Traders Buy Chevron Corp. (CVX) on Weakness
Traders purchased shares of Chevron Corp. (NYSE:CVX) on weakness during trading hours on Friday. $155.45 million flowed into the stock on the tick-up and $75.13 million flowed out of the stock on the tick-down, for a money net flow of $80.32 million into the stock. Of all equities tracked, Chevron Corp. had the 6th highest net in-flow for the day. Chevron Corp. traded down ($1.23) for the day and closed at $102.32
CVX has been the subject of several recent analyst reports. Goldman Sachs Group Inc. restated a “neutral” rating on shares of Chevron Corp. in a report on Wednesday, April 27th. Jefferies Group lifted their price target on Chevron Corp. from $110.00 to $114.00 and gave the company a “buy” rating in a report on Monday, May 2nd. Credit Suisse Group AG restated a “hold” rating and issued a $100.00 price target on shares of Chevron Corp. in a report on Monday, May 2nd. Vetr upgraded Chevron Corp. from a “hold” rating to a “buy” rating and set a $104.47 price target for the company in a report on Monday, May 9th. Finally, Collins Stewart restated a “buy” rating on shares of Chevron Corp. in a report on Thursday, May 12th. Thirteen analysts have rated the stock with a hold rating and nineteen have given a buy rating to the stock. The company currently has a consensus rating of “Buy” and a consensus target price of $101.17.
The company has a 50-day moving average price of $103.25 and a 200 day moving average price of $97.94. The company’s market capitalization is $193.03 billion.
Chevron Corp. (NYSE:CVX) last announced its earnings results on Friday, July 29th. The company reported ($0.78) earnings per share for the quarter, missing the consensus estimate of $0.32 by $1.10. The company earned $29.28 billion during the quarter, compared to analysts’ expectations of $25.78 billion. During the same period last year, the firm posted $0.30 EPS. The firm’s revenue for the quarter was down 27.4% compared to the same quarter last year. Analysts anticipate that Chevron Corp. will post $1.25 earnings per share for the current year.
The firm also recently announced a quarterly dividend, which will be paid on Monday, September 12th. Investors of record on Friday, August 19th will be paid a dividend of $1.07 per share. The ex-dividend date is Wednesday, August 17th. This represents a $4.28 annualized dividend and a yield of 4.18%.
In related news, insider Michael K. Wirth sold 125,000 shares of the stock in a transaction that occurred on Monday, August 1st. The stock was sold at an average price of $100.47, for a total transaction of $12,558,750.00. Following the completion of the sale, the insider now owns 4,222 shares in the company, valued at approximately $424,184.34. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director Inge G. Thulin bought 487 shares of the firm’s stock in a transaction that occurred on Monday, August 15th. The shares were acquired at an average price of $102.87 per share, with a total value of $50,097.69. The disclosure for this purchase can be found here.
A number of hedge funds have made changes to their positions in CVX. Stellar Capital Management LLC increased its stake in shares of Chevron Corp. by 11.3% in the fourth quarter. Stellar Capital Management LLC now owns 11,382 shares of the company’s stock valued at $1,024,000 after buying an additional 1,154 shares during the last quarter. Johanson Financial Advisors Inc. purchased a new stake in shares of Chevron Corp. during the fourth quarter worth approximately $1,033,000. Private Capital Management Inc. purchased a new stake in shares of Chevron Corp. during the fourth quarter worth approximately $1,187,000. Hamilton Point Investment Advisors LLC increased its stake in shares of Chevron Corp. by 9.8% in the fourth quarter. Hamilton Point Investment Advisors LLC now owns 13,212 shares of the company’s stock worth $1,189,000 after buying an additional 1,175 shares in the last quarter. Finally, Financial Engines Advisors L.L.C. increased its stake in shares of Chevron Corp. by 94.1% in the fourth quarter. Financial Engines Advisors L.L.C. now owns 15,355 shares of the company’s stock worth $1,381,000 after buying an additional 7,443 shares in the last quarter.
Chevron Corporation (Chevron) manages its investments in subsidiaries and affiliates and provides administrative, financial, management and technology support to the United States and international subsidiaries that engage in integrated energy and chemicals operations. The Company operates through two business segments: Upstream and Downstream.
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