suisse Group reissued a “buy” rating and set a $130.00 price target on shares of Chevron in a research report on Wednesday, December 19th. Wells Fargo & Co dropped their price target on shares of Chevron from $160.00 to $158.00 and set an “outperform” rating for the company in a research report on Monday, November 5th. Finally, Zacks Investment Research cut shares of Chevron from a “hold” rating to a “strong sell” rating in a research report on Thursday, January 3rd. Nine investment analysts have rated the stock with a hold rating, ten have issued a buy rating and one has given a strong buy rating to the stock. Chevron has an average rating of “Buy” and an average price target of $133.20.

In related news, insider Jeanette L. Ourada sold 7,200 shares of the stock in a transaction dated Monday, February 4th. The shares were sold at an average price of $116.50, for a total value of $838,800.00. Following the completion of the transaction, the insider now directly owns 7,200 shares in the company, valued at approximately $838,800. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, EVP James William Johnson sold 4,750 shares of the stock in a transaction dated Monday, December 3rd. The stock was sold at an average price of $120.92, for a total transaction of $574,370.00. Following the completion of the transaction, the executive vice president now owns 4,750 shares of the company’s stock, valued at $574,370. The disclosure for this sale can be found here. Insiders sold a total of 26,200 shares of company stock valued at $3,072,725 over the last 90 days. Company insiders own 0.46% of the company’s stock.

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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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