Kahn Brothers Group Inc. DE Sells 1,000 Shares of Chevron Co. (NYSE:CVX)

Kahn Brothers Group Inc. DE trimmed its stake in Chevron Co. (NYSE:CVX) by 22.9% in the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 3,376 shares of the oil and gas company’s stock after selling 1,000 shares during the quarter. Kahn Brothers Group Inc. DE’s holdings in Chevron were worth $245,000 at the end of the most recent reporting period.

A number of other hedge funds also recently bought and sold shares of the business. Corundum Group Inc. grew its stake in Chevron by 2.4% in the fourth quarter. Corundum Group Inc. now owns 3,993 shares of the oil and gas company’s stock valued at $481,000 after purchasing an additional 92 shares in the last quarter. Keudell Morrison Wealth Management grew its stake in Chevron by 0.6% in the fourth quarter. Keudell Morrison Wealth Management now owns 17,310 shares of the oil and gas company’s stock valued at $2,086,000 after purchasing an additional 97 shares in the last quarter. Wealthcare Advisory Partners LLC grew its stake in Chevron by 0.8% in the fourth quarter. Wealthcare Advisory Partners LLC now owns 12,870 shares of the oil and gas company’s stock valued at $1,551,000 after purchasing an additional 98 shares in the last quarter. Cypress Asset Management Inc. TX grew its stake in Chevron by 0.4% in the fourth quarter. Cypress Asset Management Inc. TX now owns 24,062 shares of the oil and gas company’s stock valued at $2,900,000 after purchasing an additional 98 shares in the last quarter. Finally, Riggs Asset Managment Co. Inc. boosted its stake in shares of Chevron by 8.3% during the 4th quarter. Riggs Asset Managment Co. Inc. now owns 1,302 shares of the oil and gas company’s stock worth $157,000 after acquiring an additional 100 shares during the period. Hedge funds and other institutional investors own 66.54% of the company’s stock.

In related news, Director John Frank purchased 1,000 shares of Chevron stock in a transaction on Friday, February 28th. The shares were purchased at an average price of $96.59 per share, for a total transaction of $96,590.00. Following the transaction, the director now owns 5,114 shares of the company’s stock, valued at approximately $493,961.26. The purchase was disclosed in a legal filing with the SEC, which is available at this hyperlink. Insiders own 0.31% of the company’s stock.

Several brokerages have recently commented on CVX. Cowen reduced their target price on Chevron from $134.00 to $127.00 and set an “outperform” rating for the company in a research note on Monday, February 3rd. Morgan Stanley reduced their target price on Chevron from $137.00 to $103.00 and set an “overweight” rating for the company in a research note on Monday, March 16th. Bank of America lifted their target price on Chevron from $75.00 to $90.00 and gave the stock a “buy” rating in a research note on Monday, April 20th. UBS Group downgraded Chevron from a “buy” rating to a “neutral” rating and set a $95.00 target price for the company. in a research note on Tuesday, May 12th. Finally, ValuEngine downgraded Chevron from a “buy” rating to a “hold” rating in a research note on Thursday, April 2nd. Seven investment analysts have rated the stock with a hold rating and sixteen have assigned a buy rating to the company’s stock. Chevron currently has a consensus rating of “Buy” and an average target price of $113.05.

NYSE CVX traded down $1.76 during midday trading on Friday, hitting $90.28. The company had a trading volume of 8,560,331 shares, compared to its average volume of 10,544,008. The company has a market capitalization of $171.84 billion, a PE ratio of 44.04 and a beta of 1.31. The company has a current ratio of 1.01, a quick ratio of 0.78 and a debt-to-equity ratio of 0.16. The firm has a 50-day moving average price of $86.77 and a 200-day moving average price of $102.43. Chevron Co. has a twelve month low of $51.60 and a twelve month high of $127.00.

Chevron (NYSE:CVX) last posted its quarterly earnings results on Friday, May 1st. The oil and gas company reported $1.93 EPS for the quarter, topping analysts’ consensus estimates of $0.64 by $1.29. Chevron had a return on equity of 8.28% and a net margin of 2.71%. The company had revenue of $31.50 billion during the quarter, compared to analysts’ expectations of $30.46 billion. During the same quarter in the previous year, the firm earned $1.47 EPS. Chevron’s revenue was down 10.5% on a year-over-year basis. On average, equities analysts anticipate that Chevron Co. will post -0.39 EPS for the current year.

The company also recently announced a quarterly dividend, which will be paid on Wednesday, June 10th. Shareholders of record on Tuesday, May 19th will be issued a $1.29 dividend. The ex-dividend date of this dividend is Monday, May 18th. This represents a $5.16 dividend on an annualized basis and a yield of 5.72%. Chevron’s payout ratio is presently 82.30%.

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.

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Institutional Ownership by Quarter for Chevron (NYSE:CVX)

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