Selway Asset Management Raises Holdings in Chevron Co. (CVX)
Selway Asset Management grew its stake in Chevron Co. (NYSE:CVX) by 4.7% in the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 12,106 shares of the oil and gas company’s stock after purchasing an additional 541 shares during the quarter. Selway Asset Management’s holdings in Chevron were worth $1,531,000 at the end of the most recent quarter.
A number of other hedge funds and other institutional investors also recently modified their holdings of CVX. Live Your Vision LLC raised its holdings in Chevron by 308.0% in the 2nd quarter. Live Your Vision LLC now owns 816 shares of the oil and gas company’s stock worth $101,000 after purchasing an additional 616 shares in the last quarter. Advisors Preferred LLC bought a new position in Chevron in the 1st quarter worth $110,000. Earnest Partners LLC bought a new position in Chevron in the 4th quarter worth $114,000. Virtue Capital Management LLC bought a new position in shares of Chevron in the 4th quarter worth about $128,000. Finally, Litman Gregory Asset Management LLC increased its stake in shares of Chevron by 566.9% in the 1st quarter. Litman Gregory Asset Management LLC now owns 1,147 shares of the oil and gas company’s stock worth $131,000 after acquiring an additional 975 shares in the last quarter. Institutional investors and hedge funds own 64.78% of the company’s stock.
Several research analysts recently issued reports on CVX shares. Raymond James upgraded shares of Chevron from a “market perform” rating to an “outperform” rating in a research note on Monday, June 18th. Bank of America lowered shares of Chevron from a “buy” rating to a “neutral” rating and decreased their price target for the stock from $150.00 to $135.00 in a research note on Thursday, September 6th. Zacks Investment Research lowered shares of Chevron from a “buy” rating to a “hold” rating in a research note on Monday, July 23rd. Wells Fargo & Co increased their price target on shares of Chevron from $155.00 to $160.00 and gave the stock an “outperform” rating in a research note on Thursday, June 7th. Finally, ValuEngine lowered shares of Chevron from a “buy” rating to a “hold” rating in a research note on Thursday, August 2nd. Nine research analysts have rated the stock with a hold rating and seventeen have issued a buy rating to the company’s stock. The company presently has a consensus rating of “Buy” and a consensus price target of $138.42.
Chevron (NYSE:CVX) last released its quarterly earnings data on Friday, July 27th. The oil and gas company reported $1.78 earnings per share for the quarter, missing analysts’ consensus estimates 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 net margin of 7.87% and a return on equity of 6.89%. The firm’s revenue for the quarter was up 22.5% compared to the same quarter last year. During the same quarter in the prior year, the business posted $0.77 earnings per share. equities research analysts expect that Chevron Co. will post 8.11 earnings per share for the current year.
The company also recently disclosed a quarterly dividend, which was paid on Monday, September 10th. Shareholders of record on Friday, August 17th were paid a dividend of $1.12 per share. The ex-dividend date of this dividend was Thursday, August 16th. This represents a $4.48 dividend on an annualized basis and a yield of 3.70%. Chevron’s dividend payout ratio is currently 121.08%.
In other Chevron news, insider James William Johnson sold 4,750 shares of the firm’s stock in a transaction dated Thursday, September 13th. The shares were sold at an average price of $116.00, for a total transaction of $551,000.00. Following the completion of the sale, the insider now directly owns 4,750 shares in the company, valued at approximately $551,000. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. 0.38% of the stock is currently owned by company insiders.
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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