Private Ocean LLC decreased its holdings in shares of Chevron Co. (NYSE:CVX) by 7.8% during the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 3,229 shares of the oil and gas company’s stock after selling 273 shares during the quarter. Private Ocean LLC’s holdings in Chevron were worth $383,000 at the end of the most recent quarter.
Other institutional investors and hedge funds have also added to or reduced their stakes in the company. Guidant Wealth Advisors increased its stake in shares of Chevron by 63.9% in the second quarter. Guidant Wealth Advisors now owns 259 shares of the oil and gas company’s stock valued at $32,000 after purchasing an additional 101 shares during the period. Evolution Wealth Advisors LLC bought a new position in shares of Chevron in the second quarter valued at approximately $34,000. Transamerica Financial Advisors Inc. bought a new position in shares of Chevron in the second quarter valued at approximately $46,000. Cordasco Financial Network boosted its holdings 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 acquiring an additional 135 shares in the last quarter. Finally, CKW Financial Group boosted its holdings in shares of Chevron by 154.0% in the second quarter. CKW Financial Group now owns 414 shares of the oil and gas company’s stock valued at $51,000 after acquiring an additional 251 shares in the last quarter. Hedge funds and other institutional investors own 65.68% of the company’s stock.
In related news, insider Joseph C. Geagea sold 8,000 shares of the firm’s stock in a transaction that occurred on Tuesday, August 13th. The shares were sold at an average price of $122.50, for a total value of $980,000.00. Following the completion of the transaction, the insider now owns 9,243 shares of the company’s stock, valued at approximately $1,132,267.50. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, insider David A. Inchausti sold 15,000 shares of the firm’s stock in a transaction that occurred on Monday, November 4th. The stock was sold at an average price of $119.89, for a total transaction of $1,798,350.00. Following the completion of the transaction, the insider now directly owns 15,000 shares of the company’s stock, valued at approximately $1,798,350. The disclosure for this sale can be found here. Insiders have sold 91,750 shares of company stock valued at $11,216,850 over the last 90 days. 0.31% of the stock is currently owned by insiders.
Chevron (NYSE:CVX) last issued its earnings results on Friday, November 1st. The oil and gas company reported $1.36 earnings per share for the quarter, missing the Zacks’ consensus estimate of $1.47 by ($0.11). The business had revenue of $36.12 billion for the quarter, compared to the consensus estimate of $37.69 billion. Chevron had a return on equity of 8.89% and a net margin of 8.70%. The company’s quarterly revenue was down 17.9% on a year-over-year basis. During the same quarter in the previous year, the business posted $2.11 earnings per share. As a group, sell-side analysts anticipate that Chevron Co. will post 6.25 earnings per share for the current fiscal year.
The firm also recently announced a quarterly dividend, which will be paid on Tuesday, December 10th. Investors of record on Monday, November 18th will be issued a dividend of $1.19 per share. This represents a $4.76 dividend on an annualized basis and a yield of 3.94%. The ex-dividend date of this dividend is Friday, November 15th. Chevron’s payout ratio is 57.70%.
CVX has been the subject of several recent analyst reports. Morgan Stanley decreased their price objective on shares of Chevron from $144.00 to $142.00 and set an “overweight” rating for the company in a report on Monday, November 4th. Independent Research set a $127.00 price objective on shares of Chevron and gave the company a “neutral” rating in a report on Thursday, August 29th. JPMorgan Chase & Co. decreased their price objective on shares of Chevron from $142.00 to $139.00 and set an “overweight” rating for the company in a report on Monday, November 4th. Barclays initiated coverage on shares of Chevron in a report on Monday, August 19th. They issued an “overweight” rating and a $145.00 price objective for the company. Finally, BMO Capital Markets initiated coverage on shares of Chevron in a report on Tuesday, August 20th. They issued an “outperform” rating and a $165.00 price objective for the company. Five investment analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company’s stock. The stock has an average rating of “Buy” and an average price target of $135.88.
Chevron Company Profile
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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