Cadence Capital Management LLC lowered its stake in shares of Chevron Co. (NYSE:CVX) by 19.0% in the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 27,280 shares of the oil and gas company’s stock after selling 6,406 shares during the quarter. Cadence Capital Management LLC’s holdings in Chevron were worth $1,964,000 at the end of the most recent quarter.
Other institutional investors also recently made changes to their positions in the company. Selective Wealth Management Inc. bought a new stake in shares of Chevron in the second quarter valued at approximately $25,000. Demars Financial Group LLC acquired a new position in shares of Chevron in the second quarter valued at $32,000. Marshall & Sullivan Inc. WA acquired a new position in shares of Chevron in the second quarter valued at $36,000. Asset Advisors Investment Management LLC acquired a new position in shares of Chevron in the second quarter valued at $36,000. Finally, Watson Rebecca acquired a new position in shares of Chevron in the second quarter valued at $39,000. 64.01% of the stock is owned by hedge funds and other institutional investors.
In related news, insider David A. Inchausti sold 5,750 shares of Chevron stock in a transaction that occurred on Tuesday, August 11th. The stock was sold at an average price of $92.00, for a total value of $529,000.00. The sale was disclosed in a document filed with the SEC, which is available at this link. 0.28% of the stock is currently owned by company insiders.
A number of research analysts recently commented on CVX shares. Jefferies Financial Group restated a “buy” rating and issued a $108.00 target price on shares of Chevron in a research note on Tuesday, August 11th. Raymond James increased their price objective on Chevron from $95.00 to $100.00 and gave the stock an “outperform” rating in a research note on Monday, July 20th. Zacks Investment Research upgraded Chevron from a “hold” rating to a “strong-buy” rating and set a $105.00 price objective for the company in a research note on Wednesday, July 22nd. Scotiabank lowered Chevron from a “sector outperform” rating to a “sector perform” rating and set a $95.00 price objective for the company. in a research note on Wednesday, September 23rd. Finally, Truist lowered Chevron to a “buy” rating and dropped their price objective for the stock from $113.00 to $112.00 in a research note on Friday, October 9th. One analyst has rated the stock with a sell rating, ten have issued a hold rating, eighteen have issued a buy rating and one has issued a strong buy rating to the company’s stock. The stock currently has an average rating of “Buy” and an average target price of $107.27.
Shares of NYSE:CVX traded down $0.62 during trading on Friday, hitting $72.89. 9,305,957 shares of the company’s stock traded hands, compared to its average volume of 11,212,303. Chevron Co. has a 52 week low of $51.60 and a 52 week high of $122.94. The company has a current ratio of 1.14, a quick ratio of 0.87 and a debt-to-equity ratio of 0.23. The company has a market cap of $136.11 billion, a price-to-earnings ratio of -15.64, a price-to-earnings-growth ratio of 2,483.67 and a beta of 1.26. The company has a 50-day moving average price of $76.82 and a 200-day moving average price of $85.44.
Chevron (NYSE:CVX) last released its quarterly earnings data on Friday, July 31st. The oil and gas company reported ($1.59) earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.93) by ($0.66). Chevron had a negative net margin of 7.41% and a positive return on equity of 3.61%. The business had revenue of $13.95 billion for the quarter, compared to the consensus estimate of $21.71 billion. During the same quarter last year, the firm earned $1.77 EPS. The company’s revenue for the quarter was down 64.1% on a year-over-year basis. On average, analysts predict that Chevron Co. will post 0.01 earnings per share for the current fiscal year.
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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