Nachman Norwood & Parrott Inc Boosts Stock Holdings in Chevron Co. (NYSE:CVX)
Nachman Norwood & Parrott Inc boosted its stake in shares of Chevron Co. (NYSE:CVX) by 1.4% during the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 37,343 shares of the oil and gas company’s stock after purchasing an additional 513 shares during the period. Chevron makes up approximately 0.8% of Nachman Norwood & Parrott Inc’s portfolio, making the stock its 21st biggest holding. Nachman Norwood & Parrott Inc’s holdings in Chevron were worth $4,429,000 at the end of the most recent reporting period.
Other large investors also recently bought and sold shares of the company. W.G. Shaheen & Associates DBA Whitney & Co raised its stake in Chevron by 0.8% during the second quarter. W.G. Shaheen & Associates DBA Whitney & Co now owns 45,014 shares of the oil and gas company’s stock worth $5,602,000 after purchasing an additional 379 shares during the period. Beese Fulmer Investment Management Inc. raised its stake in shares of Chevron by 0.4% in the 2nd quarter. Beese Fulmer Investment Management Inc. now owns 58,040 shares of the oil and gas company’s stock valued at $7,222,000 after acquiring an additional 238 shares during the period. DekaBank Deutsche Girozentrale raised its stake in shares of Chevron by 74.7% in the 2nd quarter. DekaBank Deutsche Girozentrale now owns 1,387,145 shares of the oil and gas company’s stock valued at $171,630,000 after acquiring an additional 592,920 shares during the period. Goodman Financial Corp raised its stake in shares of Chevron by 1.2% in the 2nd quarter. Goodman Financial Corp now owns 50,084 shares of the oil and gas company’s stock valued at $6,232,000 after acquiring an additional 599 shares during the period. Finally, Gratus Capital LLC raised its stake in shares of Chevron by 7.4% in the 2nd quarter. Gratus Capital LLC now owns 14,591 shares of the oil and gas company’s stock valued at $1,816,000 after acquiring an additional 1,002 shares during the period. 65.61% of the stock is currently owned by institutional investors.
A number of equities analysts have recently commented on CVX shares. Barclays started coverage on shares of Chevron in a research note on Monday, August 19th. They issued an “overweight” rating and a $145.00 target price on the stock. ValuEngine raised shares of Chevron from a “sell” rating to a “hold” rating in a research note on Wednesday, October 2nd. BMO Capital Markets started coverage on shares of Chevron in a research note on Tuesday, August 20th. They issued an “outperform” rating and a $165.00 target price on the stock. Independent Research set a $127.00 target price on shares of Chevron and gave the company a “neutral” rating in a research note on Thursday, August 29th. Finally, Morgan Stanley cut their target price on shares of Chevron from $146.00 to $144.00 and set an “overweight” rating on the stock in a research note on Friday, July 12th. Five research analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company. The stock currently has a consensus rating of “Buy” and a consensus target price of $137.47.
Chevron (NYSE:CVX) last released its quarterly earnings results on Friday, August 2nd. The oil and gas company reported $2.27 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $1.74 by $0.53. Chevron had a net margin of 9.18% and a return on equity of 9.58%. The firm had revenue of $38.85 billion for the quarter, compared to the consensus estimate of $40.14 billion. During the same quarter in the previous year, the firm posted $1.78 EPS. The firm’s quarterly revenue was down 8.0% on a year-over-year basis. As a group, analysts predict that Chevron Co. will post 6.78 EPS for the current year.
The company also recently declared a quarterly dividend, which was paid on Tuesday, September 10th. Investors of record on Monday, August 19th were paid a dividend of $1.19 per share. This represents a $4.76 annualized dividend and a yield of 4.21%. The ex-dividend date of this dividend was Friday, August 16th. Chevron’s dividend payout ratio (DPR) is 57.70%.
In other news, Director Debra L. Reed purchased 4,250 shares of the company’s stock in a transaction that occurred on Wednesday, August 7th. The shares were purchased at an average price of $118.14 per share, with a total value of $502,095.00. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, CFO Pierre R. Breber sold 15,000 shares of Chevron stock in a transaction on Monday, September 16th. The stock was sold at an average price of $124.97, for a total transaction of $1,874,550.00. The disclosure for this sale can be found here. Insiders have sold a total of 86,750 shares of company stock worth $10,648,200 in the last ninety days. 0.31% of the stock is currently owned by insiders.
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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