Kovack Advisors Inc. Has $2.62 Million Position in Chevron Co. (CVX)
Kovack Advisors Inc. reduced its stake in Chevron Co. (NYSE:CVX) by 11.2% in the first quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 22,984 shares of the oil and gas company’s stock after selling 2,906 shares during the quarter. Chevron makes up 0.7% of Kovack Advisors Inc.’s investment portfolio, making the stock its 23rd largest holding. Kovack Advisors Inc.’s holdings in Chevron were worth $2,621,000 as of its most recent filing with the Securities and Exchange Commission.
A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in CVX. Alleghany Corp DE purchased a new stake in Chevron in the 4th quarter valued at $430,653,000. BlackRock Inc. increased its position in shares of Chevron by 1.9% during the 4th quarter. BlackRock Inc. now owns 128,530,034 shares of the oil and gas company’s stock valued at $16,090,676,000 after purchasing an additional 2,356,734 shares during the last quarter. Amundi Pioneer Asset Management Inc. increased its position in shares of Chevron by 2,865.0% during the 4th quarter. Amundi Pioneer Asset Management Inc. now owns 1,599,520 shares of the oil and gas company’s stock valued at $200,242,000 after purchasing an additional 1,545,573 shares during the last quarter. Renaissance Technologies LLC purchased a new stake in shares of Chevron during the 4th quarter valued at $172,635,000. Finally, American Century Companies Inc. increased its position in shares of Chevron by 18.1% during the 1st quarter. American Century Companies Inc. now owns 5,784,894 shares of the oil and gas company’s stock valued at $659,709,000 after purchasing an additional 886,305 shares during the last quarter. 64.27% of the stock is owned by institutional investors and hedge funds.
In other news, insider James William Johnson sold 4,750 shares of the stock in a transaction on Thursday, July 12th. The stock was sold at an average price of $124.20, for a total transaction of $589,950.00. Following the completion of the transaction, the insider now owns 4,750 shares in the company, valued at approximately $589,950. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders have sold a total of 19,000 shares of company stock valued at $2,422,690 in the last quarter. 0.46% of the stock is owned by corporate insiders.
Chevron (NYSE:CVX) last posted its quarterly earnings results on Friday, July 27th. The oil and gas company reported $1.78 earnings per share for the quarter, missing the consensus estimate of $2.09 by ($0.31). The firm had revenue of $42.24 billion for the quarter, compared to the consensus estimate of $46.62 billion. Chevron had a return on equity of 6.89% and a net margin of 7.87%. The firm’s revenue was up 22.5% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.77 EPS. equities analysts forecast that Chevron Co. will post 8.1 EPS for the current year.
The company also recently declared a quarterly dividend, which will be paid on Monday, September 10th. Stockholders of record on Friday, August 17th will be paid a dividend of $1.12 per share. The ex-dividend date of this dividend is Thursday, August 16th. This represents a $4.48 annualized dividend and a dividend yield of 3.80%. Chevron’s payout ratio is 121.08%.
CVX has been the subject of several research analyst reports. Goldman Sachs Group reaffirmed a “buy” rating and set a $141.00 target price on shares of Chevron in a research report on Tuesday, July 31st. Zacks Investment Research lowered Chevron from a “buy” rating to a “hold” rating in a research report on Monday, July 23rd. Wells Fargo & Co raised their target price on Chevron from $155.00 to $160.00 and gave the company an “outperform” rating in a research report on Thursday, June 7th. Piper Jaffray Companies reaffirmed a “buy” rating and set a $140.00 target price on shares of Chevron in a research report on Monday, April 23rd. Finally, Royal Bank of Canada reaffirmed a “neutral” rating and set a $145.00 target price on shares of Chevron in a research report on Monday, July 2nd. Eight research analysts have rated the stock with a hold rating and eighteen have assigned a buy rating to the stock. The company presently has a consensus rating of “Buy” and a consensus target price of $138.49.
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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