Cypress Wealth Services LLC lessened its stake in Chevron Co. (NYSE:CVX) by 14.8% in the 3rd quarter, HoldingsChannel.com reports. The firm owned 8,365 shares of the oil and gas company’s stock after selling 1,449 shares during the period. Cypress Wealth Services LLC’s holdings in Chevron were worth $849,000 at the end of the most recent quarter.
Other hedge funds also recently bought and sold shares of the company. Stonehage Fleming Financial Services Holdings Ltd bought a new stake in shares of Chevron during the 2nd quarter valued at $30,000. Horan Securities Inc. raised its position in shares of Chevron by 196.0% during the 2nd quarter. Horan Securities Inc. now owns 296 shares of the oil and gas company’s stock valued at $31,000 after acquiring an additional 196 shares during the last quarter. Newton One Investments LLC bought a new stake in shares of Chevron during the 2nd quarter valued at $34,000. Capital Directions Investment Advisors LLC grew its holdings in shares of Chevron by 66.7% in the 2nd quarter. Capital Directions Investment Advisors LLC now owns 375 shares of the oil and gas company’s stock valued at $39,000 after buying an additional 150 shares during the period. Finally, Lake Point Wealth Management acquired a new position in shares of Chevron in the 2nd quarter valued at $43,000. Hedge funds and other institutional investors own 65.55% of the company’s stock.
In other Chevron news, VP Colin E. Parfitt sold 15,000 shares of Chevron stock in a transaction on Friday, October 29th. The shares were sold at an average price of $115.01, for a total value of $1,725,150.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Michael K. Wirth sold 26,250 shares of Chevron stock in a transaction dated Tuesday, November 16th. The shares were sold at an average price of $118.01, for a total transaction of $3,097,762.50. The disclosure for this sale can be found here. Insiders have sold 325,651 shares of company stock valued at $37,293,688 in the last ninety days. Insiders own 0.29% of the company’s stock.
Chevron (NYSE:CVX) last released its quarterly earnings results on Thursday, October 28th. The oil and gas company reported $2.96 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $2.21 by $0.75. The firm had revenue of $44.71 billion during the quarter, compared to the consensus estimate of $40.89 billion. Chevron had a net margin of 7.10% and a return on equity of 7.95%. The company’s revenue for the quarter was up 82.9% on a year-over-year basis. During the same quarter last year, the firm earned $0.11 earnings per share. As a group, equities research analysts expect that Chevron Co. will post 8.35 EPS for the current fiscal year.
The firm also recently declared a quarterly dividend, which will be paid on Friday, December 10th. Stockholders of record on Thursday, November 18th will be paid a dividend of $1.34 per share. This represents a $5.36 annualized dividend and a dividend yield of 4.60%. The ex-dividend date is Wednesday, November 17th. Chevron’s payout ratio is currently 103.47%.
Several brokerages have recently issued reports on CVX. TheStreet raised shares of Chevron from a “c” rating to a “b-” rating in a report on Friday, July 30th. Mizuho reaffirmed a “buy” rating on shares of Chevron in a research note on Wednesday, November 3rd. DZ Bank lowered shares of Chevron from a “buy” rating to a “hold” rating and set a $110.00 target price for the company. in a research note on Wednesday, August 4th. Raymond James upped their target price on shares of Chevron from $134.00 to $137.00 and gave the stock an “outperform” rating in a research note on Monday, November 1st. Finally, Morgan Stanley upped their target price on shares of Chevron from $149.00 to $155.00 and gave the stock an “overweight” rating in a research note on Friday. Eleven research analysts have rated the stock with a hold rating and fifteen have issued a buy rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Buy” and a consensus target price of $120.65.
Chevron Corp. engages in the provision of administrative, financial management, and technology support for energy and chemical operations. It operates through the Upstream and Downstream segments. The Upstream segment consists of exploration, development, and production of crude oil and natural gas; liquefaction, transportation, and regasification associated with liquefied natural gas; transporting crude oil by major international oil export pipelines; processing, transporting, storage, and marketing of natural gas; and a gas-to-liquids plant.
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