Dakota Wealth Management reduced its stake in Chevron Co. (NYSE:CVX) by 39.9% during the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 7,051 shares of the oil and gas company’s stock after selling 4,680 shares during the quarter. Dakota Wealth Management’s holdings in Chevron were worth $877,000 at the end of the most recent quarter.
Several other large investors also recently modified their holdings of CVX. Gratus Capital LLC lifted its position in Chevron by 7.4% during the second quarter. Gratus Capital LLC now owns 14,591 shares of the oil and gas company’s stock worth $1,816,000 after buying an additional 1,002 shares during the period. Granite Investment Partners LLC lifted its position in Chevron by 3.6% during the second quarter. Granite Investment Partners LLC now owns 40,392 shares of the oil and gas company’s stock worth $5,026,000 after buying an additional 1,395 shares during the period. Copperwynd Financial LLC lifted its position in Chevron by 3.5% during the second quarter. Copperwynd Financial LLC now owns 3,960 shares of the oil and gas company’s stock worth $493,000 after buying an additional 135 shares during the period. Keystone Financial Group lifted its position in Chevron by 3.8% during the second quarter. Keystone Financial Group now owns 11,213 shares of the oil and gas company’s stock worth $1,395,000 after buying an additional 412 shares during the period. Finally, Congress Asset Management Co. MA lifted its position in Chevron by 4.3% during the second quarter. Congress Asset Management Co. MA now owns 398,597 shares of the oil and gas company’s stock worth $49,601,000 after buying an additional 16,427 shares during the period. Institutional investors and hedge funds own 65.79% of the company’s stock.
Shares of CVX opened at $121.77 on Friday. The company has a market capitalization of $231.18 billion, a P/E ratio of 14.76, a PEG ratio of 3.03 and a beta of 1.01. The company has a debt-to-equity ratio of 0.16, a current ratio of 1.15 and a quick ratio of 0.91. Chevron Co. has a one year low of $100.22 and a one year high of $127.60. The business’s 50 day simple moving average is $119.43 and its 200-day simple moving average is $121.28.
Chevron (NYSE:CVX) last announced its earnings results on Friday, August 2nd. The oil and gas company reported $2.27 EPS for the quarter, topping the consensus estimate of $1.74 by $0.53. The business had revenue of $38.85 billion for the quarter, compared to the consensus estimate of $40.14 billion. Chevron had a return on equity of 9.58% and a net margin of 9.18%. Chevron’s revenue was down 8.0% compared to the same quarter last year. During the same period in the previous year, the business earned $1.78 EPS. On average, sell-side analysts anticipate that Chevron Co. will post 6.64 EPS for the current fiscal year.
The company also recently disclosed a quarterly dividend, which was paid on Tuesday, September 10th. Shareholders of record on Monday, August 19th were issued a dividend of $1.19 per share. This represents a $4.76 annualized dividend and a yield of 3.91%. The ex-dividend date was Friday, August 16th. Chevron’s dividend payout ratio is 57.70%.
In other Chevron news, Chairman Michael K. Wirth sold 33,750 shares of the company’s stock in a transaction on Friday, June 21st. The shares were sold at an average price of $125.60, for a total transaction of $4,239,000.00. Following the completion of the sale, the chairman now owns 33,750 shares in the company, valued at approximately $4,239,000. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Joseph C. Geagea sold 8,000 shares of the company’s stock in a transaction on Tuesday, August 13th. The shares were sold at an average price of $122.50, for a total transaction of $980,000.00. Following the completion of the sale, the insider now owns 9,243 shares of the company’s stock, valued at approximately $1,132,267.50. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 71,750 shares of company stock worth $8,793,900. Company insiders own 0.31% of the company’s stock.
CVX has been the subject of several research analyst reports. ValuEngine lowered Chevron from a “hold” rating to a “sell” rating in a research note on Wednesday. Morgan Stanley reduced their target price on Chevron from $146.00 to $144.00 and set an “overweight” rating on the stock in a report on Friday, July 12th. BMO Capital Markets initiated coverage on Chevron in a research note on Tuesday, August 20th. They set an “outperform” rating and a $165.00 target price on the stock. Cowen set a $140.00 price target on Chevron and gave the company a “buy” rating in a research report on Friday, August 30th. Finally, Independent Research set a $127.00 target price on Chevron and gave the stock a “neutral” rating in a report on Thursday, August 29th. One analyst has rated the stock with a sell rating, five have given a hold rating, fourteen have given a buy rating and one has issued a strong buy rating to the stock. Chevron has an average rating of “Buy” and a consensus target price of $136.22.
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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