Mutual Advisors LLC Cuts Position in Chevron Co. (CVX)
Mutual Advisors LLC lessened its holdings in Chevron Co. (NYSE:CVX) by 8.4% during the 2nd quarter, HoldingsChannel.com reports. The institutional investor owned 21,800 shares of the oil and gas company’s stock after selling 1,992 shares during the period. Chevron accounts for about 0.6% of Mutual Advisors LLC’s portfolio, making the stock its 23rd biggest position. Mutual Advisors LLC’s holdings in Chevron were worth $2,756,000 as of its most recent SEC filing.
A number of other large investors have also modified their holdings of CVX. Charles Schwab Investment Advisory Inc. acquired a new stake in shares of Chevron during the 2nd quarter worth approximately $413,622,000. Standard Life Aberdeen plc grew its stake in shares of Chevron by 78.9% during the 2nd quarter. Standard Life Aberdeen plc now owns 6,790,689 shares of the oil and gas company’s stock worth $858,547,000 after purchasing an additional 2,994,612 shares during the period. Cornerstone Wealth Management LLC grew its stake in shares of Chevron by 12,404.4% during the 2nd quarter. Cornerstone Wealth Management LLC now owns 1,938,051 shares of the oil and gas company’s stock worth $15,598,000 after purchasing an additional 1,922,552 shares during the period. Millennium Management LLC grew its stake in shares of Chevron by 478.5% during the 2nd quarter. Millennium Management LLC now owns 2,015,778 shares of the oil and gas company’s stock worth $254,855,000 after purchasing an additional 1,667,339 shares during the period. Finally, PointState Capital LP acquired a new stake in shares of Chevron during the 2nd quarter worth approximately $208,402,000. Institutional investors own 64.67% of the company’s stock.
In other news, EVP James William Johnson sold 4,750 shares of Chevron stock in a transaction on Monday, December 3rd. The stock was sold at an average price of $120.92, for a total transaction of $574,370.00. Following the transaction, the executive vice president now owns 4,750 shares in the company, valued at approximately $574,370. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. In the last quarter, insiders have sold 23,750 shares of company stock worth $2,821,833. Insiders own 0.38% of the company’s stock.
Chevron (NYSE:CVX) last posted its quarterly earnings results on Friday, November 2nd. The oil and gas company reported $2.11 EPS for the quarter, topping the consensus estimate of $2.06 by $0.05. Chevron had a return on equity of 8.19% and a net margin of 8.79%. The business had revenue of $43.99 billion for the quarter, compared to analyst estimates of $47.17 billion. During the same quarter in the previous year, the firm earned $1.03 EPS. The company’s quarterly revenue was up 21.5% compared to the same quarter last year. Sell-side analysts expect that Chevron Co. will post 8.26 earnings per share for the current fiscal year.
The business also recently declared a quarterly dividend, which will be paid on Monday, December 10th. Stockholders of record on Friday, November 16th will be issued a dividend of $1.12 per share. The ex-dividend date of this dividend is Thursday, November 15th. This represents a $4.48 annualized dividend and a dividend yield of 3.87%. Chevron’s dividend payout ratio is presently 121.08%.
A number of brokerages have recently issued reports on CVX. Royal Bank of Canada set a $150.00 target price on Chevron and gave the company a “hold” rating in a research report on Thursday, September 20th. Berenberg Bank began coverage on Chevron in a research report on Tuesday, September 11th. They set a “hold” rating and a $135.00 target price on the stock. Bank of America lowered Chevron from a “buy” rating to a “neutral” rating and decreased their target price for the company from $150.00 to $135.00 in a research report on Thursday, September 6th. Zacks Investment Research upgraded Chevron from a “hold” rating to a “buy” rating and set a $137.00 target price on the stock in a research report on Monday, October 1st. Finally, Redburn Partners lowered Chevron from a “buy” rating to a “neutral” rating and decreased their price objective for the company from $130.00 to $115.00 in a report on Wednesday, October 3rd. Seven investment analysts have rated the stock with a hold rating, sixteen have given a buy rating and one has given a strong buy rating to the stock. Chevron presently has an average rating of “Buy” and a consensus price target of $139.13.
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Chevron Corporation, through its subsidiaries, engages in integrated energy, chemicals, and petroleum operations worldwide. The company operates in two segments, Upstream and Downstream. The Upstream segment is involved in the exploration, development, and production of crude oil and natural gas; processing, liquefaction, transportation, and regasification associated with liquefied natural gas; transportation of crude oil through pipelines; and transportation, storage, and marketing of natural gas, as well as operates a gas-to-liquids plant.
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