Chevron Corporation (NYSE:CVX) Position Reduced by Sippican Capital Advisors
Sippican Capital Advisors decreased its position in shares of Chevron Corporation (NYSE:CVX) by 3.1% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 18,906 shares of the oil and gas company’s stock after selling 600 shares during the period. Chevron Corporation accounts for about 2.2% of Sippican Capital Advisors’ holdings, making the stock its 8th largest position. Sippican Capital Advisors’ holdings in Chevron Corporation were worth $2,030,000 as of its most recent filing with the SEC.
Other institutional investors have also recently modified their holdings of the company. State Street Corp raised its stake in Chevron Corporation by 3.3% in the fourth quarter. State Street Corp now owns 117,508,471 shares of the oil and gas company’s stock valued at $13,830,748,000 after buying an additional 3,719,388 shares in the last quarter. Northwest Wealth Management LLC bought a new stake in Chevron Corporation during the fourth quarter valued at $314,000. Raymond James Financial Services Advisors Inc. raised its stake in Chevron Corporation by 10.7% in the fourth quarter. Raymond James Financial Services Advisors Inc. now owns 885,875 shares of the oil and gas company’s stock valued at $104,269,000 after buying an additional 85,462 shares in the last quarter. Abbrea Capital LLC bought a new stake in Chevron Corporation during the fourth quarter valued at $2,628,000. Finally, Prudential PLC raised its stake in Chevron Corporation by 10.6% in the fourth quarter. Prudential PLC now owns 2,492,253 shares of the oil and gas company’s stock valued at $293,339,000 after buying an additional 239,773 shares in the last quarter. 62.56% of the stock is owned by hedge funds and other institutional investors.
Chevron Corporation (NYSE:CVX) traded down 0.93% during midday trading on Thursday, reaching $109.43. The company had a trading volume of 5,604,427 shares. Chevron Corporation has a one year low of $97.53 and a one year high of $119.00. The stock’s 50 day moving average price is $105.21 and its 200-day moving average price is $107.91. The firm has a market capitalization of $207.32 billion, a P/E ratio of 35.53 and a beta of 1.23.
Chevron Corporation (NYSE:CVX) last issued its quarterly earnings data on Friday, July 28th. The oil and gas company reported $0.91 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.89 by $0.02. The firm had revenue of $34.48 billion during the quarter, compared to analysts’ expectations of $32.77 billion. Chevron Corporation had a return on equity of 4.13% and a net margin of 4.50%. Chevron Corporation’s revenue was up 17.8% on a year-over-year basis. During the same period in the previous year, the firm posted ($0.78) earnings per share. On average, equities research analysts anticipate that Chevron Corporation will post $3.75 earnings per share for the current year.
The business also recently declared a quarterly dividend, which will be paid on Monday, September 11th. Stockholders of record on Friday, August 18th will be issued a $1.08 dividend. The ex-dividend date is Wednesday, August 16th. This represents a $4.32 dividend on an annualized basis and a dividend yield of 3.95%. Chevron Corporation’s dividend payout ratio (DPR) is 140.26%.
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A number of research firms have recently issued reports on CVX. Simmons reduced their target price on Chevron Corporation from $129.00 to $124.00 and set an “overweight” rating for the company in a report on Wednesday, April 19th. Citigroup Inc. reduced their target price on Chevron Corporation from $129.00 to $118.00 and set a “buy” rating for the company in a report on Friday, July 21st. BMO Capital Markets set a $120.00 target price on Chevron Corporation and gave the company a “buy” rating in a report on Sunday. Exane BNP Paribas lowered Chevron Corporation from a “neutral” rating to an “underperform” rating and reduced their target price for the company from $105.00 to $100.00 in a report on Friday, May 26th. Finally, BidaskClub upgraded Chevron Corporation from a “sell” rating to a “hold” rating in a report on Tuesday. Four research analysts have rated the stock with a sell rating, seven have given a hold rating, fourteen have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. The company presently has a consensus rating of “Hold” and an average price target of $115.97.
About Chevron Corporation
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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