AGF Investments Inc. Lowers Position in Chevron Co. (CVX)
AGF Investments Inc. trimmed its position in shares of Chevron Co. (NYSE:CVX) by 7.6% in the 3rd quarter, according to the company in its most recent disclosure with the SEC. The fund owned 62,503 shares of the oil and gas company’s stock after selling 5,107 shares during the quarter. AGF Investments Inc.’s holdings in Chevron were worth $7,643,000 at the end of the most recent reporting period.
Several other hedge funds have also recently added to or reduced their stakes in CVX. Charles Schwab Investment Advisory Inc. purchased a new stake in shares of Chevron during the second quarter valued at about $413,622,000. Standard Life Aberdeen plc lifted its position in shares of Chevron by 78.9% during the second quarter. Standard Life Aberdeen plc now owns 6,790,689 shares of the oil and gas company’s stock valued at $858,547,000 after buying an additional 2,994,612 shares during the last quarter. Millennium Management LLC lifted its position in shares of Chevron by 478.5% during the second quarter. Millennium Management LLC now owns 2,015,778 shares of the oil and gas company’s stock valued at $254,855,000 after buying an additional 1,667,339 shares during the last quarter. PointState Capital LP purchased a new stake in shares of Chevron during the second quarter valued at about $208,402,000. Finally, Investec Asset Management LTD purchased a new stake in shares of Chevron during the second quarter valued at about $143,820,000. 64.62% of the stock is owned by institutional investors and hedge funds.
In related news, insider Jeanette L. Ourada sold 7,200 shares of the stock in a transaction that occurred on Monday, February 4th. The shares were sold at an average price of $116.50, for a total value of $838,800.00. Following the transaction, the insider now owns 7,200 shares in the company, valued at approximately $838,800. The sale was disclosed in a filing with the SEC, which is available through this link. Also, insider James William Johnson sold 9,500 shares of the stock in a transaction that occurred on Thursday, November 29th. The stock was sold at an average price of $118.59, for a total transaction of $1,126,605.00. Following the completion of the transaction, the insider now owns 9,500 shares in the company, valued at approximately $1,126,605. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 26,200 shares of company stock worth $3,072,725. Corporate insiders own 0.46% of the company’s stock.
Chevron (NYSE:CVX) last posted its quarterly earnings data on Friday, February 1st. The oil and gas company reported $1.95 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $1.87 by $0.08. Chevron had a net margin of 8.91% and a return on equity of 9.82%. The firm had revenue of $42.35 billion for the quarter, compared to the consensus estimate of $41.46 billion. During the same quarter in the prior year, the company posted $1.64 earnings per share. The company’s revenue for the quarter was up 12.6% compared to the same quarter last year. On average, analysts anticipate that Chevron Co. will post 6.63 earnings per share for the current fiscal year.
The business also recently disclosed a quarterly dividend, which will be paid on Monday, March 11th. Stockholders of record on Friday, February 15th will be issued a dividend of $1.19 per share. The ex-dividend date of this dividend is Thursday, February 14th. This represents a $4.76 annualized dividend and a dividend yield of 4.05%. This is an increase from Chevron’s previous quarterly dividend of $1.12. Chevron’s dividend payout ratio is 54.30%.
Several analysts have commented on the stock. Credit Suisse Group set a $135.00 price target on shares of Chevron and gave the company a “buy” rating in a research report on Saturday, February 2nd. Zacks Investment Research raised shares of Chevron from a “strong sell” rating to a “hold” rating in a research report on Tuesday, January 29th. UBS Group raised shares of Chevron from a “neutral” rating to a “buy” rating and set a $112.95 price target for the company in a research report on Friday, January 18th. HSBC lowered shares of Chevron from a “buy” rating to a “hold” rating and decreased their price target for the company from $136.00 to $122.00 in a research report on Monday, January 14th. Finally, Royal Bank of Canada reissued a “hold” rating and set a $130.00 price target on shares of Chevron in a research report on Monday, January 7th. Nine research analysts have rated the stock with a hold rating, ten have issued a buy rating and one has assigned a strong buy rating to the company’s stock. Chevron currently has a consensus rating of “Buy” and a consensus price target of $133.20.
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Chevron Company Profile
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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