Granite Investment Partners LLC grew its holdings in Chevron Co. (NYSE:CVX) by 3.6% during the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 40,392 shares of the oil and gas company’s stock after purchasing an additional 1,395 shares during the period. Granite Investment Partners LLC’s holdings in Chevron were worth $5,026,000 at the end of the most recent quarter.
Other large investors have also recently added to or reduced their stakes in the company. Guidant Wealth Advisors boosted its holdings in Chevron by 63.9% in the second quarter. Guidant Wealth Advisors now owns 259 shares of the oil and gas company’s stock valued at $32,000 after acquiring an additional 101 shares during the last quarter. Evolution Wealth Advisors LLC bought a new stake in Chevron in the second quarter valued at approximately $34,000. Cordasco Financial Network boosted its holdings in Chevron by 55.3% in the second quarter. Cordasco Financial Network now owns 379 shares of the oil and gas company’s stock valued at $47,000 after acquiring an additional 135 shares during the last quarter. Next Capital Management LLC bought a new stake in Chevron in the second quarter valued at approximately $52,000. Finally, Ashburton Jersey Ltd bought a new stake in Chevron in the second quarter valued at approximately $54,000. 65.79% of the stock is owned by institutional investors and hedge funds.
CVX stock traded up $0.12 during mid-day trading on Friday, reaching $121.54. 101,433 shares of the company traded hands, compared to its average volume of 5,181,289. The company has a debt-to-equity ratio of 0.16, a current ratio of 1.15 and a quick ratio of 0.91. The company has a market capitalization of $231.18 billion, a P/E ratio of 14.75, a P/E/G ratio of 3.03 and a beta of 1.01. Chevron Co. has a 52-week low of $100.22 and a 52-week high of $127.60. The company has a fifty day moving average price of $119.43 and a 200-day moving average price of $121.28.
Chevron (NYSE:CVX) last issued its quarterly earnings results on Friday, August 2nd. The oil and gas company reported $2.27 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.74 by $0.53. The firm had revenue of $38.85 billion for the quarter, compared to analyst estimates of $40.14 billion. Chevron had a return on equity of 9.58% and a net margin of 9.18%. The firm’s quarterly revenue was down 8.0% on a year-over-year basis. During the same period last year, the company earned $1.78 EPS. As a group, analysts forecast that Chevron Co. will post 6.64 EPS for the current year.
The company also recently announced a quarterly dividend, which was paid on Tuesday, September 10th. Stockholders of record on Monday, August 19th were given a $1.19 dividend. The ex-dividend date of this dividend was Friday, August 16th. This represents a $4.76 annualized dividend and a dividend yield of 3.92%. Chevron’s payout ratio is 57.70%.
A number of equities analysts have issued reports on CVX shares. Barclays started coverage on Chevron in a report on Monday, August 19th. They set an “overweight” rating and a $145.00 price target on the stock. Morgan Stanley cut their price target on Chevron from $146.00 to $144.00 and set an “overweight” rating on the stock in a report on Friday, July 12th. ValuEngine lowered Chevron from a “hold” rating to a “sell” rating in a research report on Wednesday. Independent Research set a $127.00 target price on Chevron and gave the stock a “neutral” rating in a research report on Thursday, August 29th. Finally, BMO Capital Markets initiated coverage on Chevron in a research report on Tuesday, August 20th. They set an “outperform” rating and a $165.00 target price on the stock. One research analyst has rated the stock with a sell rating, five have issued a hold rating, fourteen have issued a buy rating and one has given a strong buy rating to the stock. The stock currently has a consensus rating of “Buy” and a consensus target price of $136.22.
In other Chevron news, EVP Joseph C. Geagea sold 5,000 shares of the business’s stock in a transaction dated Friday, August 30th. The stock was sold at an average price of $118.10, for a total value of $590,500.00. Following the transaction, the executive vice president now owns 6,243 shares in the company, valued at $737,298.30. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Joseph C. Geagea sold 8,000 shares of the company’s stock in a transaction dated Tuesday, August 13th. The stock was sold at an average price of $122.50, for a total value of $980,000.00. Following 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. Insiders have sold a total of 71,750 shares of company stock valued at $8,793,900 in the last 90 days. Insiders own 0.31% of the company’s stock.
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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