Investors Buy Shares of Chevron Corporation (CVX) on Weakness
Traders bought shares of Chevron Corporation (NYSE:CVX) on weakness during trading on Thursday. $189.51 million flowed into the stock on the tick-up and $66.55 million flowed out of the stock on the tick-down, for a money net flow of $122.96 million into the stock. Of all equities tracked, Chevron Corporation had the 2nd highest net in-flow for the day. Chevron Corporation traded down ($0.11) for the day and closed at $107.62
Several analysts recently weighed in on CVX shares. Macquarie downgraded shares of Chevron Corporation from an “outperform” rating to a “neutral” rating and set a $105.00 target price for the company. in a report on Wednesday, June 21st. Piper Jaffray Companies restated a “buy” rating on shares of Chevron Corporation in a research note on Thursday, August 3rd. BidaskClub downgraded shares of Chevron Corporation from a “sell” rating to a “strong sell” rating in a research note on Monday, July 24th. Wells Fargo & Company downgraded shares of Chevron Corporation to an “outperform” rating and dropped their price target for the stock from $124.00 to $102.00 in a research note on Monday, July 17th. Finally, Vetr upgraded shares of Chevron Corporation to a “strong-buy” rating and set a $117.49 price target for the company in a research note on Thursday, June 8th. Three investment analysts have rated the stock with a sell rating, six have issued a hold rating, fifteen have given a buy rating and one has issued a strong buy rating to the stock. The company presently has a consensus rating of “Buy” and a consensus price target of $116.97.
The company has a market cap of $206.10 billion, a P/E ratio of 35.27 and a beta of 1.23. The firm has a 50-day moving average of $107.30 and a 200 day moving average of $107.12.
Chevron Corporation (NYSE:CVX) last released its earnings results 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 for the quarter, compared to analysts’ expectations of $32.77 billion. Chevron Corporation had a net margin of 4.50% and a return on equity of 4.13%. Chevron Corporation’s quarterly revenue was up 17.8% on a year-over-year basis. During the same quarter last year, the company earned ($0.78) EPS. Equities research analysts anticipate that Chevron Corporation will post $3.83 EPS for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which will be paid on Monday, September 11th. Stockholders 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 dividend yield of 3.97%. Chevron Corporation’s dividend payout ratio is currently 140.26%.
In other news, insider James William Johnson sold 31,000 shares of Chevron Corporation stock in a transaction that occurred on Wednesday, August 2nd. The shares were sold at an average price of $110.68, for a total value of $3,431,080.00. Following the transaction, the insider now directly owns 11,000 shares of the company’s stock, valued at $1,217,480. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CFO Patricia E. Yarrington sold 39,000 shares of Chevron Corporation stock in a transaction that occurred on Wednesday, August 2nd. The stock was sold at an average price of $111.00, for a total transaction of $4,329,000.00. Following the completion of the transaction, the chief financial officer now directly owns 43,838 shares in the company, valued at $4,866,018. The disclosure for this sale can be found here. Insiders sold a total of 72,312 shares of company stock worth $8,008,343 in the last ninety days. Corporate insiders own 0.38% of the company’s stock.
Several hedge funds and other institutional investors have recently added to or reduced their stakes in CVX. Intl Fcstone Inc. increased its position in Chevron Corporation by 133.6% in the second quarter. Intl Fcstone Inc. now owns 33,875 shares of the oil and gas company’s stock valued at $3,534,000 after buying an additional 19,374 shares during the period. M Holdings Securities Inc. boosted its stake in Chevron Corporation by 65.5% in the second quarter. M Holdings Securities Inc. now owns 23,996 shares of the oil and gas company’s stock valued at $2,504,000 after buying an additional 9,494 shares in the last quarter. Griffin Asset Management Inc. bought a new stake in Chevron Corporation during the second quarter valued at approximately $10,196,000. Aldebaran Financial Inc. boosted its stake in Chevron Corporation by 8.3% in the second quarter. Aldebaran Financial Inc. now owns 15,651 shares of the oil and gas company’s stock valued at $1,633,000 after buying an additional 1,203 shares in the last quarter. Finally, Lord Abbett & CO. LLC boosted its stake in Chevron Corporation by 11.3% in the second quarter. Lord Abbett & CO. LLC now owns 3,949,441 shares of the oil and gas company’s stock valued at $412,045,000 after buying an additional 401,842 shares in the last quarter. 62.84% of the stock is currently owned by institutional investors and hedge funds.
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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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