Panagora Asset Management Inc. Sells 19,050 Shares of Chevron Corporation $CVX

Panagora Asset Management Inc. lowered its position in shares of Chevron Corporation (NYSE:CVX) by 45.1% in the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 23,225 shares of the oil and gas company’s stock after selling 19,050 shares during the quarter. Panagora Asset Management Inc.’s holdings in Chevron were worth $3,326,000 at the end of the most recent reporting period.

Other large investors have also made changes to their positions in the company. Kingstone Capital Partners Texas LLC raised its holdings in Chevron by 652,139.5% during the 2nd quarter. Kingstone Capital Partners Texas LLC now owns 83,714,936 shares of the oil and gas company’s stock worth $13,214,757,000 after purchasing an additional 83,702,101 shares during the last quarter. Norges Bank acquired a new stake in shares of Chevron during the 2nd quarter worth approximately $2,721,477,000. GQG Partners LLC bought a new stake in shares of Chevron during the first quarter worth approximately $1,466,751,000. Nuveen LLC bought a new stake in shares of Chevron during the first quarter worth approximately $1,362,232,000. Finally, Laurel Wealth Advisors LLC lifted its holdings in Chevron by 14,194.2% in the second quarter. Laurel Wealth Advisors LLC now owns 3,722,217 shares of the oil and gas company’s stock valued at $532,984,000 after buying an additional 3,696,177 shares during the period. Institutional investors and hedge funds own 72.42% of the company’s stock.

Insider Buying and Selling

In other Chevron news, Director John B. Hess sold 275,000 shares of Chevron stock in a transaction that occurred on Thursday, November 20th. The shares were sold at an average price of $150.75, for a total value of $41,456,250.00. Following the transaction, the director owned 1,128,045 shares of the company’s stock, valued at approximately $170,052,783.75. The trade was a 19.60% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Company insiders own 0.21% of the company’s stock.

Chevron Stock Performance

Shares of Chevron stock opened at $151.58 on Thursday. The stock’s fifty day simple moving average is $153.61 and its 200 day simple moving average is $151.43. The company has a current ratio of 1.15, a quick ratio of 0.86 and a debt-to-equity ratio of 0.19. The company has a market capitalization of $305.20 billion, a PE ratio of 21.32, a PEG ratio of 9.02 and a beta of 0.68. Chevron Corporation has a 12 month low of $132.04 and a 12 month high of $168.96.

Chevron (NYSE:CVX) last announced its quarterly earnings results on Friday, October 31st. The oil and gas company reported $1.85 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.71 by $0.14. The company had revenue of $48.17 billion during the quarter, compared to the consensus estimate of $46.99 billion. Chevron had a return on equity of 8.74% and a net margin of 6.57%.The company’s revenue for the quarter was down 1.9% compared to the same quarter last year. During the same period in the prior year, the company earned $2.48 earnings per share. On average, research analysts predict that Chevron Corporation will post 10.79 EPS for the current year.

Chevron Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, December 10th. Investors of record on Tuesday, November 18th will be paid a dividend of $1.71 per share. This represents a $6.84 dividend on an annualized basis and a yield of 4.5%. The ex-dividend date of this dividend is Tuesday, November 18th. Chevron’s dividend payout ratio is presently 96.20%.

Wall Street Analysts Forecast Growth

A number of analysts have commented on CVX shares. Hsbc Global Res raised shares of Chevron from a “hold” rating to a “strong-buy” rating in a report on Monday. Bank of America raised their price target on Chevron from $170.00 to $185.00 and gave the stock a “buy” rating in a research report on Wednesday, September 10th. Melius Research assumed coverage on Chevron in a research note on Wednesday, August 20th. They set a “hold” rating and a $155.00 price objective for the company. Raymond James Financial reissued an “outperform” rating and issued a $160.00 target price (down previously from $170.00) on shares of Chevron in a research note on Friday, October 17th. Finally, Wall Street Zen upgraded Chevron from a “sell” rating to a “hold” rating in a report on Saturday, November 8th. One investment analyst has rated the stock with a Strong Buy rating, eleven have assigned a Buy rating, seven have given a Hold rating and four have assigned a Sell rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Hold” and an average target price of $166.16.

Chevron Company Profile

Chevron Corporation, through its subsidiaries, engages in the integrated energy and chemicals operations in the United States and internationally. The company operates in two segments, Upstream and Downstream. The Upstream segment is involved in the exploration, development, production, and transportation of crude oil and natural gas; processing, liquefaction, transportation, and regasification of liquefied natural gas; transportation of crude oil through pipelines; transportation, storage, and marketing of natural gas; and carbon capture and storage, as well as a gas-to-liquids plant.