Westbourne Investment Advisors Inc. reduced its stake in Chevron Co. (NYSE:CVX) by 9.7% during the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 4,900 shares of the oil and gas company’s stock after selling 524 shares during the period. Westbourne Investment Advisors Inc.’s holdings in Chevron were worth $581,000 as of its most recent SEC filing.
Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. First Financial Bank Trust Division grew its stake in shares of Chevron by 18.4% during the second quarter. First Financial Bank Trust Division now owns 74,960 shares of the oil and gas company’s stock valued at $9,328,000 after acquiring an additional 11,667 shares in the last quarter. Private Trust Co. NA grew its stake in Chevron by 6.5% in the second quarter. Private Trust Co. NA now owns 42,640 shares of the oil and gas company’s stock worth $5,306,000 after purchasing an additional 2,617 shares in the last quarter. Fulton Bank N.A. grew its stake in Chevron by 0.4% in the second quarter. Fulton Bank N.A. now owns 53,721 shares of the oil and gas company’s stock worth $6,685,000 after purchasing an additional 210 shares in the last quarter. Stillwater Investment Management LLC grew its stake in Chevron by 3.8% in the second quarter. Stillwater Investment Management LLC now owns 2,943 shares of the oil and gas company’s stock worth $366,000 after purchasing an additional 109 shares in the last quarter. Finally, Ellenbecker Investment Group grew its stake in Chevron by 8.7% in the second quarter. Ellenbecker Investment Group now owns 2,847 shares of the oil and gas company’s stock worth $354,000 after purchasing an additional 229 shares in the last quarter. 65.62% of the stock is currently owned by hedge funds and other institutional investors.
A number of equities analysts recently commented on the company. Barclays assumed coverage on Chevron in a research note on Monday, August 19th. They issued an “overweight” rating and a $145.00 price target for the company. Morgan Stanley decreased their price target on Chevron from $146.00 to $144.00 and set an “overweight” rating for the company in a research note on Friday, July 12th. ValuEngine upgraded Chevron from a “sell” rating to a “hold” rating in a research note on Wednesday, October 2nd. BMO Capital Markets assumed coverage on Chevron in a research note on Tuesday, August 20th. They issued an “outperform” rating and a $165.00 price target for the company. Finally, Cowen set a $140.00 price target on Chevron and gave the stock a “buy” rating in a research note on Tuesday, October 15th. Five equities research analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the stock. The company presently has an average rating of “Buy” and a consensus target price of $137.47.
Chevron (NYSE:CVX) last issued its earnings results on Friday, August 2nd. The oil and gas company reported $2.27 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $1.74 by $0.53. Chevron had a net margin of 9.18% and a return on equity of 9.58%. The firm had revenue of $38.85 billion for the quarter, compared to analysts’ expectations of $40.14 billion. During the same quarter last year, the company posted $1.78 earnings per share. Chevron’s revenue was down 8.0% on a year-over-year basis. As a group, equities analysts predict that Chevron Co. will post 6.16 EPS for the current year.
In other news, EVP Joseph C. Geagea sold 15,000 shares of Chevron stock in a transaction that occurred on Wednesday, August 28th. The stock was sold at an average price of $116.98, for a total transaction of $1,754,700.00. Following the sale, the executive vice president now owns 6,243 shares of the company’s stock, valued at $730,306.14. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, CEO Michael K. Wirth sold 33,750 shares of Chevron stock in a transaction that occurred on Monday, September 16th. The shares were sold at an average price of $125.00, for a total value of $4,218,750.00. Following the sale, the chief executive officer now directly owns 33,750 shares in the company, valued at approximately $4,218,750. The disclosure for this sale can be found here. Insiders sold 86,750 shares of company stock worth $10,648,200 in the last three months. 0.31% of the stock is currently owned by corporate 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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