Financial Advisory Group Reduces Stake in Chevron Co. (CVX)
Financial Advisory Group trimmed its position in Chevron Co. (NYSE:CVX) by 74.3% in the fourth quarter, according to its most recent filing with the SEC. The fund owned 4,095 shares of the oil and gas company’s stock after selling 11,821 shares during the period. Financial Advisory Group’s holdings in Chevron were worth $513,000 as of its most recent filing with the SEC.
Several other institutional investors and hedge funds have also recently made changes to their positions in the company. Fusion Family Wealth LLC raised its position in Chevron by 192.6% during the 4th quarter. Fusion Family Wealth LLC now owns 1,273 shares of the oil and gas company’s stock worth $159,000 after purchasing an additional 838 shares during the last quarter. Lenox Wealth Advisors Inc. raised its position in Chevron by 15,555.6% during the 4th quarter. Lenox Wealth Advisors Inc. now owns 1,409 shares of the oil and gas company’s stock worth $176,000 after purchasing an additional 1,400 shares during the last quarter. WCM Investment Management CA bought a new position in Chevron during the 4th quarter worth $202,000. Independence Trust CO bought a new position in Chevron during the 4th quarter worth $204,000. Finally, Bourgeon Capital Management LLC bought a new position in Chevron during the 4th quarter worth $206,000. Institutional investors own 64.42% of the company’s stock.
Several research analysts recently issued reports on the company. Royal Bank of Canada set a $115.00 target price on Chevron and gave the stock a “sell” rating in a research report on Tuesday, January 30th. Vetr raised Chevron from a “hold” rating to a “buy” rating and set a $135.52 target price for the company in a research report on Monday, January 29th. Credit Suisse Group raised their target price on Chevron from $129.00 to $132.00 and gave the stock a “neutral” rating in a research report on Monday, April 30th. Barclays raised their target price on Chevron from $135.00 to $145.00 and gave the stock an “overweight” rating in a research report on Monday, April 30th. Finally, ValuEngine raised Chevron from a “hold” rating to a “buy” rating in a research report on Wednesday, April 18th. Seven research analysts have rated the stock with a hold rating and nineteen have issued a buy rating to the stock. The company presently has an average rating of “Buy” and an average target price of $133.52.
Chevron (NYSE:CVX) last issued its earnings results on Friday, April 27th. The oil and gas company reported $1.90 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $1.45 by $0.45. The company had revenue of $37.76 billion during the quarter, compared to the consensus estimate of $40.34 billion. Chevron had a return on equity of 5.83% and a net margin of 6.95%. The firm’s revenue for the quarter was up 13.0% compared to the same quarter last year. During the same period last year, the business posted $1.23 EPS. sell-side analysts forecast that Chevron Co. will post 7.6 earnings per share for the current fiscal year.
The company also recently announced a quarterly dividend, which will be paid on Monday, June 11th. Stockholders of record on Friday, May 18th will be paid a $1.12 dividend. The ex-dividend date is Thursday, May 17th. This represents a $4.48 annualized dividend and a dividend yield of 3.67%. Chevron’s dividend payout ratio is presently 121.08%.
In other Chevron news, VP R. Hewitt Pate sold 25,500 shares of Chevron stock in a transaction dated Tuesday, April 17th. The stock was sold at an average price of $121.97, for a total transaction of $3,110,235.00. Following the completion of the transaction, the vice president now owns 25,500 shares in the company, valued at approximately $3,110,235. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Joseph C. Geagea sold 12,000 shares of Chevron stock in a transaction dated Monday, May 7th. The shares were sold at an average price of $128.04, for a total value of $1,536,480.00. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 386,500 shares of company stock valued at $49,748,880. 0.46% of the stock is currently owned by company insiders.
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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