Resources Management Corp CT ADV acquired a new stake in shares of Chevron Co. (NYSE:CVX) in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm acquired 87,827 shares of the oil and gas company’s stock, valued at approximately $10,416,000. Chevron makes up 1.9% of Resources Management Corp CT ADV’s investment portfolio, making the stock its 13th largest holding.
Several other institutional investors have also recently modified their holdings of CVX. Nuveen Asset Management LLC increased its position in Chevron by 2,073.6% in the second quarter. Nuveen Asset Management LLC now owns 14,886,232 shares of the oil and gas company’s stock worth $1,852,443,000 after purchasing an additional 14,201,379 shares during the last quarter. BlackRock Inc. lifted its position in Chevron by 3.5% during the second quarter. BlackRock Inc. now owns 131,522,440 shares of the oil and gas company’s stock valued at $16,366,651,000 after purchasing an additional 4,401,622 shares during the last quarter. APG Asset Management N.V. grew its stake in shares of Chevron by 59.6% in the 2nd quarter. APG Asset Management N.V. now owns 5,518,090 shares of the oil and gas company’s stock worth $602,978,000 after buying an additional 2,061,187 shares in the last quarter. Vanguard Group Inc. grew its stake in shares of Chevron by 1.0% in the 2nd quarter. Vanguard Group Inc. now owns 157,513,617 shares of the oil and gas company’s stock worth $19,600,995,000 after buying an additional 1,572,940 shares in the last quarter. Finally, PGGM Investments bought a new stake in shares of Chevron in the 2nd quarter worth about $164,371,000. Hedge funds and other institutional investors own 65.69% of the company’s stock.
CVX has been the subject of a number of analyst reports. Independent Research set a $127.00 price target on shares of Chevron and gave the company a “neutral” rating in a report on Thursday, August 29th. BMO Capital Markets began coverage on Chevron in a research note on Tuesday, August 20th. They set an “outperform” rating and a $165.00 price objective on the stock. Barclays assumed coverage on Chevron in a research report on Monday, August 19th. They set an “overweight” rating and a $145.00 price objective on the stock. ValuEngine raised Chevron from a “sell” rating to a “hold” rating in a research note on Wednesday, October 2nd. Finally, Piper Jaffray Companies assumed coverage on Chevron in a report on Tuesday, November 26th. They issued a “buy” rating and a $143.00 target price for the company. Five research analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company’s stock. The stock presently has an average rating of “Buy” and an average target price of $136.23.
In related news, insider David A. Inchausti sold 15,000 shares of Chevron 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 in the company, valued at approximately $1,798,350. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CEO Michael K. Wirth sold 33,750 shares of the business’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 directly owns 33,750 shares of the company’s stock, valued at $4,218,750. The disclosure for this sale can be found here. Insiders sold a total of 63,750 shares of company stock worth $7,891,650 in the last ninety days. 0.31% of the stock is currently owned by corporate insiders.
NYSE CVX traded up $1.05 during trading on Wednesday, hitting $116.94. The stock had a trading volume of 5,696,160 shares, compared to its average volume of 6,390,072. Chevron Co. has a one year low of $100.22 and a one year high of $127.34. The stock has a 50 day simple moving average of $118.20 and a 200 day simple moving average of $119.91. The stock has a market capitalization of $221.48 billion, a price-to-earnings ratio of 14.17, a P/E/G ratio of 3.06 and a beta of 1.01. The company has a debt-to-equity ratio of 0.16, a quick ratio of 0.93 and a current ratio of 1.12.
Chevron (NYSE:CVX) last released its earnings results on Friday, November 1st. The oil and gas company reported $1.36 EPS for the quarter, missing analysts’ consensus estimates of $1.47 by ($0.11). Chevron had a net margin of 8.70% and a return on equity of 8.89%. The business had revenue of $36.12 billion for the quarter, compared to the consensus estimate of $37.69 billion. During the same period in the prior year, the company posted $2.11 EPS. The company’s quarterly revenue was down 17.9% compared to the same quarter last year. On average, sell-side analysts predict that Chevron Co. will post 6.39 EPS for the current year.
The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 10th. Investors of record on Monday, November 18th will be issued a dividend of $1.19 per share. This represents a $4.76 dividend on an annualized basis and a yield of 4.07%. The ex-dividend date is Friday, November 15th. Chevron’s 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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