Logan Capital Management Inc. Reduces Stake in Chevron Corporation (NYSE:CVX)
Logan Capital Management Inc. cut its position in Chevron Corporation (NYSE:CVX) by 6.6% during the first quarter, Holdings Channel reports. The fund owned 186,797 shares of the oil and gas company’s stock after selling 13,196 shares during the period. Chevron Corporation makes up 1.5% of Logan Capital Management Inc.’s investment portfolio, making the stock its 16th largest position. Logan Capital Management Inc.’s holdings in Chevron Corporation were worth $20,057,000 as of its most recent filing with the SEC.
Other large investors also recently bought and sold shares of the company. Zions Bancorporation boosted its stake in Chevron Corporation by 9.1% in the fourth quarter. Zions Bancorporation now owns 26,150 shares of the oil and gas company’s stock worth $3,078,000 after buying an additional 2,186 shares during the last quarter. Intellectus Partners LLC acquired a new position in shares of Chevron Corporation during the fourth quarter worth about $181,000. Moloney Securities Asset Management LLC acquired a new position in shares of Chevron Corporation during the fourth quarter worth about $2,726,000. Cheviot Value Management LLC boosted its position in shares of Chevron Corporation by 9.2% in the fourth quarter. Cheviot Value Management LLC now owns 35,407 shares of the oil and gas company’s stock worth $4,167,000 after buying an additional 2,979 shares in the last quarter. Finally, SRS Capital Advisors Inc. acquired a new position in shares of Chevron Corporation during the fourth quarter worth about $324,000. Institutional investors and hedge funds own 62.58% of the company’s stock.
Chevron Corporation (CVX) traded up 0.05% during mid-day trading on Thursday, hitting $110.94. 997,989 shares of the stock traded hands. The company’s 50 day moving average price is $105.71 and its 200-day moving average price is $107.78. The stock has a market cap of $210.23 billion, a price-to-earnings ratio of 35.97 and a beta of 1.23. Chevron Corporation has a 1-year low of $97.53 and a 1-year high of $119.00.
Chevron Corporation (NYSE:CVX) last released its quarterly earnings data on Friday, July 28th. The oil and gas company reported $0.91 earnings per share for the quarter, beating the consensus estimate of $0.89 by $0.02. The firm had revenue of $34.48 billion during the quarter, compared to the consensus estimate of $32.77 billion. Chevron Corporation had a return on equity of 4.13% and a net margin of 4.50%. The firm’s quarterly revenue was up 17.8% on a year-over-year basis. During the same period in the previous year, the company posted ($0.78) earnings per share. Analysts predict that Chevron Corporation will post $3.80 earnings per share for the current year.
The company also recently disclosed a quarterly dividend, which will be paid on Monday, September 11th. Investors of record on Friday, August 18th will be issued a $1.08 dividend. The ex-dividend date of this dividend is Wednesday, August 16th. This represents a $4.32 annualized dividend and a dividend yield of 3.90%. Chevron Corporation’s payout ratio is currently 140.26%.
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A number of brokerages have recently issued reports on CVX. Simmons reduced their price objective on shares of Chevron Corporation from $129.00 to $124.00 and set an “overweight” rating for the company in a report on Wednesday, April 19th. Citigroup Inc. reduced their price objective on shares of Chevron Corporation from $129.00 to $118.00 and set a “buy” rating for the company in a report on Friday, July 21st. BMO Capital Markets set a $120.00 price objective on shares of Chevron Corporation and gave the company a “buy” rating in a report on Sunday, July 30th. Exane BNP Paribas cut shares of Chevron Corporation from a “neutral” rating to an “underperform” rating and reduced their price objective for the company from $105.00 to $100.00 in a report on Friday, May 26th. Finally, BidaskClub upgraded shares of Chevron Corporation from a “sell” rating to a “hold” rating in a report on Tuesday, August 1st. Three equities research analysts have rated the stock with a sell rating, eight have assigned a hold rating, fourteen have assigned a buy rating and one has given a strong buy rating to the company. The company currently has an average rating of “Buy” and an average price target of $116.18.
In related news, insider James William Johnson sold 31,000 shares of Chevron Corporation stock in a transaction dated Wednesday, August 2nd. The stock was sold at an average price of $110.68, for a total value of $3,431,080.00. Following the completion of the sale, the insider now directly owns 11,000 shares in the company, valued at $1,217,480. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CFO Patricia E. Yarrington sold 39,000 shares of Chevron Corporation stock in a transaction dated Wednesday, August 2nd. The shares were sold at an average price of $111.00, for a total value of $4,329,000.00. Following the completion of the sale, the chief financial officer now owns 43,838 shares of the company’s stock, valued at $4,866,018. The disclosure for this sale can be found here. Insiders own 0.38% of the company’s stock.
Chevron Corporation Company Profile
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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