Griffin Asset Management Inc. decreased its holdings in Chevron Co. (NYSE:CVX) by 1.7% in the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 112,165 shares of the oil and gas company’s stock after selling 1,995 shares during the period. Chevron accounts for about 2.6% of Griffin Asset Management Inc.’s portfolio, making the stock its 3rd biggest holding. Griffin Asset Management Inc.’s holdings in Chevron were worth $14,181,000 as of its most recent SEC filing.
Several other hedge funds and other institutional investors have also added to or reduced their stakes in CVX. Charles Schwab Investment Advisory Inc. bought a new position in shares of Chevron in the second quarter worth about $413,622,000. Standard Life Aberdeen plc boosted its stake in shares of Chevron by 78.9% in the second quarter. Standard Life Aberdeen plc now owns 6,790,689 shares of the oil and gas company’s stock worth $858,547,000 after acquiring an additional 2,994,612 shares during the period. Cornerstone Wealth Management LLC boosted its stake in shares of Chevron by 12,404.4% in the second quarter. Cornerstone Wealth Management LLC now owns 1,938,051 shares of the oil and gas company’s stock worth $15,598,000 after acquiring an additional 1,922,552 shares during the period. Millennium Management LLC boosted its stake in shares of Chevron by 478.5% in the second quarter. Millennium Management LLC now owns 2,015,778 shares of the oil and gas company’s stock worth $254,855,000 after acquiring an additional 1,667,339 shares during the period. Finally, PointState Capital LP bought a new position in shares of Chevron in the second quarter worth about $208,402,000. 64.67% of the stock is owned by hedge funds and other institutional investors.
In other Chevron news, insider James William Johnson sold 4,750 shares of the company’s stock in a transaction that occurred on Thursday, October 11th. The stock was sold at an average price of $119.97, for a total transaction of $569,857.50. Following the sale, the insider now directly owns 4,750 shares in the company, valued at $569,857.50. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Over the last 90 days, insiders have sold 23,750 shares of company stock worth $2,821,833. Company insiders own 0.38% of the company’s stock.
NYSE:CVX opened at $115.49 on Friday. The company has a current ratio of 1.22, a quick ratio of 1.01 and a debt-to-equity ratio of 0.19. The stock has a market capitalization of $224.02 billion, a P/E ratio of 31.21, a PEG ratio of 2.03 and a beta of 1.13. Chevron Co. has a 12 month low of $107.54 and a 12 month high of $133.88.
Chevron (NYSE:CVX) last posted its earnings results on Friday, November 2nd. The oil and gas company reported $2.11 EPS for the quarter, topping analysts’ consensus estimates of $2.06 by $0.05. The company had revenue of $43.99 billion for the quarter, compared to the consensus estimate of $47.17 billion. Chevron had a return on equity of 8.19% and a net margin of 8.79%. The firm’s revenue for the quarter was up 21.5% on a year-over-year basis. During the same period in the previous year, the business earned $1.03 earnings per share. On average, equities research analysts anticipate that Chevron Co. will post 8.26 EPS for the current year.
The business also recently disclosed a quarterly dividend, which will be paid on Monday, December 10th. Shareholders of record on Friday, November 16th will be given a dividend of $1.12 per share. The ex-dividend date is Thursday, November 15th. This represents a $4.48 dividend on an annualized basis and a yield of 3.88%. Chevron’s dividend payout ratio (DPR) is presently 121.08%.
A number of equities analysts have recently weighed in on CVX shares. Goldman Sachs Group raised Chevron from a “buy” rating to a “conviction-buy” rating in a research note on Tuesday, October 2nd. Royal Bank of Canada set a $150.00 price objective on Chevron and gave the stock a “hold” rating in a research note on Thursday, September 20th. Piper Jaffray Companies reaffirmed an “overweight” rating on shares of Chevron in a research note on Tuesday, October 23rd. 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, Bank of America downgraded Chevron from a “buy” rating to a “neutral” rating and decreased their target price for the stock from $150.00 to $135.00 in a research report on Thursday, September 6th. Seven research analysts have rated the stock with a hold rating, sixteen have issued a buy rating and one has given a strong buy rating to the stock. The stock currently has a consensus rating of “Buy” and a consensus price target of $139.13.
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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