Pope Asset Management LLC Has $250,000 Stake in Chevron Corporation (CVX)
Pope Asset Management LLC held its stake in Chevron Corporation (NYSE:CVX) during the 2nd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 2,400 shares of the oil and gas company’s stock at the end of the 2nd quarter. Chevron comprises 0.2% of Pope Asset Management LLC’s portfolio, making the stock its 22nd largest position. Pope Asset Management LLC’s holdings in Chevron were worth $250,000 at the end of the most recent quarter.
A number of other hedge funds have also made changes to their positions in the stock. HPM Partners LLC lifted its position in Chevron by 197.0% during the first quarter. HPM Partners LLC now owns 38,735 shares of the oil and gas company’s stock valued at $4,159,000 after buying an additional 25,691 shares during the period. Lincoln National Corp lifted its position in Chevron by 33.3% during the first quarter. Lincoln National Corp now owns 82,502 shares of the oil and gas company’s stock valued at $8,859,000 after buying an additional 20,615 shares during the period. Korea Investment CORP lifted its position in Chevron by 5.1% during the second quarter. Korea Investment CORP now owns 1,476,610 shares of the oil and gas company’s stock valued at $154,055,000 after buying an additional 72,173 shares during the period. Adams Natural Resources Fund Inc. lifted its position in Chevron by 8.8% during the second quarter. Adams Natural Resources Fund Inc. now owns 596,800 shares of the oil and gas company’s stock valued at $62,264,000 after buying an additional 48,100 shares during the period. Finally, Strategic Financial Group LLC lifted its position in Chevron by 6.0% during the first quarter. Strategic Financial Group LLC now owns 8,979 shares of the oil and gas company’s stock valued at $964,000 after buying an additional 510 shares during the period. 63.93% of the stock is owned by institutional investors.
Chevron Corporation (NYSE CVX) opened at $119.73 on Friday. Chevron Corporation has a twelve month low of $102.55 and a twelve month high of $122.30. The company has a current ratio of 1.04, a quick ratio of 0.84 and a debt-to-equity ratio of 0.23. The firm has a market capitalization of $227,412.06, a price-to-earnings ratio of 33.54, a PEG ratio of 3.95 and a beta of 1.21.
The firm also recently disclosed a quarterly dividend, which was paid on Monday, December 11th. Investors of record on Friday, November 17th were issued a $1.08 dividend. The ex-dividend date of this dividend was Thursday, November 16th. This represents a $4.32 annualized dividend and a yield of 3.61%. Chevron’s payout ratio is 125.95%.
In other Chevron news, CFO Patricia E. Yarrington sold 116,857 shares of the business’s stock in a transaction dated Tuesday, November 21st. The stock was sold at an average price of $115.29, for a total transaction of $13,472,443.53. Following the completion of the sale, the chief financial officer now directly owns 39,506 shares in the company, valued at approximately $4,554,646.74. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, CFO Patricia E. Yarrington sold 13,143 shares of the business’s stock in a transaction dated Thursday, November 16th. The shares were sold at an average price of $115.01, for a total value of $1,511,576.43. Following the sale, the chief financial officer now 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 sold a total of 314,000 shares of company stock valued at $36,540,822 over the last quarter. 0.38% of the stock is owned by corporate insiders.
Several equities analysts have commented on the company. Credit Suisse Group assumed coverage on Chevron in a research report on Monday, December 11th. They set a “neutral” rating and a $123.00 price objective for the company. UBS set a $120.00 price objective on Chevron and gave the company a “neutral” rating in a research report on Monday, December 4th. Wells Fargo & Company reissued a “market perform” rating and set a $108.00 price objective (up previously from $100.00) on shares of Chevron in a research report on Tuesday, October 3rd. Jefferies Group reissued a “buy” rating and set a $137.00 price objective on shares of Chevron in a research report on Thursday, October 19th. Finally, Zacks Investment Research raised Chevron from a “hold” rating to a “buy” rating and set a $127.00 price objective for the company in a research report on Tuesday, October 31st. Three research analysts have rated the stock with a sell rating, ten have issued a hold rating and fourteen have given a buy rating to the company’s stock. The stock has a consensus rating of “Hold” and an average price target of $121.22.
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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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