Castleark Management LLC decreased its position in shares of Chevron Co. (NYSE:CVX) by 57.9% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 38,725 shares of the oil and gas company’s stock after selling 53,300 shares during the quarter. Castleark Management LLC’s holdings in Chevron were worth $4,819,000 as of its most recent SEC filing.
Other institutional investors have also recently added to or reduced their stakes in the company. Guidant Wealth Advisors lifted its position in shares of Chevron by 63.9% in the second quarter. Guidant Wealth Advisors now owns 259 shares of the oil and gas company’s stock worth $32,000 after purchasing an additional 101 shares in the last quarter. Evolution Wealth Advisors LLC acquired a new position in Chevron during the second quarter worth $34,000. Cordasco Financial Network increased its holdings in Chevron by 55.3% during the second quarter. Cordasco Financial Network now owns 379 shares of the oil and gas company’s stock worth $47,000 after buying an additional 135 shares during the last quarter. CKW Financial Group increased its holdings in Chevron by 154.0% during the second quarter. CKW Financial Group now owns 414 shares of the oil and gas company’s stock worth $51,000 after buying an additional 251 shares during the last quarter. Finally, Next Capital Management LLC acquired a new position in Chevron during the second quarter worth $52,000. 65.79% of the stock is currently owned by institutional investors and hedge funds.
A number of equities analysts recently weighed in on CVX shares. Morgan Stanley lowered their target price on shares of Chevron from $146.00 to $144.00 and set an “overweight” rating on the stock in a report on Friday, July 12th. Cowen set a $140.00 target price on shares of Chevron and gave the stock a “buy” rating in a report on Friday, August 30th. BMO Capital Markets started coverage on shares of Chevron in a report on Tuesday, August 20th. They set an “outperform” rating and a $165.00 target price on the stock. Independent Research set a $127.00 target price on shares of Chevron and gave the stock a “neutral” rating in a report on Thursday, August 29th. Finally, ValuEngine downgraded shares of Chevron from a “hold” rating to a “sell” rating in a report on Wednesday. One analyst has rated the stock with a sell rating, five have assigned a hold rating, fourteen have issued a buy rating and one has assigned a strong buy rating to the company. The company has a consensus rating of “Buy” and a consensus target price of $136.22.
In other news, Chairman Michael K. Wirth sold 33,750 shares of the business’s stock in a transaction dated Friday, June 21st. The shares were sold at an average price of $125.60, for a total value of $4,239,000.00. Following the completion of the sale, the chairman now owns 33,750 shares of the company’s stock, valued at $4,239,000. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, EVP Joseph C. Geagea sold 10,000 shares of the business’s stock in a transaction dated Thursday, August 8th. The shares were sold at an average price of $122.97, for a total transaction of $1,229,700.00. Following the completion of the sale, the executive vice president now directly owns 11,243 shares of the company’s stock, valued at approximately $1,382,551.71. The disclosure for this sale can be found here. In the last three months, insiders sold 71,750 shares of company stock valued at $8,793,900. 0.31% of the stock is currently owned by company insiders.
Shares of NYSE:CVX traded up $0.20 on Thursday, hitting $121.48. The company had a trading volume of 124,589 shares, compared to its average volume of 6,625,977. Chevron Co. has a 1-year low of $100.22 and a 1-year high of $127.60. The stock has a market cap of $226.65 billion, a price-to-earnings ratio of 14.70, a P/E/G ratio of 2.97 and a beta of 1.01. The stock has a 50 day moving average price of $119.43 and a 200 day moving average price of $121.28. The company has a current ratio of 1.15, a quick ratio of 0.91 and a debt-to-equity ratio of 0.16.
Chevron (NYSE:CVX) last released its quarterly earnings data on Friday, August 2nd. The oil and gas company reported $2.27 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $1.74 by $0.53. Chevron had a net margin of 9.18% and a return on equity of 9.58%. The firm had revenue of $38.85 billion for the quarter, compared to the consensus estimate of $40.14 billion. During the same period in the previous year, the company earned $1.78 earnings per share. The company’s quarterly revenue was down 8.0% on a year-over-year basis. Sell-side analysts anticipate that Chevron Co. will post 6.71 earnings per share for the current fiscal year.
The firm also recently announced a quarterly dividend, which was paid on Tuesday, September 10th. Stockholders of record on Monday, August 19th were given a $1.19 dividend. The ex-dividend date was Friday, August 16th. This represents a $4.76 dividend on an annualized basis and a dividend yield of 3.92%. Chevron’s payout ratio is presently 57.70%.
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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