Investors Buy Chevron Corp. (CVX) on Weakness
Traders bought shares of Chevron Corp. (NYSE:CVX) on weakness during trading on Thursday. $179.95 million flowed into the stock on the tick-up and $156.52 million flowed out of the stock on the tick-down, for a money net flow of $23.43 million into the stock. Of all stocks tracked, Chevron Corp. had the 13th highest net in-flow for the day. Chevron Corp. traded down ($0.47) for the day and closed at $101.79
A number of equities analysts have recently issued reports on CVX shares. Jefferies Group reiterated a “buy” rating and issued a $116.00 price objective (up from $114.00) on shares of Chevron Corp. in a report on Wednesday, July 6th. Vetr upgraded Chevron Corp. from a “hold” rating to a “buy” rating and set a $106.08 price objective for the company in a report on Thursday, May 19th. Zacks Investment Research upgraded Chevron Corp. from a “hold” rating to a “buy” rating and set a $118.00 price objective for the company in a report on Tuesday, July 12th. Barclays PLC upped their price objective on Chevron Corp. from $89.00 to $97.00 and gave the stock an “equal weight” rating in a report on Friday, April 8th. Finally, Collins Stewart restated a “buy” rating on shares of Chevron Corp. in a report on Thursday, May 12th. Fourteen equities research analysts have rated the stock with a hold rating and eighteen have given a buy rating to the company. The stock has an average rating of “Buy” and a consensus target price of $98.78.
The firm has a market cap of $191.84 billion and a price-to-earnings ratio of 147.31. The company’s 50 day moving average is $103.64 and its 200 day moving average is $95.93.
Chevron Corp. (NYSE:CVX) last announced its earnings results on Friday, April 29th. The company reported ($0.39) earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.10) by $0.29. The business earned $23.53 billion during the quarter, compared to analyst estimates of $21.47 billion. During the same period in the previous year, the business earned $1.37 EPS. Chevron Corp.’s revenue for the quarter was down 31.9% on a year-over-year basis. Analysts anticipate that Chevron Corp. will post $1.47 earnings per share for the current year.
The firm also recently announced a quarterly dividend, which will be paid on Monday, September 12th. Shareholders of record on Friday, August 19th will be given a dividend of $1.07 per share. The ex-dividend date of this dividend is Wednesday, August 17th. This represents a $4.28 annualized dividend and a dividend yield of 4.20%.
In related news, Director Linnet F. Deily sold 869 shares of the business’s stock in a transaction that occurred on Monday, May 2nd. The stock was sold at an average price of $103.27, for a total value of $89,741.63. Following the completion of the sale, the director now owns 25,279 shares in the company, valued at $2,610,562.33. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website.
Several hedge funds have recently made changes to their positions in CVX. Poplar Forest Capital LLC raised its stake in shares of Chevron Corp. by 70.7% in the fourth quarter. Poplar Forest Capital LLC now owns 343,556 shares of the company’s stock worth $30,906,000 after buying an additional 142,316 shares during the last quarter. KBC Group NV raised its stake in shares of Chevron Corp. by 38.2% in the fourth quarter. KBC Group NV now owns 401,783 shares of the company’s stock worth $36,144,000 after buying an additional 111,152 shares during the last quarter. Flippin Bruce & Porter Inc. raised its stake in shares of Chevron Corp. by 0.3% in the fourth quarter. Flippin Bruce & Porter Inc. now owns 61,895 shares of the company’s stock worth $5,568,000 after buying an additional 179 shares during the last quarter. Morningstar Investment Services LLC raised its stake in shares of Chevron Corp. by 6.3% in the fourth quarter. Morningstar Investment Services LLC now owns 345,828 shares of the company’s stock worth $31,111,000 after buying an additional 20,634 shares during the last quarter. Finally, Ashburton Jersey Ltd purchased a new stake in shares of Chevron Corp. during the fourth quarter worth about $2,215,000.
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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