Chevron Corporation (CVX) Sees Significant Decrease in Short Interest
Chevron Corporation (NYSE:CVX) saw a significant drop in short interest in October. As of October 31st, there was short interest totalling 22,834,956 shares, a drop of 15.4% from the October 13th total of 27,004,806 shares. Currently, 1.2% of the shares of the stock are short sold. Based on an average trading volume of 5,962,372 shares, the short-interest ratio is currently 3.8 days.
In related news, VP R. Hewitt Pate sold 25,500 shares of the firm’s stock in a transaction on Monday, October 16th. The shares were sold at an average price of $120.00, for a total transaction of $3,060,000.00. Following the completion of the transaction, the vice president now directly owns 25,500 shares of the company’s stock, valued at $3,060,000. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CFO Patricia E. Yarrington sold 13,143 shares of the firm’s stock in a transaction on Thursday, November 16th. The shares were sold at an average price of $115.01, for a total transaction of $1,511,576.43. Following the transaction, the chief financial officer now directly owns 17,981 shares of the company’s stock, valued at $2,067,994.81. The disclosure for this sale can be found here. Insiders have sold 63,122 shares of company stock valued at $7,433,361 over the last ninety days. 0.38% of the stock is currently owned by corporate insiders.
Several institutional investors have recently modified their holdings of CVX. Delta Asset Management LLC TN grew its position in shares of Chevron Corporation by 0.6% in the 1st quarter. Delta Asset Management LLC TN now owns 8,402 shares of the oil and gas company’s stock worth $902,000 after buying an additional 52 shares during the last quarter. Court Place Advisors LLC grew its position in Chevron Corporation by 0.6% during the 1st quarter. Court Place Advisors LLC now owns 5,968 shares of the oil and gas company’s stock worth $641,000 after purchasing an additional 36 shares during the last quarter. Adviser Investments LLC purchased a new stake in Chevron Corporation during the 1st quarter worth approximately $2,752,000. Baystate Wealth Management LLC grew its position in Chevron Corporation by 44.7% during the 1st quarter. Baystate Wealth Management LLC now owns 3,182 shares of the oil and gas company’s stock worth $347,000 after purchasing an additional 983 shares during the last quarter. Finally, North Point Portfolio Managers Corp OH grew its position in Chevron Corporation by 3.5% during the 1st quarter. North Point Portfolio Managers Corp OH now owns 2,975 shares of the oil and gas company’s stock worth $319,000 after purchasing an additional 100 shares during the last quarter. 63.15% of the stock is currently owned by hedge funds and other institutional investors.
CVX has been the subject of a number of recent research reports. UBS AG set a $105.00 price objective on shares of Chevron Corporation and gave the stock a “neutral” rating in a research note on Wednesday, September 6th. Morgan Stanley lifted their price objective on shares of Chevron Corporation from $120.00 to $130.00 and gave the stock an “overweight” rating in a research note on Wednesday, October 18th. Credit Suisse Group set a $123.00 price objective on shares of Chevron Corporation and gave the stock a “buy” rating in a research note on Friday, August 25th. Jefferies Group LLC set a $130.00 price objective on shares of Chevron Corporation and gave the stock a “buy” rating in a research note on Tuesday, August 29th. Finally, Citigroup Inc. lifted their price objective on shares of Chevron Corporation from $118.00 to $128.00 and gave the stock a “buy” rating in a research note on Monday, October 30th. Three investment analysts have rated the stock with a sell rating, nine have issued a hold rating and sixteen have issued a buy rating to the company. Chevron Corporation has an average rating of “Hold” and an average target price of $120.54.
Shares of Chevron Corporation (NYSE CVX) opened at $114.72 on Tuesday. Chevron Corporation has a twelve month low of $102.55 and a twelve month high of $120.89. The company has a debt-to-equity ratio of 0.23, a current ratio of 1.04 and a quick ratio of 0.84. The company has a market cap of $217,900.00, a PE ratio of 32.13, a PEG ratio of 3.83 and a beta of 1.22.
Chevron Corporation (NYSE:CVX) last posted its quarterly earnings results on Friday, October 27th. The oil and gas company reported $1.03 EPS for the quarter, beating the consensus estimate of $0.99 by $0.04. Chevron Corporation had a net margin of 4.79% and a return on equity of 4.59%. The business had revenue of $36.21 billion during the quarter, compared to analyst estimates of $34.06 billion. During the same quarter in the previous year, the business posted $0.68 EPS. The company’s quarterly revenue was up 20.1% compared to the same quarter last year. sell-side analysts expect that Chevron Corporation will post 4.28 earnings per share for the current year.
The company also recently disclosed a quarterly dividend, which will be paid on Monday, December 11th. Stockholders of record on Friday, November 17th will be given a $1.08 dividend. This represents a $4.32 dividend on an annualized basis and a dividend yield of 3.77%. The ex-dividend date is Thursday, November 16th. Chevron Corporation’s payout ratio is currently 125.95%.
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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