Chevron Corporation (CVX) Stake Lessened by Foothills Asset Management Ltd.
Foothills Asset Management Ltd. cut its holdings in shares of Chevron Corporation (NYSE:CVX) by 3.1% during the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 23,230 shares of the oil and gas company’s stock after selling 748 shares during the period. Chevron accounts for approximately 2.1% of Foothills Asset Management Ltd.’s investment portfolio, making the stock its 14th biggest holding. Foothills Asset Management Ltd.’s holdings in Chevron were worth $2,730,000 at the end of the most recent quarter.
Several other hedge funds have also modified their holdings of CVX. Pathstone Family Office LLC increased its position in shares of Chevron by 2.5% in the 2nd quarter. Pathstone Family Office LLC now owns 813 shares of the oil and gas company’s stock valued at $2,170,000 after acquiring an additional 20 shares during the period. Shine Investment Advisory Services Inc. acquired a new position in shares of Chevron in the 2nd quarter valued at $106,000. Thompson Davis & CO. Inc. increased its position in shares of Chevron by 20.0% in the 1st quarter. Thompson Davis & CO. Inc. now owns 1,146 shares of the oil and gas company’s stock valued at $123,000 after acquiring an additional 191 shares during the period. Winfield Associates Inc. increased its position in shares of Chevron by 5.1% in the 2nd quarter. Winfield Associates Inc. now owns 1,301 shares of the oil and gas company’s stock valued at $136,000 after acquiring an additional 63 shares during the period. Finally, Daiwa SB Investments Ltd. boosted its holdings in Chevron by 438.5% in the second quarter. Daiwa SB Investments Ltd. now owns 1,400 shares of the oil and gas company’s stock valued at $146,000 after purchasing an additional 1,140 shares during the last quarter. 63.77% of the stock is currently owned by institutional investors and hedge funds.
In related news, insider Pierre R. Breber sold 23,250 shares of the company’s stock in a transaction dated Thursday, November 30th. The shares were sold at an average price of $119.00, for a total transaction of $2,766,750.00. Following the completion of the transaction, the insider now owns 42,182 shares in the company, valued at approximately $5,019,658. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, Vice Chairman Michael K. Wirth sold 1,229 shares of the company’s stock in a transaction dated Tuesday, November 7th. The stock was sold at an average price of $118.00, for a total transaction of $145,022.00. Following the transaction, the insider now owns 1,229 shares of the company’s stock, valued at approximately $145,022. The disclosure for this sale can be found here. Over the last three months, insiders have sold 314,000 shares of company stock worth $36,540,822. Corporate insiders own 0.38% of the company’s stock.
Chevron (NYSE:CVX) last posted its earnings results on Friday, October 27th. The oil and gas company reported $1.03 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.99 by $0.04. Chevron had a net margin of 4.79% and a return on equity of 4.59%. The business had revenue of $36.21 billion for the quarter, compared to analyst estimates of $34.06 billion. During the same period in the prior year, the company posted $0.68 EPS. The company’s revenue for the quarter was up 20.1% on a year-over-year basis. research analysts predict that Chevron Corporation will post 4.33 earnings per share for the current year.
The company also recently announced a quarterly dividend, which was paid on Monday, December 11th. Stockholders of record on Friday, November 17th were paid a dividend of $1.08 per share. This represents a $4.32 annualized dividend and a dividend yield of 3.60%. The ex-dividend date of this dividend was Thursday, November 16th. Chevron’s payout ratio is currently 125.95%.
Several equities research analysts have commented on the stock. J P Morgan Chase & Co reaffirmed an “overweight” rating on shares of Chevron in a report on Saturday, September 16th. Credit Suisse Group assumed coverage on shares of Chevron in a report on Monday, December 11th. They issued a “neutral” rating and a $123.00 price target on the stock. Cowen reaffirmed a “buy” rating and issued a $122.00 price target on shares of Chevron in a report on Tuesday, September 19th. TheStreet raised shares of Chevron from a “c+” rating to a “b” rating in a report on Monday, October 23rd. Finally, BMO Capital Markets lowered shares of Chevron from an “outperform” rating to a “market perform” rating and set a $120.00 price target on the stock. in a report on Wednesday, October 18th. They noted that the move was a valuation call. Three investment analysts have rated the stock with a sell rating, ten have issued a hold rating and fourteen have issued a buy rating to the stock. The stock has an average rating of “Hold” and an average price target of $121.22.
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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