Pinnacle Associates Ltd. Has $28.37 Million Stake in Chevron Corporation $CVX

Pinnacle Associates Ltd. decreased its position in Chevron Corporation (NYSE:CVX) by 1.1% in the second quarter, according to its most recent 13F filing with the SEC. The firm owned 198,129 shares of the oil and gas company’s stock after selling 2,249 shares during the period. Pinnacle Associates Ltd.’s holdings in Chevron were worth $28,370,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the stock. Mesirow Financial Investment Management Inc. lifted its position in Chevron by 1.5% in the 2nd quarter. Mesirow Financial Investment Management Inc. now owns 207,289 shares of the oil and gas company’s stock worth $29,682,000 after buying an additional 3,136 shares in the last quarter. Silver Coast Investments LLC increased its stake in shares of Chevron by 7.6% in the second quarter. Silver Coast Investments LLC now owns 4,425 shares of the oil and gas company’s stock worth $634,000 after acquiring an additional 313 shares during the last quarter. Simon Quick Advisors LLC increased its stake in shares of Chevron by 126.6% in the second quarter. Simon Quick Advisors LLC now owns 25,343 shares of the oil and gas company’s stock worth $3,629,000 after acquiring an additional 14,159 shares during the last quarter. Arbor Capital Management Inc. ADV increased its stake in shares of Chevron by 4.2% in the second quarter. Arbor Capital Management Inc. ADV now owns 14,616 shares of the oil and gas company’s stock worth $2,180,000 after acquiring an additional 590 shares during the last quarter. Finally, Coign Capital Advisors LLC increased its stake in shares of Chevron by 2.5% in the second quarter. Coign Capital Advisors LLC now owns 3,921 shares of the oil and gas company’s stock worth $561,000 after acquiring an additional 97 shares during the last quarter. Hedge funds and other institutional investors own 72.42% of the company’s stock.

Insiders Place Their Bets

In related news, VP Alana K. Knowles sold 3,978 shares of the firm’s stock in a transaction on Friday, August 29th. The shares were sold at an average price of $160.00, for a total value of $636,480.00. Following the completion of the transaction, the vice president owned 1,181 shares of the company’s stock, valued at approximately $188,960. This trade represents a 77.11% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director John B. Hess sold 375,000 shares of Chevron stock in a transaction dated Friday, August 22nd. The shares were sold at an average price of $158.30, for a total transaction of $59,362,500.00. Following the completion of the transaction, the director directly owned 1,403,045 shares of the company’s stock, valued at approximately $222,102,023.50. This trade represents a 21.09% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Company insiders own 0.21% of the company’s stock.

Chevron Trading Down 1.1%

Shares of NYSE CVX opened at $153.36 on Friday. The company’s 50 day simple moving average is $156.08 and its 200 day simple moving average is $148.85. Chevron Corporation has a fifty-two week low of $132.04 and a fifty-two week high of $168.96. The firm has a market capitalization of $265.00 billion, a P/E ratio of 19.74, a P/E/G ratio of 4.40 and a beta of 0.84. The company has a debt-to-equity ratio of 0.16, a current ratio of 1.00 and a quick ratio of 0.74.

Chevron (NYSE:CVX) last announced its quarterly earnings data on Friday, August 1st. The oil and gas company reported $1.77 earnings per share for the quarter, beating the consensus estimate of $1.58 by $0.19. The business had revenue of $44.82 billion for the quarter, compared to analyst estimates of $44.59 billion. Chevron had a net margin of 7.02% and a return on equity of 9.90%. Chevron’s revenue was down 12.4% compared to the same quarter last year. During the same period in the prior year, the business posted $2.55 earnings per share. On average, analysts predict that Chevron Corporation will post 10.79 EPS for the current year.

Analyst Ratings Changes

Several research firms recently issued reports on CVX. Melius began coverage on shares of Chevron in a research note on Wednesday, August 20th. They issued a “hold” rating and a $155.00 price objective for the company. Wells Fargo & Company began coverage on shares of Chevron in a report on Friday, October 17th. They set an “overweight” rating and a $190.00 price target for the company. Morgan Stanley began coverage on shares of Chevron in a report on Monday, August 4th. They set an “overweight” rating and a $174.00 price target for the company. TD Cowen upped their price target on shares of Chevron from $150.00 to $155.00 and gave the company a “hold” rating in a report on Monday, August 4th. Finally, Raymond James Financial restated an “outperform” rating and set a $160.00 price target (down from $170.00) on shares of Chevron in a report on Friday, October 17th. One investment analyst has rated the stock with a Strong Buy rating, ten have issued a Buy rating, nine have given a Hold rating and three have given a Sell rating to the company. According to MarketBeat, the company presently has an average rating of “Hold” and an average price target of $165.25.

Chevron Company Profile

Chevron Corporation, through its subsidiaries, engages in the integrated energy and chemicals operations in the United States and internationally. The company operates in two segments, Upstream and Downstream. The Upstream segment is involved in the exploration, development, production, and transportation of crude oil and natural gas; processing, liquefaction, transportation, and regasification of liquefied natural gas; transportation of crude oil through pipelines; transportation, storage, and marketing of natural gas; and carbon capture and storage, as well as a gas-to-liquids plant.