Lincoln National Corp lowered its stake in Chevron Co. (NYSE:CVX – Get Rating) by 1.1% in the 3rd quarter, HoldingsChannel.com reports. The firm owned 69,678 shares of the oil and gas company’s stock after selling 759 shares during the period. Lincoln National Corp’s holdings in Chevron were worth $10,011,000 at the end of the most recent quarter.
Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Mizuho Securities Co. Ltd. lifted its position in Chevron by 42.9% in the second quarter. Mizuho Securities Co. Ltd. now owns 1,406 shares of the oil and gas company’s stock valued at $165,000 after purchasing an additional 422 shares during the last quarter. Good Life Advisors LLC raised its holdings in shares of Chevron by 2.6% during the third quarter. Good Life Advisors LLC now owns 28,054 shares of the oil and gas company’s stock valued at $4,031,000 after acquiring an additional 719 shares in the last quarter. Genesee Capital Advisors LLC bought a new position in shares of Chevron during the second quarter valued at approximately $1,087,000. Hexagon Capital Partners LLC raised its holdings in shares of Chevron by 10.6% during the second quarter. Hexagon Capital Partners LLC now owns 7,349 shares of the oil and gas company’s stock valued at $1,064,000 after acquiring an additional 707 shares in the last quarter. Finally, Sage Mountain Advisors LLC raised its holdings in shares of Chevron by 77.1% during the second quarter. Sage Mountain Advisors LLC now owns 6,046 shares of the oil and gas company’s stock valued at $875,000 after acquiring an additional 2,632 shares in the last quarter. Institutional investors own 69.37% of the company’s stock.
Analyst Ratings Changes
A number of brokerages recently commented on CVX. Bank of America downgraded Chevron from a “buy” rating to a “neutral” rating and upped their target price for the company from $190.00 to $191.00 in a report on Friday, January 6th. HSBC upped their target price on Chevron to $187.00 in a report on Friday, December 2nd. BNP Paribas downgraded Chevron from a “neutral” rating to an “underperform” rating and set a $190.00 target price for the company. in a report on Wednesday, December 14th. Cowen increased their price objective on Chevron from $160.00 to $185.00 and gave the stock an “outperform” rating in a report on Monday, October 31st. Finally, Morgan Stanley increased their price objective on Chevron from $193.00 to $196.00 and gave the stock an “equal weight” rating in a report on Wednesday, October 19th. Two research analysts have rated the stock with a sell rating, ten have given a hold rating and ten have assigned a buy rating to the company. According to MarketBeat, the company presently has an average rating of “Hold” and an average target price of $186.67.
Chevron Trading Down 0.1 %
Chevron (NYSE:CVX – Get Rating) last released its earnings results on Friday, October 28th. The oil and gas company reported $5.56 EPS for the quarter, topping analysts’ consensus estimates of $5.02 by $0.54. Chevron had a return on equity of 22.36% and a net margin of 14.36%. The firm had revenue of $66.64 billion for the quarter, compared to analysts’ expectations of $61.44 billion. During the same period in the prior year, the firm posted $2.96 earnings per share. The company’s quarterly revenue was up 49.1% on a year-over-year basis. As a group, equities analysts forecast that Chevron Co. will post 18.91 EPS for the current fiscal year.
Chevron Announces Dividend
The firm also recently disclosed a quarterly dividend, which was paid on Monday, December 12th. Investors of record on Friday, November 18th were given a dividend of $1.42 per share. The ex-dividend date of this dividend was Thursday, November 17th. This represents a $5.68 annualized dividend and a dividend yield of 3.14%. Chevron’s dividend payout ratio (DPR) is presently 32.31%.
Insider Activity at Chevron
In related news, EVP James William Johnson sold 143,466 shares of the stock in a transaction on Monday, November 28th. The stock was sold at an average price of $179.30, for a total transaction of $25,723,453.80. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. In other Chevron news, VP R. Hewitt Pate sold 32,391 shares of the firm’s stock in a transaction dated Thursday, November 3rd. The stock was sold at an average price of $180.00, for a total value of $5,830,380.00. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, EVP James William Johnson sold 143,466 shares of the firm’s stock in a transaction dated Monday, November 28th. The stock was sold at an average price of $179.30, for a total value of $25,723,453.80. The disclosure for this sale can be found here. Insiders have sold 293,563 shares of company stock valued at $53,186,421 over the last ninety days. Insiders own 0.32% of the company’s stock.
Chevron Corp. engages in the provision of administrative, financial management, and technology support for energy and chemical operations. It operates through the Upstream and Downstream segments. The Upstream segment consists of the exploration, development, and production of crude oil and natural gas, the liquefaction, transportation, and regasification associated with liquefied natural gas, the transporting of crude oil by major international oil export pipelines, the processing, transporting, storage, and marketing of natural gas, and a gas-to-liquids plant.
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