Chevron Corporation $CVX Stock: Lockheed Martin Investment Management Co. Cuts Holdings

Lockheed Martin Investment Management Co. lessened its holdings in shares of Chevron Corporation (NYSE:CVX) by 55.5% during the third quarter, Holdings Channel.com reports. The institutional investor owned 32,100 shares of the oil and gas company’s stock after selling 40,040 shares during the quarter. Lockheed Martin Investment Management Co.’s holdings in Chevron were worth $6,555,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors have also recently bought and sold shares of the business. AEGON ASSET MANAGEMENT UK Plc raised its stake in Chevron by 18.3% in the 3rd quarter. AEGON ASSET MANAGEMENT UK Plc now owns 221,389 shares of the oil and gas company’s stock valued at $45,210,000 after acquiring an additional 34,168 shares during the period. Gryphon Financial Partners LLC boosted its holdings in Chevron by 17.6% in the 3rd quarter. Gryphon Financial Partners LLC now owns 24,272 shares of the oil and gas company’s stock valued at $4,957,000 after purchasing an additional 3,628 shares during the period. Leuthold Group LLC boosted its stake in shares of Chevron by 1,627.4% in the third quarter. Leuthold Group LLC now owns 43,099 shares of the oil and gas company’s stock valued at $8,801,000 after buying an additional 40,604 shares during the period. Retirement Systems of Alabama increased its stake in Chevron by 1.8% during the 3rd quarter. Retirement Systems of Alabama now owns 1,162,074 shares of the oil and gas company’s stock worth $237,307,000 after acquiring an additional 21,048 shares during the period. Finally, Kohmann Bosshard Financial Services LLC acquired a new position in Chevron in the 3rd quarter valued at $231,000. Institutional investors and hedge funds own 72.42% of the company’s stock.

Analyst Upgrades and Downgrades

A number of analysts have recently weighed in on the company. Argus upped their target price on Chevron from $206.00 to $211.00 and gave the company a “buy” rating in a research report on Tuesday, August 11th. Wells Fargo & Company raised their price target on Chevron from $230.00 to $268.00 and gave the stock an “overweight” rating in a research report on Monday, November 2nd. HSBC set a $90.00 price target on Chevron in a research note on Friday, September 25th. BNP Paribas Exane cut their price objective on shares of Chevron from $230.00 to $224.00 and set an “outperform” rating for the company in a research report on Friday, July 17th. Finally, Barclays increased their price objective on shares of Chevron from $208.00 to $244.00 and gave the stock an “equal weight” rating in a research note on Monday, November 2nd. One equities research analyst has rated the stock with a Strong Buy rating, twenty-three have assigned a Buy rating, six have given a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat, Chevron presently has a consensus rating of “Moderate Buy” and a consensus price target of $221.88.

Insider Buying and Selling

In other Chevron news, CEO Michael K. Wirth sold 317,100 shares of the firm’s stock in a transaction that occurred on Friday, August 14th. The shares were sold at an average price of $200.46, for a total value of $63,565,866.00. Following the sale, the chief executive officer owned 26,308 shares in the company, valued at $5,273,701.68. This trade represents a 92.34% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this link. Also, insider Andrew Walz sold 16,800 shares of the business’s stock in a transaction on Monday, August 17th. The stock was sold at an average price of $201.06, for a total transaction of $3,377,808.00. Following the sale, the insider directly owned 14 shares in the company, valued at approximately $2,814.84. The trade was a 99.92% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold a total of 379,470 shares of company stock worth $77,216,415 in the last three months. 0.56% of the stock is owned by corporate insiders.

Chevron Stock Performance

NYSE:CVX opened at $210.91 on Tuesday. Chevron Corporation has a twelve month low of $146.49 and a twelve month high of $236.48. The company has a quick ratio of 0.98, a current ratio of 1.25 and a debt-to-equity ratio of 0.19. The stock’s 50-day simple moving average is $215.09 and its 200 day simple moving average is $194.63. The firm has a market capitalization of $416.71 billion, a PE ratio of 15.43, a price-to-earnings-growth ratio of 0.51 and a beta of 0.47.

Chevron (NYSE:CVX) last issued its earnings results on Friday, October 30th. The oil and gas company reported $5.28 EPS for the quarter, topping the consensus estimate of $4.87 by $0.41. The firm had revenue of $65.24 billion during the quarter, compared to the consensus estimate of $61.82 billion. Chevron had a return on equity of 14.64% and a net margin of 11.56%. The business’s quarterly revenue was up 36.3% on a year-over-year basis. During the same quarter in the previous year, the firm earned $1.85 earnings per share. On average, analysts anticipate that Chevron Corporation will post 18.56 EPS for the current fiscal year.

Chevron Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, December 10th. Investors of record on Wednesday, November 18th will be issued a dividend of $1.78 per share. The ex-dividend date of this dividend is Wednesday, November 18th. This represents a $7.12 annualized dividend and a dividend yield of 3.4%. Chevron’s payout ratio is 52.08%.

About Chevron

Chevron Corporation (NYSE:CVX) is an integrated energy company engaged in the exploration, development, production, transportation and sale of crude oil and natural gas. Its upstream operations include oil and gas exploration and production, while its downstream business includes refining crude oil, marketing fuels and manufacturing and distributing lubricants, petrochemicals and fuel additives.

The company also invests in lower-carbon businesses and technologies, including renewable fuels, carbon capture and storage, hydrogen and other opportunities intended to reduce emissions from its operations and energy products.