Chevron Corp. (CVX) Stake Decreased by Private Asset Management Inc.
Private Asset Management Inc. lowered its position in Chevron Corp. (NYSE:CVX) by 2.7% during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 199,238 shares of the company’s stock after selling 5,534 shares during the period. Chevron Corp. accounts for about 3.4% of Private Asset Management Inc.’s holdings, making the stock its 3rd largest position. Private Asset Management Inc.’s holdings in Chevron Corp. were worth $20,506,000 as of its most recent SEC filing.
Several other hedge funds have also modified their holdings of the company. Capital Research Global Investors increased its stake in shares of Chevron Corp. by 272.6% in the second quarter. Capital Research Global Investors now owns 14,239,856 shares of the company’s stock worth $1,492,764,000 after buying an additional 10,417,906 shares during the last quarter. Jarislowsky Fraser Ltd increased its stake in shares of Chevron Corp. by 411.5% in the second quarter. Jarislowsky Fraser Ltd now owns 3,793,376 shares of the company’s stock worth $221,830,000 after buying an additional 3,051,817 shares during the last quarter. Vanguard Group Inc. increased its stake in shares of Chevron Corp. by 2.3% in the second quarter. Vanguard Group Inc. now owns 124,845,759 shares of the company’s stock worth $13,087,581,000 after buying an additional 2,824,724 shares during the last quarter. Emerald Acquisition Ltd. acquired a new stake in shares of Chevron Corp. during the second quarter worth about $227,457,000. Finally, BlackRock Fund Advisors increased its stake in shares of Chevron Corp. by 6.5% in the second quarter. BlackRock Fund Advisors now owns 32,652,251 shares of the company’s stock worth $3,422,935,000 after buying an additional 1,983,103 shares during the last quarter. 62.30% of the stock is owned by hedge funds and other institutional investors.
Chevron Corp. (NYSE:CVX) remained flat at $111.00 during mid-day trading on Friday. 3,238,554 shares of the company’s stock were exchanged. The company’s market capitalization is $209.54 billion. The firm has a 50-day moving average of $105.01 and a 200 day moving average of $102.70. Chevron Corp. has a 52-week low of $75.33 and a 52-week high of $111.47.
Chevron Corp. (NYSE:CVX) last issued its earnings results on Friday, October 28th. The company reported $0.68 EPS for the quarter, topping the consensus estimate of $0.39 by $0.29. The company earned $30.14 billion during the quarter, compared to analyst estimates of $29.71 billion. Chevron Corp. had a positive return on equity of 0.59% and a negative net margin of 1.34%. The business’s revenue was down 12.2% on a year-over-year basis. During the same quarter last year, the firm earned $1.09 EPS. On average, equities research analysts forecast that Chevron Corp. will post $1.34 EPS for the current fiscal year.
The company also recently announced a quarterly dividend, which will be paid on Monday, December 12th. Stockholders of record on Friday, November 18th will be given a $1.08 dividend. This is a positive change from Chevron Corp.’s previous quarterly dividend of $1.07. The ex-dividend date of this dividend is Wednesday, November 16th. This represents a $4.32 annualized dividend and a dividend yield of 3.89%. Chevron Corp.’s dividend payout ratio (DPR) is presently -540.00%.
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CVX has been the subject of several research reports. Zacks Investment Research raised Chevron Corp. from a “hold” rating to a “strong-buy” rating and set a $118.00 target price for the company in a research report on Monday, October 3rd. Vetr raised Chevron Corp. from a “buy” rating to a “strong-buy” rating and set a $119.79 target price for the company in a research report on Wednesday, September 28th. Exane BNP Paribas initiated coverage on Chevron Corp. in a research report on Monday, October 10th. They issued a “neutral” rating and a $102.00 target price for the company. Morgan Stanley raised Chevron Corp. from an “equal weight” rating to an “overweight” rating and lifted their target price for the company from $113.00 to $130.00 in a research report on Tuesday, November 1st. Finally, JPMorgan Chase & Co. reaffirmed an “overweight” rating and issued a $117.00 target price on shares of Chevron Corp. in a research report on Monday, September 26th. Eleven equities research analysts have rated the stock with a hold rating and twenty have given a buy rating to the company’s stock. The stock currently has a consensus rating of “Buy” and an average target price of $108.61.
In other news, insider Pierre R. Breber sold 10,000 shares of Chevron Corp. stock in a transaction that occurred on Thursday, November 17th. The stock was sold at an average price of $110.00, for a total value of $1,100,000.00. Following the completion of the transaction, the insider now owns 28,911 shares in the company, valued at approximately $3,180,210. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, Director Linnet F. Deily sold 5,637 shares of Chevron Corp. stock in a transaction that occurred on Thursday, November 3rd. The stock was sold at an average price of $105.27, for a total value of $593,406.99. The disclosure for this sale can be found here. 0.40% of the stock is owned by insiders.
Chevron Corp. Company Profile
Chevron Corporation (Chevron) manages its investments in subsidiaries and affiliates and provides administrative, financial, management and technology support to the United States and international subsidiaries that engage in integrated energy and chemicals operations. The Company operates through two business segments: Upstream and Downstream.
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