QV Investors Inc. Cuts Stake in Chevron Co. (NYSE:CVX)

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QV Investors Inc. lowered its stake in shares of Chevron Co. (NYSE:CVX) by 2.8% in the third quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 101,130 shares of the oil and gas company’s stock after selling 2,890 shares during the period. QV Investors Inc.’s holdings in Chevron were worth $7,281,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds also recently added to or reduced their stakes in the company. Nachman Norwood & Parrott Inc boosted its position in Chevron by 38.2% during the third quarter. Nachman Norwood & Parrott Inc now owns 42,728 shares of the oil and gas company’s stock worth $3,076,000 after acquiring an additional 11,816 shares during the last quarter. BTC Capital Management Inc. boosted its position in Chevron by 6.8% during the third quarter. BTC Capital Management Inc. now owns 108,678 shares of the oil and gas company’s stock worth $7,822,000 after acquiring an additional 6,893 shares during the last quarter. Investors Financial Group LLC boosted its position in Chevron by 63.6% during the third quarter. Investors Financial Group LLC now owns 4,171 shares of the oil and gas company’s stock worth $300,000 after acquiring an additional 1,622 shares during the last quarter. Avantax Advisory Services Inc. boosted its position in Chevron by 182.9% during the third quarter. Avantax Advisory Services Inc. now owns 262,341 shares of the oil and gas company’s stock worth $18,891,000 after acquiring an additional 169,595 shares during the last quarter. Finally, Sabal Trust CO boosted its position in Chevron by 1.5% during the third quarter. Sabal Trust CO now owns 190,552 shares of the oil and gas company’s stock worth $13,720,000 after acquiring an additional 2,729 shares during the last quarter. 64.01% of the stock is owned by institutional investors and hedge funds.

In other Chevron news, insider David A. Inchausti sold 5,750 shares of the stock in a transaction that occurred on Tuesday, August 11th. The shares were sold at an average price of $92.00, for a total value of $529,000.00. The sale was disclosed in a filing with the SEC, which is available through this link. Corporate insiders own 0.28% of the company’s stock.

Shares of NYSE:CVX opened at $72.89 on Friday. Chevron Co. has a 52 week low of $51.60 and a 52 week high of $122.94. The company’s 50 day moving average is $76.82 and its two-hundred day moving average is $85.44. The company has a current ratio of 1.14, a quick ratio of 0.87 and a debt-to-equity ratio of 0.23. The company has a market cap of $136.11 billion, a PE ratio of -15.64, a P/E/G ratio of 2,483.67 and a beta of 1.26.

Chevron (NYSE:CVX) last announced its quarterly earnings data on Friday, July 31st. The oil and gas company reported ($1.59) EPS for the quarter, missing the Zacks’ consensus estimate of ($0.93) by ($0.66). Chevron had a negative net margin of 7.41% and a positive return on equity of 3.61%. The firm had revenue of $13.95 billion during the quarter, compared to analysts’ expectations of $21.71 billion. During the same period in the prior year, the company posted $1.77 earnings per share. The company’s revenue for the quarter was down 64.1% on a year-over-year basis. As a group, equities research analysts expect that Chevron Co. will post 0.01 EPS for the current year.

CVX has been the topic of several recent analyst reports. HSBC decreased their target price on shares of Chevron from $93.00 to $86.00 and set a “hold” rating on the stock in a report on Wednesday. Jefferies Financial Group reiterated a “buy” rating and issued a $108.00 target price on shares of Chevron in a report on Tuesday, August 11th. MKM Partners initiated coverage on shares of Chevron in a report on Thursday, September 24th. They issued a “buy” rating and a $121.00 target price on the stock. Raymond James boosted their target price on shares of Chevron from $95.00 to $100.00 and gave the company an “outperform” rating in a report on Monday, July 20th. Finally, Scotiabank lowered shares of Chevron from a “sector outperform” rating to a “sector perform” rating and set a $95.00 target price on the stock. in a report on Wednesday, September 23rd. One research analyst has rated the stock with a sell rating, ten have given a hold rating, eighteen have given a buy rating and one has given a strong buy rating to the stock. The stock has an average rating of “Buy” and a consensus price target of $107.27.

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.

Further Reading: How is net asset value different from market price?

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Institutional Ownership by Quarter for Chevron (NYSE:CVX)

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