Investors Buy Chevron Corp. (CVX) on Weakness
Traders bought shares of Chevron Corp. (NYSE:CVX) on weakness during trading hours on Tuesday. $99.49 million flowed into the stock on the tick-up and $70.44 million flowed out of the stock on the tick-down, for a money net flow of $29.05 million into the stock. Of all companies tracked, Chevron Corp. had the 7th highest net in-flow for the day. Chevron Corp. traded down ($0.26) for the day and closed at $101.68
A number of analysts have recently commented on CVX shares. Vetr upgraded Chevron Corp. from a “hold” rating to a “buy” rating and set a $104.47 price target on the stock in a report on Monday, May 9th. Jefferies Group restated a “buy” rating on shares of Chevron Corp. in a report on Friday, August 5th. Credit Suisse Group AG restated a “hold” rating and issued a $100.00 price target on shares of Chevron Corp. in a report on Thursday, June 2nd. Morgan Stanley restated a “hold” rating and issued a $85.00 price target on shares of Chevron Corp. in a report on Wednesday, June 8th. Finally, Piper Jaffray Cos. upgraded Chevron Corp. from a “neutral” rating to an “overweight” rating and upped their target price for the stock from $110.00 to $117.00 in a report on Tuesday, August 9th. Thirteen research analysts have rated the stock with a hold rating and eighteen have assigned a buy rating to the company’s stock. Chevron Corp. currently has an average rating of “Buy” and a consensus target price of $101.26.
The firm’s market capitalization is $191.82 billion. The firm has a 50 day moving average of $103.14 and a 200-day moving average of $98.42.
Chevron Corp. (NYSE:CVX) last announced its quarterly earnings data 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. During the same period last year, the business posted $0.30 earnings per share. The business earned $29.28 billion during the quarter, compared to analyst estimates of $25.78 billion. The company’s revenue for the quarter was down 27.4% compared to the same quarter last year. On average, equities analysts anticipate that Chevron Corp. will post $1.25 EPS for the current fiscal year.
The company also recently disclosed a quarterly dividend, which will be paid on Monday, September 12th. Shareholders of record on Friday, August 19th will be issued a dividend of $1.07 per share. This represents a $4.28 annualized dividend and a yield of 4.21%. The ex-dividend date of this dividend is Wednesday, August 17th.
In other Chevron Corp. news, insider Pierre R. Breber sold 21,000 shares of the stock in a transaction on Tuesday, August 2nd. The stock was sold at an average price of $98.77, for a total transaction of $2,074,170.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Inge G. Thulin acquired 487 shares of Chevron Corp. stock in a transaction on Monday, August 15th. The shares were purchased at an average cost 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 institutional investors have recently made changes to their positions in CVX. Flippin Bruce & Porter Inc. raised its position 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 valued at $5,568,000 after buying an additional 179 shares during the period. Buckingham Asset Management LLC increased its stake in Chevron Corp. by 1.6% in the fourth quarter. Buckingham Asset Management LLC now owns 18,331 shares of the company’s stock valued at $1,649,000 after buying an additional 280 shares in the last quarter. Mraz Amerine & Associates Inc. increased its stake in Chevron Corp. by 3.0% in the fourth quarter. Mraz Amerine & Associates Inc. now owns 15,788 shares of the company’s stock valued at $1,420,000 after buying an additional 455 shares in the last quarter. LS Investment Advisors LLC increased its stake in Chevron Corp. by 0.7% in the fourth quarter. LS Investment Advisors LLC now owns 112,613 shares of the company’s stock valued at $10,131,000 after buying an additional 750 shares in the last quarter. Finally, Essex Financial Services Inc. increased its stake in Chevron Corp. by 2.3% in the fourth quarter. Essex Financial Services Inc. now owns 35,364 shares of the company’s stock valued at $3,181,000 after buying an additional 804 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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