Tarbox Family Office Inc. reduced its position in shares of Chevron Co. (NYSE:CVX) by 32.8% in the 2nd quarter, HoldingsChannel reports. The firm owned 1,363 shares of the oil and gas company’s stock after selling 666 shares during the period. Tarbox Family Office Inc.’s holdings in Chevron were worth $170,000 as of its most recent filing with the Securities & Exchange Commission.
Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Guidant Wealth Advisors grew its position in Chevron by 63.9% during the second quarter. Guidant Wealth Advisors now owns 259 shares of the oil and gas company’s stock worth $32,000 after buying an additional 101 shares during the period. Evolution Wealth Advisors LLC acquired a new position in Chevron during the second quarter worth about $34,000. Cordasco Financial Network grew its position in shares of Chevron by 55.3% in the second quarter. Cordasco Financial Network now owns 379 shares of the oil and gas company’s stock valued at $47,000 after purchasing an additional 135 shares during the last quarter. Next Capital Management LLC acquired a new stake in shares of Chevron in the second quarter valued at approximately $52,000. Finally, Ashburton Jersey Ltd acquired a new stake in shares of Chevron in the second quarter valued at approximately $54,000. 66.45% of the stock is owned by hedge funds and other institutional investors.
In other Chevron news, EVP Joseph C. Geagea sold 10,000 shares of the stock in a transaction that occurred on Thursday, August 8th. The shares were sold at an average price of $122.97, for a total transaction of $1,229,700.00. Following the transaction, the executive vice president now owns 11,243 shares of the company’s stock, valued at $1,382,551.71. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, insider Joseph C. Geagea sold 8,000 shares of the stock in a transaction that occurred on Tuesday, August 13th. The stock was sold at an average price of $122.50, for a total transaction of $980,000.00. Following the transaction, the insider now directly owns 9,243 shares in the company, valued at approximately $1,132,267.50. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 51,750 shares of company stock worth $6,448,700. 0.31% of the stock is currently owned by insiders.
Chevron (NYSE:CVX) last announced its earnings results on Friday, August 2nd. The oil and gas company reported $2.27 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $1.74 by $0.53. Chevron had a net margin of 9.18% and a return on equity of 9.58%. The firm had revenue of $38.85 billion for the quarter, compared to analyst estimates of $40.14 billion. During the same quarter last year, the business earned $1.78 earnings per share. Chevron’s revenue was down 8.0% compared to the same quarter last year. On average, analysts anticipate that Chevron Co. will post 6.93 EPS for the current year.
The company also recently announced a quarterly dividend, which will be paid on Tuesday, September 10th. Investors of record on Monday, August 19th will be given a dividend of $1.19 per share. The ex-dividend date of this dividend is Friday, August 16th. This represents a $4.76 dividend on an annualized basis and a yield of 4.04%. Chevron’s dividend payout ratio (DPR) is currently 57.70%.
Several research firms have recently commented on CVX. Zacks Investment Research lowered shares of Chevron from a “buy” rating to a “hold” rating in a research report on Tuesday, May 7th. BMO Capital Markets began coverage on shares of Chevron in a research report on Tuesday. They issued an “outperform” rating and a $165.00 price target on the stock. Morgan Stanley lowered their price target on shares of Chevron from $146.00 to $144.00 and set an “overweight” rating on the stock in a research report on Friday, July 12th. Citigroup began coverage on shares of Chevron in a research report on Monday, May 13th. They issued a “buy” rating and a $135.00 price target on the stock. Finally, Barclays began coverage on shares of Chevron in a research report on Monday. They issued an “overweight” rating and a $145.00 price target on the stock. Five research analysts have rated the stock with a hold rating, fourteen have given a buy rating and one has issued a strong buy rating to the stock. The stock currently has an average rating of “Buy” and an average target price of $136.78.
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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