KCM Investment Advisors LLC reduced its position in shares of Chevron Co. (NYSE:CVX) by 1.0% in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 255,501 shares of the oil and gas company’s stock after selling 2,603 shares during the period. Chevron makes up 1.7% of KCM Investment Advisors LLC’s portfolio, making the stock its 11th biggest holding. KCM Investment Advisors LLC’s holdings in Chevron were worth $30,790,000 at the end of the most recent quarter.
Other institutional investors have also recently added to or reduced their stakes in the company. Roffman Miller Associates Inc. PA bought a new position in shares of Chevron during the 4th quarter valued at $27,000. CBIZ Investment Advisory Services LLC purchased a new stake in Chevron during the fourth quarter valued at about $33,000. Price Wealth LLC boosted its position in Chevron by 105.8% during the fourth quarter. Price Wealth LLC now owns 284 shares of the oil and gas company’s stock valued at $34,000 after buying an additional 146 shares during the period. Birch Capital Management LLC purchased a new stake in Chevron during the fourth quarter valued at about $45,000. Finally, Quantum Capital Management bought a new position in shares of Chevron during the third quarter valued at about $51,000. 66.85% of the stock is currently owned by hedge funds and other institutional investors.
CVX has been the subject of a number of recent research reports. Scotiabank raised Chevron from a “sector perform” rating to a “sector outperform” rating and set a $137.00 target price for the company in a research note on Thursday, January 23rd. Cowen reduced their price target on Chevron from $134.00 to $127.00 and set an “outperform” rating on the stock in a research report on Monday, February 3rd. HSBC reaffirmed a “neutral” rating and issued a $115.00 price target on shares of Chevron in a research note on Wednesday, February 12th. JPMorgan Chase & Co. lowered their price objective on Chevron from $127.00 to $103.00 and set an “overweight” rating for the company in a research report on Wednesday, March 11th. Finally, Citigroup dropped their price objective on Chevron from $120.00 to $100.00 and set a “neutral” rating for the company in a research note on Wednesday, March 4th. Six equities research analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company’s stock. The stock currently has an average rating of “Buy” and an average target price of $122.00.
CVX traded up $5.28 during midday trading on Thursday, reaching $74.55. 496,278 shares of the company’s stock traded hands, compared to its average volume of 21,022,450. Chevron Co. has a 52 week low of $51.60 and a 52 week high of $127.34. The company has a debt-to-equity ratio of 0.16, a current ratio of 1.07 and a quick ratio of 0.85. The firm has a fifty day moving average of $93.60 and a two-hundred day moving average of $111.72. The stock has a market capitalization of $125.07 billion, a price-to-earnings ratio of 49.52, a P/E/G ratio of 13.74 and a beta of 1.04.
Chevron (NYSE:CVX) last posted its earnings results on Friday, January 31st. The oil and gas company reported $1.49 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $1.47 by $0.02. The firm had revenue of $36.35 billion for the quarter, compared to analysts’ expectations of $38.98 billion. Chevron had a return on equity of 8.29% and a net margin of 2.00%. The business’s revenue was down 14.2% compared to the same quarter last year. During the same period in the previous year, the firm earned $1.95 earnings per share. Sell-side analysts forecast that Chevron Co. will post 0.97 EPS for the current year.
The business also recently declared a quarterly dividend, which was paid on Tuesday, March 10th. Investors of record on Tuesday, February 18th were issued a $1.29 dividend. The ex-dividend date of this dividend was Friday, February 14th. This represents a $5.16 annualized dividend and a yield of 6.92%. This is a boost from Chevron’s previous quarterly dividend of $1.19. Chevron’s payout ratio is 82.30%.
In other news, Director John Frank acquired 1,000 shares of the business’s stock in a transaction on Friday, February 28th. The shares were acquired at an average cost of $96.59 per share, with a total value of $96,590.00. Following the transaction, the director now owns 5,114 shares in the company, valued at approximately $493,961.26. The acquisition was disclosed in a legal filing with the SEC, which is available at this link. Also, CEO Michael K. Wirth sold 67,500 shares of the company’s stock in a transaction that occurred on Monday, January 6th. The stock was sold at an average price of $121.07, for a total value of $8,172,225.00. Following the transaction, the chief executive officer now owns 33,750 shares in the company, valued at approximately $4,086,112.50. The disclosure for this sale can be found here. 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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