Palisade Asset Management LLC Decreases Stake in Chevron Co. (NYSE:CVX)

Palisade Asset Management LLC reduced its position in Chevron Co. (NYSE:CVX) by 19.7% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 77,940 shares of the oil and gas company’s stock after selling 19,116 shares during the period. Chevron makes up about 1.4% of Palisade Asset Management LLC’s holdings, making the stock its 27th biggest holding. Palisade Asset Management LLC’s holdings in Chevron were worth $9,393,000 at the end of the most recent quarter.

A number of other large investors have also recently bought and sold shares of CVX. Nuveen Asset Management LLC boosted its position in Chevron by 2,073.6% in the 2nd quarter. Nuveen Asset Management LLC now owns 14,886,232 shares of the oil and gas company’s stock valued at $1,852,443,000 after buying an additional 14,201,379 shares during the last quarter. BlackRock Inc. boosted its position in Chevron by 3.5% in the 2nd quarter. BlackRock Inc. now owns 131,522,440 shares of the oil and gas company’s stock valued at $16,366,651,000 after buying an additional 4,401,622 shares during the last quarter. Johanson Financial Advisors Inc. boosted its position in Chevron by 11,524.8% in the 4th quarter. Johanson Financial Advisors Inc. now owns 1,399,163 shares of the oil and gas company’s stock valued at $11,614,000 after buying an additional 1,387,127 shares during the last quarter. Morgan Stanley boosted its position in Chevron by 7.9% in the 2nd quarter. Morgan Stanley now owns 16,262,708 shares of the oil and gas company’s stock valued at $2,023,732,000 after buying an additional 1,184,133 shares during the last quarter. Finally, California Public Employees Retirement System boosted its position in Chevron by 22.1% in the 3rd quarter. California Public Employees Retirement System now owns 5,482,447 shares of the oil and gas company’s stock valued at $650,218,000 after buying an additional 990,819 shares during the last quarter. 65.47% of the stock is owned by institutional investors.

Shares of NYSE CVX opened at $116.89 on Friday. The company has a quick ratio of 0.93, a current ratio of 1.12 and a debt-to-equity ratio of 0.16. The firm’s 50-day moving average price is $118.50 and its two-hundred day moving average price is $119.52. Chevron Co. has a 52-week low of $110.17 and a 52-week high of $127.34. The stock has a market capitalization of $219.91 billion, a P/E ratio of 14.17, a P/E/G ratio of 4.83 and a beta of 1.02.

Chevron (NYSE:CVX) last issued its earnings results on Friday, November 1st. The oil and gas company reported $1.36 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $1.47 by ($0.11). Chevron had a return on equity of 8.89% and a net margin of 8.70%. The business had revenue of $36.12 billion during the quarter, compared to the consensus estimate of $37.69 billion. During the same period in the prior year, the business earned $2.11 EPS. The business’s revenue was down 17.9% on a year-over-year basis. As a group, equities research analysts expect that Chevron Co. will post 6.28 earnings per share for the current year.

In other Chevron news, CEO Michael K. Wirth sold 67,500 shares of the firm’s stock in a transaction dated Monday, January 6th. The shares were sold at an average price of $121.07, for a total value of $8,172,225.00. Following the transaction, the chief executive officer now owns 33,750 shares of the company’s stock, valued at $4,086,112.50. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, VP Rhonda J. Morris sold 7,800 shares of the firm’s stock in a transaction dated Tuesday, December 17th. The stock was sold at an average price of $119.68, for a total transaction of $933,504.00. The disclosure for this sale can be found here. Insiders sold 90,300 shares of company stock worth $10,904,079 in the last three months. 0.31% of the stock is currently owned by corporate insiders.

A number of research firms have weighed in on CVX. Bank of America cut shares of Chevron from a “neutral” rating to an “underperform” rating in a research report on Tuesday, January 7th. ValuEngine raised shares of Chevron from a “sell” rating to a “hold” rating in a research report on Wednesday, October 2nd. Cowen reduced their price target on shares of Chevron from $140.00 to $134.00 and set an “outperform” rating on the stock in a research report on Friday, November 1st. Citigroup cut shares of Chevron from a “buy” rating to a “neutral” rating in a research report on Monday, December 9th. Finally, Piper Jaffray Companies began coverage on shares of Chevron in a research report on Tuesday, November 26th. They set a “buy” rating and a $143.00 price target on the stock. One research analyst has rated the stock with a sell rating, six have issued a hold rating and nine have issued a buy rating to the stock. The stock has an average rating of “Buy” and a consensus target price of $137.26.

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.

Read More: How to execute a trade ex-dividend strategy?

Want to see what other hedge funds are holding CVX? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Chevron Co. (NYSE:CVX).

Institutional Ownership by Quarter for Chevron (NYSE:CVX)

Receive News & Ratings for Chevron Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Chevron and related companies with MarketBeat.com's FREE daily email newsletter.