Cullen Capital Management LLC Reduces Stock Holdings in Chevron Corporation $CVX

Cullen Capital Management LLC reduced its position in Chevron Corporation (NYSE:CVX) by 36.6% in the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 904,996 shares of the oil and gas company’s stock after selling 521,323 shares during the quarter. Cullen Capital Management LLC’s holdings in Chevron were worth $129,586,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds have also recently made changes to their positions in the company. Kingstone Capital Partners Texas LLC raised its stake in Chevron by 652,139.5% in the 2nd quarter. Kingstone Capital Partners Texas LLC now owns 83,714,936 shares of the oil and gas company’s stock valued at $13,214,757,000 after acquiring an additional 83,702,101 shares during the period. Norges Bank bought a new stake in shares of Chevron in the second quarter valued at approximately $2,721,477,000. Laurel Wealth Advisors LLC raised its position in shares of Chevron by 14,194.2% in the second quarter. Laurel Wealth Advisors LLC now owns 3,722,217 shares of the oil and gas company’s stock valued at $532,984,000 after purchasing an additional 3,696,177 shares during the period. Berkshire Hathaway Inc lifted its stake in shares of Chevron by 2.9% during the 2nd quarter. Berkshire Hathaway Inc now owns 122,064,792 shares of the oil and gas company’s stock valued at $17,478,458,000 after buying an additional 3,454,258 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. boosted its holdings in Chevron by 4.0% in the 2nd quarter. Charles Schwab Investment Management Inc. now owns 34,772,753 shares of the oil and gas company’s stock worth $4,979,255,000 after buying an additional 1,342,723 shares during the period. 72.42% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

CVX has been the topic of several recent research reports. HSBC set a $169.00 target price on Chevron and gave the stock a “buy” rating in a research report on Monday, December 1st. Raymond James Financial reissued an “outperform” rating and set a $160.00 price objective (down previously from $170.00) on shares of Chevron in a report on Friday, October 17th. Melius Research initiated coverage on Chevron in a report on Wednesday, August 20th. They set a “hold” rating and a $155.00 target price for the company. Scotiabank upped their price target on Chevron from $160.00 to $165.00 and gave the company a “sector perform” rating in a research report on Thursday, October 9th. Finally, Barclays lowered their price target on shares of Chevron from $160.00 to $158.00 and set an “equal weight” rating on the stock in a report on Tuesday, October 7th. One analyst has rated the stock with a Strong Buy rating, eleven have issued a Buy rating, seven have assigned a Hold rating and four have assigned a Sell rating to the company. According to data from MarketBeat.com, Chevron has a consensus rating of “Hold” and an average price target of $166.00.

Chevron Price Performance

Shares of NYSE CVX opened at $149.88 on Tuesday. The stock’s 50-day simple moving average is $152.66 and its two-hundred day simple moving average is $152.28. Chevron Corporation has a twelve month low of $132.04 and a twelve month high of $168.96. The firm has a market capitalization of $301.78 billion, a P/E ratio of 21.08, a P/E/G ratio of 8.91 and a beta of 0.68. The company has a quick ratio of 0.86, a current ratio of 1.15 and a debt-to-equity ratio of 0.19.

Chevron (NYSE:CVX) last issued its quarterly earnings results on Friday, October 31st. The oil and gas company reported $1.85 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.71 by $0.14. The firm had revenue of $48.17 billion during the quarter, compared to the consensus estimate of $46.99 billion. Chevron had a return on equity of 8.74% and a net margin of 6.57%.The company’s revenue for the quarter was down 1.9% on a year-over-year basis. During the same quarter last year, the company posted $2.48 EPS. As a group, equities analysts anticipate that Chevron Corporation will post 10.79 EPS for the current fiscal year.

Chevron Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, December 10th. Stockholders of record on Tuesday, November 18th were issued a $1.71 dividend. This represents a $6.84 dividend on an annualized basis and a dividend yield of 4.6%. The ex-dividend date was Tuesday, November 18th. Chevron’s dividend payout ratio is presently 96.20%.

Insider Activity at Chevron

In other news, Director John B. Hess sold 275,000 shares of the stock in a transaction dated Thursday, November 20th. The stock was sold at an average price of $150.75, for a total transaction of $41,456,250.00. Following the transaction, the director directly owned 1,128,045 shares in the company, valued at approximately $170,052,783.75. This represents a 19.60% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Company insiders own 0.20% of the company’s stock.

About Chevron

Chevron Corporation, through its subsidiaries, engages in the integrated energy and chemicals operations in the United States and internationally. The company operates in two segments, Upstream and Downstream. The Upstream segment is involved in the exploration, development, production, and transportation of crude oil and natural gas; processing, liquefaction, transportation, and regasification of liquefied natural gas; transportation of crude oil through pipelines; transportation, storage, and marketing of natural gas; and carbon capture and storage, as well as a gas-to-liquids plant.