Intersect Capital LLC lowered its position in Chevron Co. (NYSE:CVX) by 0.7% during the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 31,907 shares of the oil and gas company’s stock after selling 224 shares during the quarter. Chevron comprises about 1.4% of Intersect Capital LLC’s portfolio, making the stock its 16th largest position. Intersect Capital LLC’s holdings in Chevron were worth $3,784,000 at the end of the most recent reporting period.
Several other institutional investors and hedge funds have also recently made changes to their positions in CVX. Guidant Wealth Advisors grew its holdings in shares of Chevron by 63.9% in the second quarter. Guidant Wealth Advisors now owns 259 shares of the oil and gas company’s stock worth $32,000 after purchasing an additional 101 shares during the last quarter. Evolution Wealth Advisors LLC bought a new position in shares of Chevron in the second quarter worth about $34,000. Transamerica Financial Advisors Inc. bought a new position in shares of Chevron in the second quarter worth about $46,000. Cordasco Financial Network grew its holdings in shares of Chevron by 55.3% in the second quarter. Cordasco Financial Network now owns 379 shares of the oil and gas company’s stock worth $47,000 after purchasing an additional 135 shares during the last quarter. Finally, CKW Financial Group grew its holdings in shares of Chevron by 154.0% in the second quarter. CKW Financial Group now owns 414 shares of the oil and gas company’s stock worth $51,000 after purchasing an additional 251 shares during the last quarter. 65.68% of the stock is currently owned by institutional investors and hedge funds.
In other news, CEO Michael K. Wirth sold 33,750 shares of the firm’s stock in a transaction dated Monday, September 16th. The shares were sold at an average price of $125.00, for a total value of $4,218,750.00. Following the sale, the chief executive officer now directly owns 33,750 shares in the company, valued at approximately $4,218,750. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO Pierre R. Breber sold 15,000 shares of the firm’s stock in a transaction dated Monday, September 16th. The shares were sold at an average price of $124.97, for a total transaction of $1,874,550.00. The disclosure for this sale can be found here. Insiders sold a total of 91,750 shares of company stock worth $11,216,850 over the last 90 days. Company insiders own 0.31% of the company’s stock.
A number of research analysts have recently commented on the stock. Cowen cut their price target on shares of Chevron from $140.00 to $134.00 and set an “outperform” rating on the stock in a report on Friday, November 1st. ValuEngine upgraded shares of Chevron from a “sell” rating to a “hold” rating in a report on Wednesday, October 2nd. JPMorgan Chase & Co. cut their price target on shares of Chevron from $142.00 to $139.00 and set an “overweight” rating on the stock in a report on Monday, November 4th. Morgan Stanley cut their price target on shares of Chevron from $144.00 to $142.00 and set an “overweight” rating on the stock in a report on Monday, November 4th. Finally, Independent Research set a $127.00 target price on shares of Chevron and gave the stock a “neutral” rating in a report on Thursday, August 29th. Five analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company’s stock. The company currently has an average rating of “Buy” and a consensus price target of $135.88.
Chevron stock traded down $0.12 during midday trading on Monday, hitting $120.81. 3,191,682 shares of the company’s stock were exchanged, compared to its average volume of 6,442,372. The company has a debt-to-equity ratio of 0.16, a quick ratio of 0.91 and a current ratio of 1.15. Chevron Co. has a 12 month low of $100.22 and a 12 month high of $127.34. The firm has a 50-day moving average of $117.65 and a two-hundred day moving average of $119.96. The company has a market cap of $231.49 billion, a PE ratio of 14.64, a P/E/G ratio of 3.25 and a beta of 0.99.
Chevron (NYSE:CVX) last issued its earnings results on Friday, November 1st. The oil and gas company reported $1.36 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $1.47 by ($0.11). Chevron had a return on equity of 8.89% and a net margin of 8.70%. The business had revenue of $36.12 billion for the quarter, compared to the consensus estimate of $37.69 billion. During the same quarter in the previous year, the company earned $2.11 earnings per share. The firm’s revenue was down 17.9% on a year-over-year basis. As a group, equities analysts expect that Chevron Co. will post 6.25 earnings per share for the current year.
The company also recently declared a quarterly dividend, which will be paid on Tuesday, December 10th. Stockholders of record on Monday, November 18th will be issued a $1.19 dividend. This represents a $4.76 dividend on an annualized basis and a dividend yield of 3.94%. The ex-dividend date of this dividend is Friday, November 15th. Chevron’s dividend payout ratio is currently 57.70%.
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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