Investors Sell Chevron (CVX) on Strength (CVX)
Investors sold shares of Chevron Corporation (NYSE:CVX) on strength during trading on Wednesday. $80.69 million flowed into the stock on the tick-up and $205.58 million flowed out of the stock on the tick-down, for a money net flow of $124.89 million out of the stock. Of all equities tracked, Chevron had the 6th highest net out-flow for the day. Chevron traded up $1.05 for the day and closed at $120.89
A number of research analysts have recently commented on the company. J P Morgan Chase & Co restated an “overweight” rating on shares of Chevron in a research note on Saturday, September 16th. Credit Suisse Group assumed coverage on Chevron in a research note on Monday, December 11th. They issued a “neutral” rating and a $123.00 target price for the company. Cowen restated a “buy” rating and issued a $122.00 target price on shares of Chevron in a research note on Tuesday, September 19th. TheStreet upgraded Chevron from a “c+” rating to a “b” rating in a research note on Monday, October 23rd. Finally, BMO Capital Markets cut Chevron from an “outperform” rating to a “market perform” rating and set a $120.00 price objective for the company. in a research note on Wednesday, October 18th. They noted that the move was a valuation call. Three investment analysts have rated the stock with a sell rating, ten have assigned a hold rating and fourteen have given a buy rating to the stock. The stock currently has an average rating of “Hold” and a consensus target price of $121.22.
The company has a market capitalization of $229,620.00, a price-to-earnings ratio of 33.53, a P/E/G ratio of 3.95 and a beta of 1.21. The company has a debt-to-equity ratio of 0.23, a current ratio of 1.04 and a quick ratio of 0.84.
The company also recently disclosed a quarterly dividend, which was paid on Monday, December 11th. Investors of record on Friday, November 17th were issued a $1.08 dividend. This represents a $4.32 annualized dividend and a dividend yield of 3.57%. The ex-dividend date was Thursday, November 16th. Chevron’s payout ratio is currently 125.95%.
In related news, Vice Chairman Michael K. Wirth sold 1,229 shares of Chevron stock in a transaction on Tuesday, November 7th. The stock was 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 of the company’s stock, valued at $145,022. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, VP R. Hewitt Pate sold 25,500 shares of Chevron stock in a transaction on Monday, October 16th. The stock was sold at an average price of $120.00, for a total value of $3,060,000.00. Following the completion of the sale, the vice president now directly owns 25,500 shares of the company’s stock, valued at approximately $3,060,000. The disclosure for this sale can be found here. Insiders sold 314,000 shares of company stock valued at $36,540,822 in the last ninety days. 0.38% of the stock is currently owned by corporate insiders.
Several institutional investors and hedge funds have recently modified their holdings of the stock. AustralianSuper Pty Ltd purchased a new position in Chevron in the 3rd quarter worth $98,077,000. Parametric Portfolio Associates LLC lifted its stake in Chevron by 1.4% in the 3rd quarter. Parametric Portfolio Associates LLC now owns 5,304,379 shares of the oil and gas company’s stock worth $623,265,000 after purchasing an additional 74,650 shares in the last quarter. Barrow Hanley Mewhinney & Strauss LLC lifted its stake in Chevron by 9.1% in the 3rd quarter. Barrow Hanley Mewhinney & Strauss LLC now owns 7,631,817 shares of the oil and gas company’s stock worth $896,738,000 after purchasing an additional 638,516 shares in the last quarter. Institutional & Family Asset Management LLC lifted its stake in Chevron by 2.9% in the 3rd quarter. Institutional & Family Asset Management LLC now owns 37,714 shares of the oil and gas company’s stock worth $4,431,000 after purchasing an additional 1,064 shares in the last quarter. Finally, Steward Partners Investment Advisory LLC purchased a new position in Chevron in the 3rd quarter worth approximately $6,016,000. 63.77% of the stock is owned by institutional investors.
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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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