Commonwealth Bank of Australia Sells 91,595 Shares of Chevron Co. (NYSE:CVX)
Commonwealth Bank of Australia decreased its position in Chevron Co. (NYSE:CVX) by 19.7% during the fourth quarter, HoldingsChannel.com reports. The fund owned 373,108 shares of the oil and gas company’s stock after selling 91,595 shares during the period. Commonwealth Bank of Australia’s holdings in Chevron were worth $40,616,000 as of its most recent filing with the SEC.
Other hedge funds have also recently bought and sold shares of the company. CKW Financial Group raised its stake in shares of Chevron by 123.5% in the fourth quarter. CKW Financial Group now owns 362 shares of the oil and gas company’s stock worth $39,000 after buying an additional 200 shares during the period. Portfolio Solutions LLC bought a new position in shares of Chevron in the fourth quarter worth about $42,000. Highwater Wealth Management LLC bought a new position in shares of Chevron in the fourth quarter worth about $51,000. Ironwood Financial llc raised its stake in shares of Chevron by 94.2% in the fourth quarter. Ironwood Financial llc now owns 538 shares of the oil and gas company’s stock worth $59,000 after buying an additional 261 shares during the period. Finally, Tributary Capital Management LLC bought a new position in shares of Chevron in the fourth quarter worth about $84,000. 65.44% of the stock is currently owned by institutional investors.
Several research firms have recently commented on CVX. Citigroup began coverage on Chevron in a research note on Monday, May 13th. They issued a “buy” rating and a $135.00 price objective on the stock. Morgan Stanley decreased their price objective on Chevron from $150.00 to $149.00 and set an “overweight” rating on the stock in a research note on Thursday, May 16th. Bank of America raised Chevron from a “neutral” rating to a “buy” rating and set a $140.00 price objective on the stock in a research note on Friday, April 12th. Zacks Investment Research downgraded Chevron from a “buy” rating to a “hold” rating in a research note on Tuesday, May 7th. Finally, Cowen reaffirmed a “buy” rating and issued a $142.00 price objective on shares of Chevron in a research note on Wednesday, April 17th. Seven equities research analysts have rated the stock with a hold rating, thirteen have assigned a buy rating and one has given a strong buy rating to the stock. Chevron presently has an average rating of “Buy” and a consensus target price of $135.42.
Chevron (NYSE:CVX) last released its earnings results on Friday, April 26th. The oil and gas company reported $1.39 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.26 by $0.13. Chevron had a return on equity of 9.07% and a net margin of 8.45%. The firm had revenue of $35.20 billion during the quarter, compared to analysts’ expectations of $38.42 billion. During the same quarter last year, the business posted $1.90 earnings per share. The firm’s revenue was down 6.8% on a year-over-year basis. As a group, research analysts anticipate that Chevron Co. will post 7.9 EPS for the current year.
The firm also recently announced a quarterly dividend, which was paid on Monday, June 10th. Investors of record on Friday, May 17th were given a dividend of $1.19 per share. This represents a $4.76 annualized dividend and a dividend yield of 3.93%. The ex-dividend date was Thursday, May 16th. Chevron’s dividend payout ratio is currently 57.70%.
In other Chevron news, Director Enrique Hernandez, Jr. sold 2,100 shares of the firm’s stock in a transaction that occurred on Tuesday, May 21st. The stock was sold at an average price of $121.75, for a total transaction of $255,675.00. Following the completion of the transaction, the director now owns 15,689 shares in the company, valued at approximately $1,910,135.75. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Enrique Hernandez, Jr. sold 4,200 shares of the firm’s stock in a transaction that occurred on Wednesday, May 15th. The shares were sold at an average price of $122.13, for a total value of $512,946.00. Following the transaction, the director now owns 15,689 shares of the company’s stock, valued at approximately $1,916,097.57. The disclosure for this sale can be found here. Insiders have sold 15,800 shares of company stock valued at $1,958,211 in the last quarter. 0.31% of the stock is currently owned by company insiders.
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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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