Essex Financial Services Inc. cut its position in shares of Chevron Co. (NYSE:CVX) by 3.2% during the 3rd quarter, according to the company in its most recent filing with the SEC. The firm owned 25,903 shares of the oil and gas company’s stock after selling 869 shares during the quarter. Chevron accounts for 1.0% of Essex Financial Services Inc.’s portfolio, making the stock its 22nd largest position. Essex Financial Services Inc.’s holdings in Chevron were worth $3,072,000 at the end of the most recent quarter.
Other hedge funds have also recently modified their holdings of the company. Murphy Middleton Hinkle & Parker Inc. boosted its stake in shares of Chevron by 0.6% during the 2nd quarter. Murphy Middleton Hinkle & Parker Inc. now owns 14,149 shares of the oil and gas company’s stock worth $1,761,000 after acquiring an additional 84 shares in the last quarter. Arlington Financial Advisors LLC boosted its stake in shares of Chevron by 0.4% during the 2nd quarter. Arlington Financial Advisors LLC now owns 20,221 shares of the oil and gas company’s stock worth $2,516,000 after acquiring an additional 85 shares in the last quarter. Horan Capital Advisors LLC. boosted its position in shares of Chevron by 2.6% in the third quarter. Horan Capital Advisors LLC. now owns 3,311 shares of the oil and gas company’s stock worth $393,000 after buying an additional 85 shares during the period. Landsberg Bennett & Dubbaneh LLC boosted its position in shares of Chevron by 1.7% in the second quarter. Landsberg Bennett & Dubbaneh LLC now owns 5,051 shares of the oil and gas company’s stock worth $631,000 after buying an additional 86 shares during the period. Finally, JNBA Financial Advisors boosted its position in shares of Chevron by 1.6% in the second quarter. JNBA Financial Advisors now owns 5,604 shares of the oil and gas company’s stock worth $697,000 after buying an additional 86 shares during the period. Institutional investors own 65.68% of the company’s stock.
Shares of Chevron stock traded down $0.96 during midday trading on Friday, hitting $120.93. The company’s stock had a trading volume of 4,223,607 shares, compared to its average volume of 6,442,372. The firm has a market capitalization of $231.49 billion, a P/E ratio of 14.66, a PEG ratio of 3.25 and a beta of 0.99. The stock has a 50-day simple moving average of $117.71 and a 200-day simple moving average of $119.95. The company has a quick ratio of 0.91, a current ratio of 1.15 and a debt-to-equity ratio of 0.16. Chevron Co. has a 1-year low of $100.22 and a 1-year high of $127.34.
Chevron (NYSE:CVX) last announced its quarterly earnings data on Friday, November 1st. The oil and gas company reported $1.36 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $1.47 by ($0.11). Chevron had a return on equity of 8.89% and a net margin of 8.70%. The firm had revenue of $36.12 billion for the quarter, compared to analysts’ expectations of $37.69 billion. During the same quarter in the prior year, the business posted $2.11 earnings per share. Chevron’s revenue was down 17.9% on a year-over-year basis. As a group, sell-side analysts predict that Chevron Co. will post 6.25 earnings per share for the current year.
The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 10th. Investors of record on Monday, November 18th will be issued a dividend of $1.19 per share. The ex-dividend date is Friday, November 15th. This represents a $4.76 annualized dividend and a dividend yield of 3.94%. Chevron’s dividend payout ratio is 57.70%.
In related news, EVP Joseph C. Geagea sold 5,000 shares of the stock in a transaction on Friday, August 30th. The stock was sold at an average price of $118.10, for a total transaction of $590,500.00. Following the completion of the sale, the executive vice president now directly owns 6,243 shares in the company, valued at $737,298.30. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Also, insider David A. Inchausti sold 15,000 shares of the stock in a transaction on Monday, November 4th. The stock was sold at an average price of $119.89, for a total value of $1,798,350.00. Following the sale, the insider now owns 15,000 shares of the company’s stock, valued at $1,798,350. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 91,750 shares of company stock valued at $11,216,850. 0.31% of the stock is owned by corporate insiders.
CVX has been the subject of several recent analyst reports. Morgan Stanley decreased their target price on Chevron from $144.00 to $142.00 and set an “overweight” rating for the company in a research report on Monday. JPMorgan Chase & Co. decreased their target price on Chevron from $142.00 to $139.00 and set an “overweight” rating for the company in a research report on Monday. ValuEngine raised Chevron from a “sell” rating to a “hold” rating in a research report on Wednesday, October 2nd. Barclays initiated coverage on Chevron in a research report on Monday, August 19th. They issued an “overweight” rating and a $145.00 target price for the company. Finally, BMO Capital Markets initiated coverage on Chevron in a research report on Tuesday, August 20th. They issued an “outperform” rating and a $165.00 target price for the company. Five equities research analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company. Chevron presently has a consensus rating of “Buy” and an average target price of $135.88.
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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