Legacy Wealth Asset Management LLC acquired a new position in shares of Chevron Co. (NYSE:CVX) during the fourth quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm acquired 7,646 shares of the oil and gas company’s stock, valued at approximately $646,000.
Several other large investors also recently modified their holdings of the stock. United Bank increased its stake in Chevron by 15.0% in the 3rd quarter. United Bank now owns 20,197 shares of the oil and gas company’s stock valued at $1,454,000 after buying an additional 2,627 shares during the last quarter. ExodusPoint Capital Management LP increased its stake in Chevron by 108.2% in the 3rd quarter. ExodusPoint Capital Management LP now owns 5,934 shares of the oil and gas company’s stock valued at $427,000 after buying an additional 3,084 shares during the last quarter. Lombard Odier Asset Management Switzerland SA acquired a new stake in Chevron in the 3rd quarter valued at $585,000. Financial Advisory Service Inc. increased its stake in Chevron by 3.2% in the 3rd quarter. Financial Advisory Service Inc. now owns 11,402 shares of the oil and gas company’s stock valued at $821,000 after buying an additional 351 shares during the last quarter. Finally, Colony Group LLC grew its position in shares of Chevron by 0.7% in the 3rd quarter. Colony Group LLC now owns 174,823 shares of the oil and gas company’s stock valued at $12,587,000 after acquiring an additional 1,173 shares during the period. Institutional investors and hedge funds own 62.27% of the company’s stock.
In related news, VP Rhonda J. Morris sold 14,700 shares of the company’s stock in a transaction that occurred on Thursday, January 14th. The shares were sold at an average price of $94.81, for a total transaction of $1,393,707.00. Following the completion of the transaction, the vice president now directly owns 8,014 shares in the company, valued at approximately $759,807.34. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, CEO Michael K. Wirth sold 132,000 shares of the company’s stock in a transaction that occurred on Tuesday, January 19th. The stock was sold at an average price of $94.73, for a total transaction of $12,504,360.00. Following the transaction, the chief executive officer now owns 132,000 shares of the company’s stock, valued at $12,504,360. The disclosure for this sale can be found here. Insiders sold a total of 159,700 shares of company stock valued at $15,133,067 over the last 90 days. Corporate insiders own 0.28% of the company’s stock.
Chevron (NYSE:CVX) last issued its earnings results on Thursday, January 28th. The oil and gas company reported ($0.01) EPS for the quarter, missing the consensus estimate of $0.08 by ($0.09). The firm had revenue of $25.25 billion during the quarter, compared to analyst estimates of $25.97 billion. Chevron had a negative net margin of 10.86% and a positive return on equity of 1.75%. Chevron’s quarterly revenue was down 30.5% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $1.49 earnings per share. Equities analysts expect that Chevron Co. will post 0.03 EPS for the current year.
The company also recently announced a quarterly dividend, which was paid on Wednesday, March 10th. Stockholders of record on Wednesday, February 17th were given a $1.29 dividend. This represents a $5.16 annualized dividend and a dividend yield of 4.95%. The ex-dividend date of this dividend was Tuesday, February 16th. Chevron’s payout ratio is presently 82.30%.
CVX has been the subject of a number of analyst reports. HSBC raised shares of Chevron from a “hold” rating to a “buy” rating and lifted their price objective for the company from $103.00 to $105.00 in a research report on Thursday, January 14th. Scotiabank reissued a “sector perform” rating and issued a $115.00 price objective on shares of Chevron in a research report on Tuesday, March 16th. The Goldman Sachs Group downgraded shares of Chevron from a “buy” rating to a “neutral” rating and decreased their price objective for the company from $117.00 to $113.00 in a research report on Tuesday. Zacks Investment Research raised shares of Chevron from a “hold” rating to a “strong-buy” rating and set a $102.00 price objective for the company in a research report on Friday, January 29th. Finally, Morgan Stanley lifted their price objective on shares of Chevron from $113.00 to $127.00 and gave the company an “overweight” rating in a research report on Wednesday, March 17th. Eleven research analysts have rated the stock with a hold rating, seventeen have issued a buy rating and one has assigned a strong buy rating to the stock. Chevron has a consensus rating of “Buy” and an average price target of $110.75.
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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