Cetera Advisor Networks LLC trimmed its stake in shares of Chevron Co. (NYSE:CVX) by 32.2% in the 3rd quarter, HoldingsChannel reports. The firm owned 184,896 shares of the oil and gas company’s stock after selling 87,636 shares during the quarter. Cetera Advisor Networks LLC’s holdings in Chevron were worth $21,951,000 at the end of the most recent quarter.
Other hedge funds and other institutional investors also recently made changes to their positions in the company. Guidant Wealth Advisors increased its position in Chevron by 63.9% in the 2nd quarter. Guidant Wealth Advisors now owns 259 shares of the oil and gas company’s stock worth $32,000 after purchasing an additional 101 shares during the last quarter. Evolution Wealth Advisors LLC bought a new stake in shares of Chevron in the 2nd quarter worth approximately $34,000. Transamerica Financial Advisors Inc. bought a new stake in shares of Chevron in the 2nd quarter worth approximately $46,000. Cordasco Financial Network lifted its position in shares of Chevron by 55.3% in the 2nd quarter. Cordasco Financial Network now owns 379 shares of the oil and gas company’s stock worth $47,000 after acquiring an additional 135 shares during the period. Finally, CKW Financial Group lifted its position in shares of Chevron by 154.0% in the 2nd quarter. CKW Financial Group now owns 414 shares of the oil and gas company’s stock worth $51,000 after acquiring an additional 251 shares during the period. 65.75% of the stock is owned by institutional investors and hedge funds.
In related news, EVP Joseph C. Geagea sold 5,000 shares of the firm’s stock in a transaction on Friday, August 30th. The stock was sold at an average price of $118.10, for a total transaction of $590,500.00. Following the completion of the sale, the executive vice president now directly owns 6,243 shares of the company’s stock, valued at approximately $737,298.30. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Pierre R. Breber sold 15,000 shares of the firm’s stock in a transaction on Monday, September 16th. The shares were sold at an average price of $124.97, for a total value of $1,874,550.00. The disclosure for this sale can be found here. Insiders have sold a total of 83,750 shares of company stock valued at $10,236,850 over the last ninety days. Insiders own 0.31% of the company’s stock.
A number of analysts have commented on the company. ValuEngine upgraded Chevron from a “sell” rating to a “hold” rating in a research report on Wednesday, October 2nd. 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. Morgan Stanley cut their target price on Chevron from $144.00 to $142.00 and set an “overweight” rating for the company in a research report on Monday, November 4th. Cowen cut their target price on Chevron from $140.00 to $134.00 and set an “outperform” rating for the company in a research report on Friday, November 1st. 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 for the company. Five equities research analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the stock. The stock presently has an average rating of “Buy” and a consensus target price of $135.88.
Chevron stock opened at $120.96 on Wednesday. The company has a debt-to-equity ratio of 0.16, a current ratio of 1.12 and a quick ratio of 0.93. The company has a market capitalization of $228.66 billion, a PE ratio of 14.66, a price-to-earnings-growth ratio of 3.23 and a beta of 0.99. Chevron Co. has a one year low of $100.22 and a one year high of $127.34. The business has a 50 day simple moving average of $117.43 and a 200 day simple moving average of $119.95.
Chevron (NYSE:CVX) last released its quarterly earnings results on Friday, November 1st. The oil and gas company reported $1.36 earnings per share for the quarter, missing the Zacks’ consensus estimate of $1.47 by ($0.11). Chevron had a net margin of 8.70% and a return on equity of 8.89%. The business had revenue of $36.12 billion for the quarter, compared to analyst estimates of $37.69 billion. During the same period in the prior year, the business earned $2.11 earnings per share. The company’s revenue for the quarter was down 17.9% on a year-over-year basis. Equities analysts anticipate that Chevron Co. will post 6.25 earnings per share for the current fiscal year.
The firm also recently declared a quarterly dividend, which will be paid on Tuesday, December 10th. Investors of record on Monday, November 18th will be issued a dividend of $1.19 per share. The ex-dividend date of this dividend is Friday, November 15th. This represents a $4.76 dividend on an annualized basis and a yield of 3.94%. Chevron’s dividend payout ratio is 57.70%.
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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