Great Lakes Advisors LLC reduced its holdings in Chevron Co. (NYSE:CVX) by 6.7% in the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 301,693 shares of the oil and gas company’s stock after selling 21,495 shares during the quarter. Great Lakes Advisors LLC’s holdings in Chevron were worth $36,891,000 at the end of the most recent reporting period.
Several other institutional investors have also made changes to their positions in the business. Sawtooth Solutions LLC increased its position in Chevron by 8.2% during the 2nd quarter. Sawtooth Solutions LLC now owns 34,322 shares of the oil and gas company’s stock worth $4,339,000 after purchasing an additional 2,607 shares in the last quarter. Modera Wealth Management LLC increased its position in Chevron by 92.2% during the 2nd quarter. Modera Wealth Management LLC now owns 6,812 shares of the oil and gas company’s stock worth $861,000 after purchasing an additional 3,267 shares in the last quarter. AustralianSuper Pty Ltd grew its position in Chevron by 24.9% in the second quarter. AustralianSuper Pty Ltd now owns 1,917,000 shares of the oil and gas company’s stock valued at $242,366,000 after acquiring an additional 382,000 shares in the last quarter. Jupiter Asset Management Ltd. grew its position in Chevron by 64.2% in the second quarter. Jupiter Asset Management Ltd. now owns 192,532 shares of the oil and gas company’s stock valued at $24,334,000 after acquiring an additional 75,249 shares in the last quarter. Finally, National Mutual Insurance Federation of Agricultural Cooperatives grew its position in Chevron by 27.6% in the second quarter. National Mutual Insurance Federation of Agricultural Cooperatives now owns 36,500 shares of the oil and gas company’s stock valued at $4,615,000 after acquiring an additional 7,900 shares in the last quarter. Institutional investors own 64.75% of the company’s stock.
CVX has been the subject of several recent research reports. UBS Group raised shares of Chevron from a “neutral” rating to a “buy” rating and set a $112.95 price objective for the company in a research report on Friday, January 18th. Royal Bank of Canada upgraded Chevron to a “sector perform” rating and set a $145.00 price objective on the stock in a research note on Wednesday, March 6th. Credit Suisse Group restated a “buy” rating and set a $130.00 price objective on shares of Chevron in a research note on Wednesday, January 23rd. Zacks Investment Research cut Chevron from a “hold” rating to a “strong sell” rating in a research note on Thursday, January 3rd. Finally, Mizuho restated a “buy” rating and set a $140.00 price objective on shares of Chevron in a research note on Wednesday, March 6th. Eight investment analysts have rated the stock with a hold rating, eleven have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. Chevron has an average rating of “Buy” and an average price target of $134.18.
In other news, insider Jeanette L. Ourada sold 7,200 shares of the firm’s stock in a transaction on Monday, February 4th. The stock was sold at an average price of $116.50, for a total transaction of $838,800.00. Following the transaction, the insider now directly owns 7,200 shares of the company’s stock, valued at $838,800. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider James William Johnson sold 4,750 shares of Chevron stock in a transaction dated Tuesday, January 15th. The stock was sold at an average price of $112.20, for a total value of $532,950.00. Following the transaction, the insider now directly owns 4,750 shares in the company, valued at $532,950. The disclosure for this sale can be found here. Insiders have sold 16,700 shares of company stock worth $1,964,740 over the last three months. Corporate insiders own 0.46% of the company’s stock.
CVX stock opened at $125.31 on Friday. The company has a current ratio of 1.25, a quick ratio of 1.04 and a debt-to-equity ratio of 0.18. The firm has a market capitalization of $238.10 billion, a price-to-earnings ratio of 15.19, a P/E/G ratio of 3.75 and a beta of 1.03. Chevron Co. has a 1 year low of $100.22 and a 1 year high of $131.08.
Chevron (NYSE:CVX) last issued its quarterly earnings results on Friday, February 1st. The oil and gas company reported $1.95 EPS for the quarter, beating analysts’ consensus estimates of $1.87 by $0.08. The company had revenue of $42.35 billion for the quarter, compared to analyst estimates of $41.46 billion. Chevron had a return on equity of 9.78% and a net margin of 8.91%. The company’s quarterly revenue was up 12.6% compared to the same quarter last year. During the same period last year, the company earned $1.64 earnings per share. As a group, analysts predict that Chevron Co. will post 6.63 EPS for the current year.
The firm also recently declared a quarterly dividend, which was paid on Monday, March 11th. Stockholders of record on Friday, February 15th were issued a dividend of $1.19 per share. This represents a $4.76 dividend on an annualized basis and a dividend yield of 3.80%. This is a positive change from Chevron’s previous quarterly dividend of $1.12. The ex-dividend date was Thursday, February 14th. Chevron’s dividend payout ratio (DPR) is 57.70%.
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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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