Transcend Wealth Collective LLC acquired a new position in shares of Chevron Co. (NYSE:CVX) in the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm acquired 19,632 shares of the oil and gas company’s stock, valued at approximately $2,366,000.
Several other large investors have also recently made changes to their positions in the stock. Executive Wealth Management LLC lifted its stake in Chevron by 12.8% in the 3rd quarter. Executive Wealth Management LLC now owns 35,342 shares of the oil and gas company’s stock valued at $4,190,000 after purchasing an additional 4,017 shares during the last quarter. Colony Group LLC lifted its stake in Chevron by 2.9% in the 3rd quarter. Colony Group LLC now owns 205,651 shares of the oil and gas company’s stock valued at $24,390,000 after purchasing an additional 5,866 shares during the last quarter. Voya Financial Advisors Inc. lifted its stake in Chevron by 2.4% in the 3rd quarter. Voya Financial Advisors Inc. now owns 59,649 shares of the oil and gas company’s stock valued at $7,074,000 after purchasing an additional 1,377 shares during the last quarter. Redpoint Investment Management Pty Ltd lifted its stake in Chevron by 0.7% in the 3rd quarter. Redpoint Investment Management Pty Ltd now owns 133,972 shares of the oil and gas company’s stock valued at $15,889,000 after purchasing an additional 979 shares during the last quarter. Finally, MV Capital Management Inc. lifted its stake in Chevron by 5.7% in the 3rd quarter. MV Capital Management Inc. now owns 2,706 shares of the oil and gas company’s stock valued at $321,000 after purchasing an additional 146 shares during the last quarter. Institutional investors and hedge funds own 66.85% of the company’s stock.
In other news, Director John Frank acquired 400 shares of the firm’s stock in a transaction dated Monday, February 24th. The stock was bought at an average cost of $104.61 per share, for a total transaction of $41,844.00. Following the completion of the transaction, the director now directly owns 5,114 shares in the company, valued at approximately $534,975.54. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Michael K. Wirth sold 67,500 shares of the stock in a transaction on Monday, January 6th. The stock was sold at an average price of $121.07, for a total transaction of $8,172,225.00. Following the sale, the chief executive officer now owns 33,750 shares of the company’s stock, valued at $4,086,112.50. The disclosure for this sale can be found here. Corporate insiders own 0.31% of the company’s stock.
Chevron (NYSE:CVX) last posted its quarterly earnings data on Friday, January 31st. The oil and gas company reported $1.49 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $1.47 by $0.02. Chevron had a net margin of 2.00% and a return on equity of 8.29%. The company had revenue of $36.35 billion during the quarter, compared to analysts’ expectations of $38.98 billion. During the same period in the prior year, the company posted $1.95 earnings per share. Chevron’s revenue for the quarter was down 14.2% compared to the same quarter last year. As a group, analysts forecast that Chevron Co. will post 0.97 earnings per share for the current fiscal year.
The company also recently disclosed a quarterly dividend, which was paid on Tuesday, March 10th. Stockholders of record on Tuesday, February 18th were given a dividend of $1.29 per share. The ex-dividend date of this dividend was Friday, February 14th. This is a boost from Chevron’s previous quarterly dividend of $1.19. This represents a $5.16 annualized dividend and a dividend yield of 6.76%. Chevron’s dividend payout ratio is 82.30%.
Several brokerages recently commented on CVX. Wells Fargo & Co dropped their price objective on shares of Chevron from $129.00 to $103.00 and set an “overweight” rating for the company in a research note on Friday, March 20th. Argus reaffirmed a “buy” rating and set a price target (down previously from ) on shares of Chevron in a research note on Thursday. Scotiabank raised shares of Chevron from a “sector perform” rating to a “sector outperform” rating and set a $137.00 price target for the company in a research note on Thursday, January 23rd. Berenberg Bank reaffirmed a “hold” rating and set a $128.00 price target on shares of Chevron in a research note on Thursday, December 12th. Finally, Credit Suisse Group dropped their price target on shares of Chevron from $135.00 to $128.00 and set an “outperform” rating for the company in a research note on Monday, February 3rd. Six analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the company. The stock has a consensus rating of “Buy” and an average price target of $120.21.
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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