Chevron Corporation (CVX) Stake Increased by State Treasurer State of Michigan
State Treasurer State of Michigan raised its stake in Chevron Corporation (NYSE:CVX) by 0.1% during the second quarter, Holdings Channel reports. The institutional investor owned 622,668 shares of the oil and gas company’s stock after buying an additional 800 shares during the period. State Treasurer State of Michigan’s holdings in Chevron Corporation were worth $64,963,000 at the end of the most recent quarter.
A number of other hedge funds and other institutional investors have also bought and sold shares of the company. Thompson Davis & CO. Inc. increased its stake in Chevron Corporation by 20.0% in the first quarter. Thompson Davis & CO. Inc. now owns 1,146 shares of the oil and gas company’s stock valued at $123,000 after buying an additional 191 shares in the last quarter. Patriot Financial Group Insurance Agency LLC purchased a new stake in Chevron Corporation during the fourth quarter valued at about $139,000. Americafirst Capital Management LLC purchased a new stake in Chevron Corporation during the first quarter valued at about $140,000. Daiwa SB Investments Ltd. increased its stake in Chevron Corporation by 438.5% in the second quarter. Daiwa SB Investments Ltd. now owns 1,400 shares of the oil and gas company’s stock valued at $146,000 after buying an additional 1,140 shares in the last quarter. Finally, Tortoise Investment Management LLC increased its stake in Chevron Corporation by 46.4% in the fourth quarter. Tortoise Investment Management LLC now owns 1,329 shares of the oil and gas company’s stock valued at $156,000 after buying an additional 421 shares in the last quarter. Hedge funds and other institutional investors own 62.75% of the company’s stock.
Shares of Chevron Corporation (NYSE:CVX) traded down 0.28% during trading on Wednesday, reaching $107.19. The company’s stock had a trading volume of 1,534,991 shares. The stock’s 50 day moving average price is $106.24 and its 200-day moving average price is $107.52. Chevron Corporation has a 12 month low of $97.53 and a 12 month high of $119.00. The firm has a market cap of $203.13 billion, a PE ratio of 34.76 and a beta of 1.23. Chevron Corporation also was the recipient of some unusual options trading activity on Tuesday. Traders bought 35,638 call options on the stock. This represents an increase of approximately 544% compared to the average daily volume of 5,534 call options.
Chevron Corporation (NYSE:CVX) last posted its quarterly earnings data on Friday, July 28th. The oil and gas company reported $0.91 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.89 by $0.02. The firm had revenue of $34.48 billion during the quarter, compared to analyst estimates of $32.77 billion. Chevron Corporation had a net margin of 4.50% and a return on equity of 4.13%. The company’s revenue for the quarter was up 17.8% on a year-over-year basis. During the same quarter last year, the business posted ($0.78) EPS. Equities analysts predict that Chevron Corporation will post $3.80 EPS for the current year.
The company also recently disclosed a quarterly dividend, which will be paid on Monday, September 11th. Shareholders of record on Friday, August 18th will be paid a $1.08 dividend. The ex-dividend date is Wednesday, August 16th. This represents a $4.32 annualized dividend and a yield of 3.98%. Chevron Corporation’s dividend payout ratio (DPR) is 140.26%.
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Several analysts have issued reports on CVX shares. Simmons dropped their price target on Chevron Corporation from $129.00 to $124.00 and set an “overweight” rating on the stock in a research note on Wednesday, April 19th. Scotiabank set a $114.00 price target on Chevron Corporation and gave the company a “buy” rating in a research note on Monday, May 1st. TheStreet raised Chevron Corporation from a “c” rating to a “b” rating in a research note on Tuesday, May 2nd. Bank of America Corporation reissued a “buy” rating and issued a $135.00 price target (down previously from $145.00) on shares of Chevron Corporation in a research note on Thursday, May 11th. Finally, BNP Paribas downgraded Chevron Corporation from a “neutral” rating to an “underperform” rating and set a $100.00 price target on the stock. in a research note on Friday, May 26th. Three research analysts have rated the stock with a sell rating, eight have given a hold rating, fourteen have given a buy rating and one has given a strong buy rating to the company’s stock. The stock presently has an average rating of “Buy” and an average target price of $116.80.
In other Chevron Corporation 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 value of $4,329,000.00. Following the completion of the sale, the chief financial officer now owns 43,838 shares in the company, valued at approximately $4,866,018. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, insider James William Johnson sold 31,000 shares of the stock in a transaction dated Wednesday, August 2nd. The shares were sold at an average price of $110.68, for a total transaction of $3,431,080.00. Following the completion of the sale, the insider now owns 11,000 shares of the company’s stock, 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.
Chevron Corporation Company Profile
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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