Prospera Financial Services Inc Boosts Stake in Chevron Corporation (CVX)
Prospera Financial Services Inc boosted its position in Chevron Corporation (NYSE:CVX) by 7.4% during the second quarter, Holdings Channel reports. The institutional investor owned 36,936 shares of the oil and gas company’s stock after buying an additional 2,547 shares during the period. Chevron Corporation makes up 0.6% of Prospera Financial Services Inc’s investment portfolio, making the stock its 20th largest position. Prospera Financial Services Inc’s holdings in Chevron Corporation were worth $3,839,000 at the end of the most recent quarter.
Several other hedge funds have also recently made changes to their positions in the company. Thompson Davis & CO. Inc. increased its stake in shares of Chevron Corporation by 20.0% in the first quarter. Thompson Davis & CO. Inc. now owns 1,146 shares of the oil and gas company’s stock worth $123,000 after buying an additional 191 shares in the last quarter. Patriot Financial Group Insurance Agency LLC purchased a new stake in shares of Chevron Corporation during the fourth quarter worth approximately $139,000. Americafirst Capital Management LLC purchased a new stake in shares of Chevron Corporation during the first quarter worth approximately $140,000. Tortoise Investment Management LLC increased its stake in shares of Chevron Corporation by 46.4% in the fourth quarter. Tortoise Investment Management LLC now owns 1,329 shares of the oil and gas company’s stock worth $156,000 after buying an additional 421 shares in the last quarter. Finally, Daiwa SB Investments Ltd. increased its stake in shares of Chevron Corporation by 438.5% in the second quarter. Daiwa SB Investments Ltd. now owns 1,400 shares of the oil and gas company’s stock worth $146,000 after buying an additional 1,140 shares in the last quarter. Institutional investors own 62.75% of the company’s stock.
Shares of Chevron Corporation (NYSE:CVX) traded down 0.28% on Wednesday, reaching $107.19. The company’s stock had a trading volume of 1,534,991 shares. Chevron Corporation has a 52-week low of $97.53 and a 52-week high of $119.00. The firm has a 50 day moving average of $106.24 and a 200 day moving average of $107.52. The company has a market cap of $203.13 billion, a PE ratio of 34.76 and a beta of 1.23. Chevron Corporation also saw unusually large options trading activity on Tuesday. Investors purchased 35,638 call options on the stock. This represents an increase of 544% compared to the typical volume of 5,534 call options.
Chevron Corporation (NYSE:CVX) last announced its quarterly earnings results on Friday, July 28th. The oil and gas company reported $0.91 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.89 by $0.02. The company had revenue of $34.48 billion during the quarter, compared to the consensus estimate of $32.77 billion. Chevron Corporation had a net margin of 4.50% and a return on equity of 4.13%. The company’s revenue for the quarter was up 17.8% compared to the same quarter last year. During the same period in the prior year, the business earned ($0.78) earnings per share. Analysts predict that Chevron Corporation will post $3.80 earnings per share for the current year.
The business also recently declared a quarterly dividend, which will be paid on Monday, September 11th. Stockholders of record on Friday, August 18th will be issued a dividend of $1.08 per share. The ex-dividend date is Wednesday, August 16th. This represents a $4.32 annualized dividend and a dividend yield of 3.98%. Chevron Corporation’s dividend payout ratio (DPR) is presently 140.26%.
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A number of analysts have commented on the company. Piper Jaffray Companies reiterated a “buy” rating on shares of Chevron Corporation in a research report on Thursday, August 3rd. Zacks Investment Research upgraded Chevron Corporation from a “sell” rating to a “hold” rating in a research report on Thursday, August 3rd. Jefferies Group LLC set a $135.00 target price on Chevron Corporation and gave the stock a “buy” rating in a report on Saturday, June 24th. TheStreet cut Chevron Corporation from a “b” rating to a “c+” rating in a report on Friday, July 28th. Finally, BNP Paribas raised Chevron Corporation from an “underperform” rating to a “neutral” rating and set a $105.00 target price for the company in a report on Monday, August 7th. Three investment analysts have rated the stock with a sell rating, eight have issued a hold rating, fourteen have assigned a buy rating and one has assigned a strong buy rating to the company. The stock presently has a consensus rating of “Buy” and an average price target of $116.80.
In other news, CFO Patricia E. Yarrington sold 39,000 shares of the company’s stock in a transaction on Wednesday, August 2nd. The shares were sold at an average price of $111.00, for a total transaction of $4,329,000.00. Following the completion of the transaction, the chief financial officer now directly owns 43,838 shares in the company, valued at $4,866,018. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, insider James William Johnson sold 31,000 shares of the company’s stock in a transaction on Wednesday, August 2nd. The stock was sold at an average price of $110.68, for a total transaction of $3,431,080.00. Following the transaction, the insider now owns 11,000 shares of the company’s stock, valued at $1,217,480. The disclosure for this sale can be found here. 0.38% of the stock is currently owned by corporate insiders.
About Chevron Corporation
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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