Miller Investment Management LP Sells 4,175 Shares of Chevron Corporation $CVX

Miller Investment Management LP lowered its stake in shares of Chevron Corporation (NYSE:CVX) by 40.9% during the 3rd quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 6,045 shares of the oil and gas company’s stock after selling 4,175 shares during the quarter. Miller Investment Management LP’s holdings in Chevron were worth $939,000 at the end of the most recent quarter.

A number of other hedge funds also recently made changes to their positions in CVX. Quaker Wealth Management LLC raised its position in Chevron by 197.7% during the second quarter. Quaker Wealth Management LLC now owns 217 shares of the oil and gas company’s stock valued at $31,000 after purchasing an additional 439 shares in the last quarter. Decker Retirement Planning Inc. purchased a new position in shares of Chevron during the 3rd quarter valued at about $34,000. Vermillion & White Wealth Management Group LLC lifted its position in Chevron by 86.1% in the 2nd quarter. Vermillion & White Wealth Management Group LLC now owns 255 shares of the oil and gas company’s stock worth $37,000 after buying an additional 118 shares during the last quarter. Marquette Asset Management LLC purchased a new stake in Chevron in the third quarter worth approximately $41,000. Finally, Barnes Dennig Private Wealth Management LLC grew its position in Chevron by 306.1% during the third quarter. Barnes Dennig Private Wealth Management LLC now owns 268 shares of the oil and gas company’s stock valued at $42,000 after acquiring an additional 202 shares during the last quarter. 72.42% of the stock is owned by institutional investors.

Chevron Stock Performance

Shares of NYSE:CVX opened at $184.84 on Tuesday. The company has a current ratio of 1.15, a quick ratio of 0.86 and a debt-to-equity ratio of 0.19. The company has a 50-day moving average price of $166.55 and a 200-day moving average price of $158.78. The company has a market cap of $372.18 billion, a price-to-earnings ratio of 27.75, a price-to-earnings-growth ratio of 12.17 and a beta of 0.70. Chevron Corporation has a 12 month low of $132.04 and a 12 month high of $187.90.

Chevron (NYSE:CVX) last announced its quarterly earnings results on Friday, January 30th. The oil and gas company reported $1.52 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.44 by $0.08. The company had revenue of $45.79 billion for the quarter, compared to the consensus estimate of $48.18 billion. Chevron had a return on equity of 8.23% and a net margin of 6.51%.Chevron’s revenue was down 10.2% compared to the same quarter last year. During the same quarter in the previous year, the business earned $2.06 EPS. As a group, equities analysts anticipate that Chevron Corporation will post 10.79 EPS for the current year.

Chevron Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, March 10th. Investors of record on Tuesday, February 17th will be paid a $1.78 dividend. The ex-dividend date of this dividend is Tuesday, February 17th. This is a positive change from Chevron’s previous quarterly dividend of $1.71. This represents a $7.12 dividend on an annualized basis and a yield of 3.9%. Chevron’s payout ratio is 106.91%.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently weighed in on the stock. Zacks Research upgraded shares of Chevron from a “strong sell” rating to a “hold” rating in a report on Tuesday, December 23rd. Freedom Capital downgraded shares of Chevron from a “hold” rating to a “strong sell” rating in a research note on Tuesday, January 6th. Wall Street Zen raised Chevron from a “sell” rating to a “hold” rating in a research note on Saturday, January 31st. Barclays lifted their price objective on Chevron from $158.00 to $166.00 and gave the stock an “equal weight” rating in a report on Wednesday, January 21st. Finally, Mizuho increased their target price on Chevron from $204.00 to $206.00 and gave the company an “outperform” rating in a report on Friday, December 12th. Thirteen investment analysts have rated the stock with a Buy rating, seven have issued a Hold rating and four have issued a Sell rating to the company. According to MarketBeat.com, Chevron has a consensus rating of “Hold” and a consensus price target of $176.36.

Insiders Place Their Bets

In other news, insider Andrew Benjamin Walz sold 1,463 shares of the firm’s stock in a transaction dated Wednesday, February 18th. The shares were sold at an average price of $183.83, for a total value of $268,943.29. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CTO Thomas Ryder Booth sold 1,122 shares of Chevron stock in a transaction that occurred on Friday, February 13th. The shares were sold at an average price of $182.37, for a total value of $204,619.14. The SEC filing for this sale provides additional information. Insiders have sold a total of 534,898 shares of company stock valued at $89,543,711 over the last quarter. 0.20% of the stock is owned by company insiders.

Chevron Company Profile

Chevron Corporation (NYSE: CVX) is an American multinational energy company engaged in virtually all aspects of the oil and gas industry. As an integrated energy firm, Chevron’s core activities include upstream oil and natural gas exploration and production, midstream transportation and storage, downstream refining and marketing of fuels and lubricants, and petrochemical manufacturing through joint ventures and subsidiaries. The company markets fuels under brands such as Chevron, Texaco and Caltex and supplies a range of products and services to retail customers, industrial users and commercial fleets worldwide.

Chevron traces its corporate lineage to the early petroleum companies that eventually became Standard Oil of California and has evolved through significant mergers and restructurings, including the acquisitions of Gulf Oil and Texaco.