American International Group Inc. Cuts Position in Chevron Co. (CVX)
American International Group Inc. trimmed its stake in shares of Chevron Co. (NYSE:CVX) by 0.9% in the 4th quarter, HoldingsChannel reports. The fund owned 4,884,828 shares of the oil and gas company’s stock after selling 44,527 shares during the period. Chevron comprises 2.0% of American International Group Inc.’s holdings, making the stock its 5th biggest position. American International Group Inc.’s holdings in Chevron were worth $611,532,000 at the end of the most recent reporting period.
Other institutional investors and hedge funds also recently bought and sold shares of the company. Koshinski Asset Management Inc. grew its stake in shares of Chevron by 8.0% in the 4th quarter. Koshinski Asset Management Inc. now owns 14,572 shares of the oil and gas company’s stock worth $1,824,000 after buying an additional 1,077 shares in the last quarter. Bogart Wealth LLC grew its stake in shares of Chevron by 3.7% in the 4th quarter. Bogart Wealth LLC now owns 15,316 shares of the oil and gas company’s stock worth $1,917,000 after buying an additional 542 shares in the last quarter. Schwab Charles Investment Management Inc. grew its stake in shares of Chevron by 2.9% in the 4th quarter. Schwab Charles Investment Management Inc. now owns 8,453,505 shares of the oil and gas company’s stock worth $1,058,082,000 after buying an additional 234,920 shares in the last quarter. Berkshire Asset Management LLC PA grew its stake in shares of Chevron by 42.7% in the 4th quarter. Berkshire Asset Management LLC PA now owns 25,234 shares of the oil and gas company’s stock worth $3,159,000 after buying an additional 7,550 shares in the last quarter. Finally, FTB Advisors Inc. grew its stake in shares of Chevron by 90.9% in the 4th quarter. FTB Advisors Inc. now owns 48,763 shares of the oil and gas company’s stock worth $6,127,000 after buying an additional 23,221 shares in the last quarter. 64.99% of the stock is owned by institutional investors.
Shares of CVX opened at $129.56 on Thursday. Chevron Co. has a 1-year low of $128.31 and a 1-year high of $129.64. The stock has a market cap of $249.08 billion, a P/E ratio of 35.02, a P/E/G ratio of 2.50 and a beta of 1.14. The company has a debt-to-equity ratio of 0.21, a current ratio of 1.04 and a quick ratio of 0.84.
The business also recently disclosed a quarterly dividend, which will be paid on Monday, June 11th. Investors of record on Friday, May 18th will be issued a dividend of $1.12 per share. The ex-dividend date is Thursday, May 17th. This represents a $4.48 dividend on an annualized basis and a yield of 3.46%. Chevron’s payout ratio is 121.08%.
Several equities research analysts have recently issued reports on CVX shares. Zacks Investment Research lowered shares of Chevron from a “strong-buy” rating to a “hold” rating in a report on Wednesday, January 17th. HSBC lowered shares of Chevron from a “buy” rating to a “hold” rating in a report on Thursday, January 18th. Credit Suisse Group restated a “neutral” rating and issued a $130.00 target price (up previously from $123.00) on shares of Chevron in a report on Tuesday, January 23rd. Morgan Stanley raised their target price on shares of Chevron from $130.00 to $145.00 and gave the stock an “overweight” rating in a report on Wednesday, January 24th. Finally, Piper Jaffray restated a “buy” rating and issued a $153.00 target price on shares of Chevron in a report on Wednesday, January 24th. One research analyst has rated the stock with a sell rating, seven have given a hold rating and nineteen have issued a buy rating to the company’s stock. Chevron currently has an average rating of “Buy” and an average price target of $131.92.
In other Chevron news, EVP Pierre R. Breber sold 25,000 shares of the firm’s stock in a transaction dated Monday, May 14th. The shares were sold at an average price of $130.41, for a total transaction of $3,260,250.00. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, CFO Patricia E. Yarrington sold 135,000 shares of the firm’s stock in a transaction dated Friday, May 11th. The shares were sold at an average price of $130.00, for a total transaction of $17,550,000.00. Following the transaction, the chief financial officer now directly owns 139,838 shares in the company, valued at approximately $18,178,940. The disclosure for this sale can be found here. Insiders have sold a total of 377,000 shares of company stock worth $48,519,200 in the last three months. Insiders own 0.46% of the company’s stock.
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.
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