FormulaFolio Investments LLC lessened its stake in Chevron Co. (NYSE:CVX) by 3.7% in the third quarter, HoldingsChannel reports. The firm owned 14,062 shares of the oil and gas company’s stock after selling 547 shares during the period. FormulaFolio Investments LLC’s holdings in Chevron were worth $1,668,000 at the end of the most recent quarter.
Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Guidant Wealth Advisors increased its holdings in shares of Chevron by 63.9% in the second quarter. Guidant Wealth Advisors now owns 259 shares of the oil and gas company’s stock worth $32,000 after acquiring an additional 101 shares in the last quarter. Evolution Wealth Advisors LLC bought a new stake in shares of Chevron in the second quarter worth about $34,000. Transamerica Financial Advisors Inc. bought a new stake in shares of Chevron in the second quarter worth about $46,000. Cordasco Financial Network increased its holdings in shares of Chevron by 55.3% in the second quarter. Cordasco Financial Network now owns 379 shares of the oil and gas company’s stock worth $47,000 after acquiring an additional 135 shares in the last quarter. Finally, CKW Financial Group increased its holdings in shares of Chevron by 154.0% in the second quarter. CKW Financial Group now owns 414 shares of the oil and gas company’s stock worth $51,000 after acquiring an additional 251 shares in the last quarter. Institutional investors and hedge funds own 65.62% of the company’s stock.
In related news, EVP Joseph C. Geagea sold 15,000 shares of the 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 completion of the transaction, the executive vice president now directly owns 6,243 shares of the company’s stock, valued at $730,306.14. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Debra L. Reed purchased 4,250 shares of Chevron stock in a transaction that occurred on Wednesday, August 7th. The shares were bought at an average cost of $118.14 per share, with a total value of $502,095.00. The disclosure for this purchase can be found here. Insiders have sold 86,750 shares of company stock valued at $10,648,200 over the last three months. Insiders own 0.31% of the company’s stock.
Chevron (NYSE:CVX) last posted its quarterly earnings data on Friday, August 2nd. The oil and gas company reported $2.27 earnings per share for the quarter, topping the consensus estimate of $1.74 by $0.53. The company had revenue of $38.85 billion during the quarter, compared to analysts’ expectations of $40.14 billion. Chevron had a return on equity of 9.58% and a net margin of 9.18%. Chevron’s revenue for the quarter was down 8.0% compared to the same quarter last year. During the same period in the prior year, the firm earned $1.78 earnings per share. Equities analysts expect that Chevron Co. will post 6.16 EPS for the current year.
Several equities research analysts have issued reports on the company. BMO Capital Markets assumed coverage on Chevron in a report on Tuesday, August 20th. They issued an “outperform” rating and a $165.00 price target for the company. Cowen set a $140.00 price objective on Chevron and gave the stock a “buy” rating in a research report on Tuesday, October 15th. Independent Research set a $127.00 price objective on Chevron and gave the stock a “neutral” rating in a research report on Thursday, August 29th. ValuEngine raised Chevron from a “sell” rating to a “hold” rating in a research report on Wednesday, October 2nd. Finally, Barclays initiated coverage on Chevron in a research report on Monday, August 19th. They set an “overweight” rating and a $145.00 price objective for the company. Five analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the stock. The stock currently has a consensus rating of “Buy” and an average price target of $137.47.
Chevron Company Profile
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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