Resources Management Corp CT ADV acquired a new stake in Chevron Co. (NYSE:CVX) during the third quarter, Holdings Channel reports. The institutional investor acquired 87,827 shares of the oil and gas company’s stock, valued at approximately $10,416,000. Chevron accounts for 1.9% of Resources Management Corp CT ADV’s portfolio, making the stock its 13th largest position.
Several other hedge funds have also recently made changes to their positions in the company. W.G. Shaheen & Associates DBA Whitney & Co lifted its stake in shares of Chevron by 0.8% in the 2nd quarter. W.G. Shaheen & Associates DBA Whitney & Co now owns 45,014 shares of the oil and gas company’s stock valued at $5,602,000 after purchasing an additional 379 shares during the period. DekaBank Deutsche Girozentrale raised its position in shares of Chevron by 74.7% in the second quarter. DekaBank Deutsche Girozentrale now owns 1,387,145 shares of the oil and gas company’s stock worth $171,630,000 after acquiring an additional 592,920 shares during the period. Goodman Financial Corp boosted its stake in shares of Chevron by 1.2% during the 2nd quarter. Goodman Financial Corp now owns 50,084 shares of the oil and gas company’s stock worth $6,232,000 after acquiring an additional 599 shares in the last quarter. Gratus Capital LLC boosted its stake in shares of Chevron by 7.4% during the 2nd quarter. Gratus Capital LLC now owns 14,591 shares of the oil and gas company’s stock worth $1,816,000 after acquiring an additional 1,002 shares in the last quarter. Finally, Chesapeake Wealth Management grew its position in shares of Chevron by 2.5% during the 2nd quarter. Chesapeake Wealth Management now owns 22,095 shares of the oil and gas company’s stock valued at $2,749,000 after acquiring an additional 547 shares during the period. 65.69% of the stock is currently owned by institutional investors and hedge funds.
NYSE:CVX traded up $1.05 during trading hours on Wednesday, hitting $116.94. 5,696,160 shares of the stock were exchanged, compared to its average volume of 6,390,072. Chevron Co. has a 52-week low of $100.22 and a 52-week high of $127.34. The firm’s fifty day moving average price is $118.20 and its 200 day moving average price is $119.91. The company has a current ratio of 1.12, a quick ratio of 0.93 and a debt-to-equity ratio of 0.16. The company has a market cap of $221.48 billion, a P/E ratio of 14.17, a P/E/G ratio of 3.06 and a beta of 1.01.
Chevron (NYSE:CVX) last released its earnings results on Friday, November 1st. The oil and gas company reported $1.36 earnings per share for the quarter, missing the consensus estimate of $1.47 by ($0.11). The firm had revenue of $36.12 billion during the quarter, compared to analysts’ expectations of $37.69 billion. Chevron had a net margin of 8.70% and a return on equity of 8.89%. The business’s revenue was down 17.9% compared to the same quarter last year. During the same quarter last year, the business earned $2.11 EPS. Equities analysts expect that Chevron Co. will post 6.39 EPS for the current fiscal year.
The company also recently declared a quarterly dividend, which will be paid on Tuesday, December 10th. Investors of record on Monday, November 18th will be given a dividend of $1.19 per share. This represents a $4.76 annualized dividend and a dividend yield of 4.07%. The ex-dividend date is Friday, November 15th. Chevron’s payout ratio is 57.70%.
In related news, CEO Michael K. Wirth sold 33,750 shares of the company’s stock in a transaction dated Monday, September 16th. The shares were sold at an average price of $125.00, for a total transaction of $4,218,750.00. Following the completion of the sale, the chief executive officer now owns 33,750 shares of the company’s stock, valued at approximately $4,218,750. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, insider David A. Inchausti sold 15,000 shares of the stock in a transaction dated Monday, November 4th. The shares were sold at an average price of $119.89, for a total transaction of $1,798,350.00. Following the completion of the sale, the insider now owns 15,000 shares of the company’s stock, valued at approximately $1,798,350. The disclosure for this sale can be found here. Over the last three months, insiders sold 63,750 shares of company stock valued at $7,891,650. 0.31% of the stock is owned by corporate insiders.
A number of equities analysts recently weighed in on the company. Piper Jaffray Companies initiated coverage on Chevron in a report on Tuesday, November 26th. They issued a “buy” rating and a $143.00 price target for the company. BMO Capital Markets began coverage on Chevron in a research report on Tuesday, August 20th. They set an “outperform” rating and a $165.00 price target on the stock. Cowen dropped their price objective on Chevron from $140.00 to $134.00 and set an “outperform” rating on the stock in a report on Friday, November 1st. Barclays initiated coverage on Chevron in a research report on Monday, August 19th. They issued an “overweight” rating and a $145.00 price objective for the company. Finally, Independent Research set a $127.00 target price on Chevron and gave the stock a “neutral” rating in a research note on Thursday, August 29th. Five research analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company. Chevron currently has an average rating of “Buy” and an average target price of $136.23.
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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