Chevron Corporation (CVX) Shares Bought by Carret Asset Management LLC
Carret Asset Management LLC grew its stake in Chevron Corporation (NYSE:CVX) by 7.1% in the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 94,395 shares of the oil and gas company’s stock after purchasing an additional 6,236 shares during the period. Chevron makes up about 1.7% of Carret Asset Management LLC’s holdings, making the stock its 9th largest holding. Carret Asset Management LLC’s holdings in Chevron were worth $9,848,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Several other hedge funds also recently bought and sold shares of the company. First Commonwealth Financial Corp PA grew its position in Chevron by 8.6% in the second quarter. First Commonwealth Financial Corp PA now owns 4,481 shares of the oil and gas company’s stock worth $467,000 after acquiring an additional 354 shares during the period. Gotham Asset Management LLC grew its position in Chevron by 76.4% in the second quarter. Gotham Asset Management LLC now owns 21,050 shares of the oil and gas company’s stock worth $2,196,000 after acquiring an additional 9,119 shares during the period. Monetary Management Group Inc. grew its position in Chevron by 1.0% in the second quarter. Monetary Management Group Inc. now owns 12,891 shares of the oil and gas company’s stock worth $1,345,000 after acquiring an additional 125 shares during the period. Cornerstone Capital Management Holdings LLC. grew its position in Chevron by 0.5% in the second quarter. Cornerstone Capital Management Holdings LLC. now owns 605,678 shares of the oil and gas company’s stock worth $63,190,000 after acquiring an additional 2,998 shares during the period. Finally, FTB Advisors Inc. grew its position in Chevron by 17.5% in the second quarter. FTB Advisors Inc. now owns 20,801 shares of the oil and gas company’s stock worth $2,214,000 after acquiring an additional 3,097 shares during the period. Institutional investors and hedge funds own 63.93% of the company’s stock.
In other news, EVP Michael K. Wirth sold 110,771 shares of the stock in a transaction on Wednesday, November 22nd. The stock was sold at an average price of $116.17, for a total value of $12,868,267.07. Following the sale, the executive vice president now directly owns 110,771 shares in the company, valued at $12,868,267.07. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, Vice Chairman Michael K. Wirth sold 1,229 shares of the stock in a transaction on Tuesday, November 7th. The shares were sold at an average price of $118.00, for a total value of $145,022.00. Following the completion of the sale, the insider now owns 1,229 shares in the company, valued at $145,022. The disclosure for this sale can be found here. Over the last quarter, insiders sold 314,000 shares of company stock worth $36,540,822. Insiders own 0.38% of the company’s stock.
Chevron (NYSE:CVX) last announced its quarterly earnings data on Friday, October 27th. The oil and gas company reported $1.03 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.99 by $0.04. The business had revenue of $36.21 billion for the quarter, compared to analysts’ expectations of $34.06 billion. Chevron had a return on equity of 4.59% and a net margin of 4.79%. The company’s revenue for the quarter was up 20.1% compared to the same quarter last year. During the same period last year, the firm earned $0.68 earnings per share. analysts anticipate that Chevron Corporation will post 4.32 EPS for the current year.
The business also recently disclosed a quarterly dividend, which was paid on Monday, December 11th. Stockholders of record on Friday, November 17th were paid a $1.08 dividend. This represents a $4.32 annualized dividend and a dividend yield of 3.59%. The ex-dividend date of this dividend was Thursday, November 16th. Chevron’s payout ratio is currently 125.95%.
CVX has been the subject of several analyst reports. UBS set a $105.00 price objective on Chevron and gave the stock a “neutral” rating in a research report on Wednesday, September 6th. Morgan Stanley upped their price target on Chevron from $120.00 to $130.00 and gave the stock an “overweight” rating in a research note on Wednesday, October 18th. Citigroup upped their price target on Chevron from $118.00 to $128.00 and gave the stock a “buy” rating in a research note on Monday, October 30th. Credit Suisse Group set a $123.00 price target on Chevron and gave the stock a “buy” rating in a research note on Friday, August 25th. Finally, Jefferies Group set a $130.00 price target on Chevron and gave the stock a “buy” rating in a research note on Tuesday, August 29th. Three equities research analysts have rated the stock with a sell rating, ten have issued a hold rating and fourteen have issued a buy rating to the company. The company currently has an average rating of “Hold” and a consensus target price of $121.22.
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Chevron Corporation (Chevron) manages its investments in subsidiaries and affiliates, and provides administrative, financial, management and technology support to the United States and international subsidiaries that engage in integrated energy and chemicals operations. The Company operates through two business segments: Upstream and Downstream.
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