Summit X LLC Raises Stock Holdings in Chevron Co. (NYSE:CVX)

Summit X LLC grew its stake in Chevron Co. (NYSE:CVX) by 2.3% in the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 6,669 shares of the oil and gas company’s stock after buying an additional 150 shares during the quarter. Summit X LLC’s holdings in Chevron were worth $791,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently modified their holdings of the business. Guidant Wealth Advisors grew its position in shares of 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 purchasing an additional 101 shares in the last quarter. Evolution Wealth Advisors LLC purchased a new stake in shares of Chevron during the second quarter worth about $34,000. Transamerica Financial Advisors Inc. purchased a new stake in shares of Chevron during the second quarter worth about $46,000. Cordasco Financial Network grew its position in shares of Chevron by 55.3% during the second quarter. Cordasco Financial Network now owns 379 shares of the oil and gas company’s stock worth $47,000 after purchasing an additional 135 shares in the last quarter. Finally, CKW Financial Group grew its position in shares of Chevron by 154.0% during the second quarter. CKW Financial Group now owns 414 shares of the oil and gas company’s stock worth $51,000 after purchasing an additional 251 shares in the last quarter. Institutional investors and hedge funds own 65.64% of the company’s stock.

In other news, CEO Michael K. Wirth sold 33,750 shares of the firm’s stock in a transaction that occurred on Monday, September 16th. The stock was sold at an average price of $125.00, for a total value of $4,218,750.00. Following the completion of the sale, the chief executive officer now directly owns 33,750 shares of the company’s stock, valued at approximately $4,218,750. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Debra L. Reed acquired 4,250 shares of the stock in a transaction dated Wednesday, August 7th. The stock was bought at an average cost of $118.14 per share, with a total value of $502,095.00. The disclosure for this purchase can be found here. Insiders sold a total of 86,750 shares of company stock valued at $10,648,200 over the last ninety days. Corporate insiders own 0.31% of the company’s stock.

Shares of NYSE:CVX traded down $0.65 during trading on Wednesday, hitting $115.66. The company had a trading volume of 201,404 shares, compared to its average volume of 6,308,570. The stock has a market cap of $220.50 billion, a price-to-earnings ratio of 14.01, a price-to-earnings-growth ratio of 4.30 and a beta of 0.99. Chevron Co. has a one year low of $100.22 and a one year high of $127.34. The company has a fifty day simple moving average of $118.48 and a two-hundred day simple moving average of $120.61. The company has a debt-to-equity ratio of 0.16, a current ratio of 1.15 and a quick ratio of 0.91.

Chevron (NYSE:CVX) last posted its quarterly earnings data on Friday, August 2nd. The oil and gas company reported $2.27 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.74 by $0.53. The business had revenue of $38.85 billion during the quarter, compared to analyst estimates of $40.14 billion. Chevron had a return on equity of 9.58% and a net margin of 9.18%. The company’s revenue for the quarter was down 8.0% on a year-over-year basis. During the same period last year, the company earned $1.78 EPS. On average, equities research analysts anticipate that Chevron Co. will post 6.75 earnings per share for the current year.

A number of brokerages recently commented on CVX. Barclays began coverage on Chevron in a research note on Monday, August 19th. They set an “overweight” rating and a $145.00 price target for the company. Cowen set a $140.00 price target on Chevron and gave the company a “buy” rating in a research note on Friday, August 30th. BMO Capital Markets began coverage on Chevron in a research note on Tuesday, August 20th. They set an “outperform” rating and a $165.00 price target for the company. ValuEngine raised Chevron from a “sell” rating to a “hold” rating in a research note on Wednesday, October 2nd. Finally, Morgan Stanley dropped their price target on Chevron from $146.00 to $144.00 and set an “overweight” rating for the company in a research note on Friday, July 12th. Five analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company. The stock has an average rating of “Buy” and a consensus target price of $137.47.

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.

Further Reading: How is Preferred Stock Different from Common Stock?

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Institutional Ownership by Quarter for Chevron (NYSE:CVX)

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