Poplar Forest Capital LLC Decreases Position in Chevron Corporation (CVX)
Poplar Forest Capital LLC reduced its stake in shares of Chevron Corporation (NYSE:CVX) by 3.8% during the first quarter, Holdings Channel reports. The firm owned 379,587 shares of the oil and gas company’s stock after selling 14,927 shares during the period. Chevron Corporation accounts for 3.4% of Poplar Forest Capital LLC’s holdings, making the stock its 15th largest position. Poplar Forest Capital LLC’s holdings in Chevron Corporation were worth $40,756,000 as of its most recent filing with the SEC.
Other institutional investors have also recently added to or reduced their stakes in the company. Norges Bank bought a new position in shares of Chevron Corporation during the fourth quarter worth approximately $2,183,692,000. Sumitomo Mitsui Trust Holdings Inc. increased its position in shares of Chevron Corporation by 1.0% in the first quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 5,721,044 shares of the oil and gas company’s stock worth $614,268,000 after buying an additional 54,154 shares during the last quarter. Teachers Advisors LLC increased its position in shares of Chevron Corporation by 14.9% in the fourth quarter. Teachers Advisors LLC now owns 4,416,166 shares of the oil and gas company’s stock worth $519,783,000 after buying an additional 573,660 shares during the last quarter. Fisher Asset Management LLC increased its position in shares of Chevron Corporation by 1.0% in the first quarter. Fisher Asset Management LLC now owns 3,651,370 shares of the oil and gas company’s stock worth $392,048,000 after buying an additional 35,921 shares during the last quarter. Finally, Thomaspartners Inc. increased its position in shares of Chevron Corporation by 30.5% in the first quarter. Thomaspartners Inc. now owns 2,815,231 shares of the oil and gas company’s stock worth $302,271,000 after buying an additional 657,826 shares during the last quarter. Institutional investors and hedge funds own 62.58% of the company’s stock.
Chevron Corporation (NYSE CVX) traded up 0.8247% during mid-day trading on Wednesday, hitting $111.2601. The stock had a trading volume of 516,571 shares. Chevron Corporation has a 12-month low of $97.53 and a 12-month high of $119.00. The company has a 50-day moving average of $105.46 and a 200-day moving average of $107.95. The firm has a market cap of $210.79 billion, a PE ratio of 36.0766 and a beta of 1.23.
Chevron Corporation (NYSE:CVX) last issued its quarterly earnings results on Friday, July 28th. The oil and gas company reported $0.91 EPS for the quarter, topping the consensus estimate of $0.89 by $0.02. Chevron Corporation had a net margin of 4.50% and a return on equity of 4.13%. The business had revenue of $34.48 billion for the quarter, compared to analysts’ expectations of $32.77 billion. During the same quarter last year, the company posted ($0.78) earnings per share. The company’s quarterly revenue was up 17.8% compared to the same quarter last year. Analysts expect that Chevron Corporation will post $3.80 earnings per share for the current year.
The business also recently declared a quarterly dividend, which will be paid on Monday, September 11th. Stockholders of record on Friday, August 18th will be given a dividend of $1.08 per share. The ex-dividend date is Wednesday, August 16th. This represents a $4.32 annualized dividend and a dividend yield of 3.91%. Chevron Corporation’s payout ratio is 140.26%.
A number of equities analysts recently commented on CVX shares. TheStreet upgraded Chevron Corporation from a “c” rating to a “b” rating in a research report on Tuesday, May 2nd. Macquarie cut Chevron Corporation from an “outperform” rating to a “neutral” rating and set a $105.00 target price for the company. in a research note on Wednesday, June 21st. Piper Jaffray Companies reissued a “buy” rating on shares of Chevron Corporation in a research note on Thursday, August 3rd. BidaskClub cut Chevron Corporation from a “sell” rating to a “strong sell” rating in a research note on Monday, July 24th. Finally, Vetr raised Chevron Corporation from a “buy” rating to a “strong-buy” rating and set a $120.46 target price for the company in a research note on Friday, April 14th. Three analysts have rated the stock with a sell rating, eight have given a hold rating, fourteen have given a buy rating and one has issued a strong buy rating to the company. Chevron Corporation has a consensus rating of “Buy” and a consensus target price of $116.22.
In other news, CFO Patricia E. Yarrington sold 39,000 shares of the stock in a transaction dated Wednesday, August 2nd. The shares were sold at an average price of $111.00, for a total transaction of $4,329,000.00. Following the transaction, the chief financial officer now owns 43,838 shares of the company’s stock, valued at $4,866,018. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider James William Johnson sold 31,000 shares of the stock in a transaction dated Wednesday, August 2nd. The stock was sold at an average price of $110.68, for a total transaction of $3,431,080.00. Following the transaction, the insider now directly owns 11,000 shares in the company, valued at approximately $1,217,480. The disclosure for this sale can be found here. Company insiders own 0.38% of the company’s stock.
About Chevron Corporation
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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