Zurich Insurance Group Ltd FI lowered its holdings in shares of Chevron Co. (NYSE:CVX) by 10.1% in the 2nd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 333,367 shares of the oil and gas company’s stock after selling 37,314 shares during the quarter. Chevron makes up approximately 0.8% of Zurich Insurance Group Ltd FI’s holdings, making the stock its 23rd biggest position. Zurich Insurance Group Ltd FI’s holdings in Chevron were worth $41,484,000 at the end of the most recent quarter.
Several other hedge funds and other institutional investors have also added to or reduced their stakes in CVX. Murphy Middleton Hinkle & Parker Inc. lifted its stake in shares of Chevron by 0.6% in the second quarter. Murphy Middleton Hinkle & Parker Inc. now owns 14,149 shares of the oil and gas company’s stock worth $1,761,000 after acquiring an additional 84 shares in the last quarter. Arlington Financial Advisors LLC increased its stake in Chevron by 0.4% in the 2nd quarter. Arlington Financial Advisors LLC now owns 20,221 shares of the oil and gas company’s stock valued at $2,516,000 after buying an additional 85 shares during the last quarter. Landsberg Bennett & Dubbaneh LLC increased its stake in shares of Chevron by 1.7% during the 2nd quarter. Landsberg Bennett & Dubbaneh LLC now owns 5,051 shares of the oil and gas company’s stock worth $631,000 after purchasing an additional 86 shares during the last quarter. JNBA Financial Advisors increased its stake in shares of Chevron by 1.6% during the 2nd quarter. JNBA Financial Advisors now owns 5,604 shares of the oil and gas company’s stock worth $697,000 after purchasing an additional 86 shares during the last quarter. Finally, Gilbert & Cook Inc. increased its stake in shares of Chevron by 3.4% during the 2nd quarter. Gilbert & Cook Inc. now owns 2,745 shares of the oil and gas company’s stock worth $342,000 after purchasing an additional 90 shares during the last quarter. 65.61% of the stock is owned by hedge funds and other institutional investors.
In other Chevron news, Director Debra L. Reed acquired 4,250 shares of the company’s stock in a transaction on Wednesday, August 7th. The shares were purchased at an average cost of $118.14 per share, with a total value of $502,095.00. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, EVP Joseph C. Geagea sold 10,000 shares of the firm’s stock in a transaction dated 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 directly owns 11,243 shares in the company, valued at $1,382,551.71. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 86,750 shares of company stock valued at $10,648,200. Corporate insiders own 0.31% of the company’s stock.
Chevron (NYSE:CVX) last released its quarterly earnings data 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 business had revenue of $38.85 billion during the quarter, compared to analysts’ expectations of $40.14 billion. During the same period in the prior year, the company earned $1.78 EPS. The firm’s quarterly revenue was down 8.0% compared to the same quarter last year. On average, analysts forecast that Chevron Co. will post 6.64 EPS for the current year.
The firm also recently declared a quarterly dividend, which was paid on Tuesday, September 10th. Shareholders of record on Monday, August 19th were given a $1.19 dividend. This represents a $4.76 annualized dividend and a yield of 3.83%. The ex-dividend date of this dividend was Friday, August 16th. Chevron’s dividend payout ratio (DPR) is currently 57.70%.
Several research firms have recently weighed in on CVX. 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 objective on the stock. ValuEngine lowered shares of Chevron from a “hold” rating to a “sell” rating in a research note on Wednesday, September 11th. Cowen set a $140.00 price target on shares of Chevron and gave the company a “buy” rating in a research note on Friday, August 30th. Barclays initiated coverage on shares of Chevron in a research note on Monday, August 19th. They issued an “overweight” rating and a $145.00 price target on the stock. Finally, Morgan Stanley decreased their price target on shares of Chevron from $146.00 to $144.00 and set an “overweight” rating on the stock in a research note on Friday, July 12th. One analyst has rated the stock with a sell rating, five have issued a hold rating, fourteen have issued a buy rating and one has issued a strong buy rating to the company’s stock. Chevron has a consensus rating of “Buy” and an average price target of $136.22.
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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