Traders Buy Shares of 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 companies 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
CVX has been the subject of a number of recent analyst reports. Citigroup Inc. reaffirmed an “outperform” rating on shares of Chevron Corp. in a report on Friday, April 1st. Jefferies Group reaffirmed a “buy” rating and set a $110.00 target price on shares of Chevron Corp. in a report on Monday, April 4th. Barclays PLC lifted their target price on Chevron Corp. from $89.00 to $97.00 and gave the company an “equal weight” rating in a report on Friday, April 8th. Vetr lowered Chevron Corp. from a “buy” rating to a “hold” rating and set a $99.28 target price for the company. in a report on Monday, April 11th. Finally, Goldman Sachs Group Inc. reaffirmed a “neutral” rating on shares of Chevron Corp. in a report on Wednesday, April 27th. Fourteen analysts have rated the stock with a hold rating and eighteen have assigned a buy rating to the company. The company has an average rating of “Buy” and an average price target of $98.78.
The firm has a 50 day moving average of $103.63 and a 200 day moving average of $96.09. The stock has a market cap of $193.14 billion and a P/E ratio of 148.31.
Chevron Corp. (NYSE:CVX) last released its quarterly 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 business earned $29.28 billion during the quarter, compared to analyst estimates of $25.78 billion. During the same period in the previous year, the company earned $0.30 EPS. Chevron Corp.’s quarterly revenue was down 27.4% compared to the same quarter last year. Equities analysts predict that Chevron Corp. will post $1.47 EPS for the current year.
The business also recently announced a quarterly dividend, which will be paid on Monday, September 12th. Stockholders of record on Friday, August 19th will be issued a $1.07 dividend. This represents a $4.28 dividend on an annualized basis and a dividend yield of 4.18%. The ex-dividend date is Wednesday, August 17th.
In other news, Director Linnet F. Deily sold 869 shares of Chevron Corp. 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 transaction, the director now owns 25,279 shares in the company, valued at approximately $2,610,562.33. The sale was disclosed in a document filed with the SEC, which is available through the SEC website.
Several institutional investors recently made changes to their positions in the company. Agran Libbie boosted its position in shares of Chevron Corp. by 9,824.7% in the fourth quarter. Agran Libbie now owns 9,938,282 shares of the company’s stock worth $8,940,000 after buying an additional 9,838,145 shares during the period. Barrow Hanley Mewhinney & Strauss LLC boosted its position in shares of Chevron Corp. by 346.2% in the fourth quarter. Barrow Hanley Mewhinney & Strauss LLC now owns 4,812,372 shares of the company’s stock worth $432,920,000 after buying an additional 3,733,760 shares during the period. Eaton Vance Management boosted its position in shares of Chevron Corp. by 110.9% in the fourth quarter. Eaton Vance Management now owns 3,873,407 shares of the company’s stock worth $348,452,000 after buying an additional 2,037,209 shares during the period. OppenheimerFunds Inc. boosted its position in shares of Chevron Corp. by 22.1% in the fourth quarter. OppenheimerFunds Inc. now owns 5,153,602 shares of the company’s stock worth $463,629,000 after buying an additional 934,375 shares during the period. Finally, Teacher Retirement System of Texas boosted its position in shares of Chevron Corp. by 67.9% in the fourth quarter. Teacher Retirement System of Texas now owns 825,694 shares of the company’s stock worth $74,279,000 after buying an additional 333,928 shares during the period.
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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