Timber Hill LLC Takes $533,000 Position in Chevron Co. (NYSE:CVX)

Timber Hill LLC purchased a new stake in shares of Chevron Co. (NYSE:CVX) during the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund purchased 4,284 shares of the oil and gas company’s stock, valued at approximately $533,000. Chevron accounts for 0.4% of Timber Hill LLC’s portfolio, making the stock its 12th biggest holding.

Several other hedge funds have also recently added to or reduced their stakes in CVX. Thoroughbred Financial Services LLC raised its holdings in shares of Chevron by 12,204.4% during the second quarter. Thoroughbred Financial Services LLC now owns 3,259,805 shares of the oil and gas company’s stock valued at $325,980,000 after acquiring an additional 3,233,312 shares during the period. PGGM Investments acquired a new position in Chevron in the 2nd quarter valued at approximately $164,371,000. Nordea Investment Management AB increased its stake in Chevron by 298.6% in the 4th quarter. Nordea Investment Management AB now owns 1,695,198 shares of the oil and gas company’s stock valued at $184,416,000 after buying an additional 1,269,889 shares during the period. Diamond Hill Capital Management Inc. acquired a new position in Chevron in the 2nd quarter valued at approximately $133,556,000. Finally, Royal London Asset Management Ltd. acquired a new position in Chevron in the 4th quarter valued at approximately $88,758,000. Institutional investors and hedge funds own 65.90% of the company’s stock.

CVX stock traded down $1.19 during trading hours on Thursday, hitting $116.55. The company’s stock had a trading volume of 426,124 shares, compared to its average volume of 5,779,193. The company has a debt-to-equity ratio of 0.16, a current ratio of 1.15 and a quick ratio of 0.91. The stock has a market cap of $223.52 billion, a P/E ratio of 14.16, a PEG ratio of 2.96 and a beta of 1.00. Chevron Co. has a 12 month low of $100.22 and a 12 month high of $127.60. The stock has a 50 day moving average of $123.47.

Chevron (NYSE:CVX) last posted its earnings results on Friday, August 2nd. The oil and gas company reported $2.27 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $1.74 by $0.53. The company had revenue of $38.85 billion during the quarter, compared to the consensus estimate of $40.14 billion. Chevron had a net margin of 9.18% and a return on equity of 9.58%. The company’s revenue for the quarter was down 8.0% compared to the same quarter last year. During the same period in the previous year, the firm posted $1.78 earnings per share. On average, analysts predict that Chevron Co. will post 6.84 earnings per share for the current year.

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, September 10th. Shareholders of record on Monday, August 19th will be given a $1.19 dividend. This represents a $4.76 annualized dividend and a yield of 4.08%. The ex-dividend date of this dividend is Friday, August 16th. Chevron’s dividend payout ratio is 57.70%.

Several research analysts have weighed in on the stock. Zacks Investment Research lowered shares of Chevron from a “buy” rating to a “hold” rating in a research note on Tuesday, May 7th. Cowen reiterated a “buy” rating and issued a $142.00 price objective on shares of Chevron in a research note on Wednesday, April 17th. Morgan Stanley dropped their price objective on shares of Chevron from $146.00 to $144.00 and set an “overweight” rating on the stock in a research note on Friday, July 12th. Finally, Citigroup assumed coverage on shares of Chevron in a research note on Monday, May 13th. They issued a “buy” rating and a $135.00 price objective on the stock. Five equities research analysts have rated the stock with a hold rating, thirteen have assigned a buy rating and one has given a strong buy rating to the company. The company presently has an average rating of “Buy” and a consensus price target of $135.41.

In other Chevron news, Director Debra L. Reed bought 4,250 shares of the firm’s stock in a transaction on Wednesday, August 7th. The stock was bought at an average cost of $118.14 per share, with a total value of $502,095.00. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP Joseph C. Geagea sold 10,000 shares of the business’s stock in a transaction that occurred on Thursday, August 8th. The stock was sold at an average price of $122.97, for a total transaction of $1,229,700.00. Following the completion of the sale, the executive vice president now directly owns 11,243 shares of the company’s stock, valued at $1,382,551.71. The disclosure for this sale can be found here. Insiders sold 45,850 shares of company stock valued at $5,724,375 over the last three months. Insiders own 0.31% of the company’s stock.

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.

See Also: Arbitrage

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Institutional Ownership by Quarter for Chevron (NYSE:CVX)

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