Smithbridge Asset Management Inc. DE Cuts Position in Chevron Co. (CVX)
Smithbridge Asset Management Inc. DE trimmed its holdings in shares of Chevron Co. (NYSE:CVX) by 3.4% during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 18,825 shares of the oil and gas company’s stock after selling 664 shares during the quarter. Smithbridge Asset Management Inc. DE’s holdings in Chevron were worth $2,380,000 as of its most recent SEC filing.
A number of other hedge funds have also modified their holdings of the stock. AMG National Trust Bank increased its holdings in Chevron by 19.6% during the second quarter. AMG National Trust Bank now owns 6,354 shares of the oil and gas company’s stock valued at $803,000 after buying an additional 1,041 shares during the period. Ipswich Investment Management Co. Inc. increased its holdings in Chevron by 14.3% during the second quarter. Ipswich Investment Management Co. Inc. now owns 48,638 shares of the oil and gas company’s stock valued at $6,149,000 after buying an additional 6,096 shares during the period. Cambiar Investors LLC increased its holdings in Chevron by 21,494.3% during the second quarter. Cambiar Investors LLC now owns 412,883 shares of the oil and gas company’s stock valued at $52,201,000 after buying an additional 410,971 shares during the period. Westpac Banking Corp increased its holdings in Chevron by 47.7% during the second quarter. Westpac Banking Corp now owns 182,527 shares of the oil and gas company’s stock valued at $23,077,000 after buying an additional 58,937 shares during the period. Finally, Pendal Group Ltd purchased a new position in Chevron in the second quarter worth $11,051,000. 65.02% of the stock is currently owned by institutional investors.
Several equities analysts have issued reports on CVX shares. HSBC raised shares of Chevron from a “hold” rating to a “buy” rating in a report on Tuesday. Goldman Sachs Group reaffirmed a “buy” rating and issued a $141.00 price target on shares of Chevron in a report on Tuesday, July 31st. Mizuho started coverage on shares of Chevron in a report on Friday, June 8th. They issued a “buy” rating and a $145.00 price target on the stock. Credit Suisse Group set a $132.00 price target on shares of Chevron and gave the stock a “hold” rating in a report on Sunday, July 1st. Finally, Zacks Investment Research lowered shares of Chevron from a “buy” rating to a “hold” rating in a report on Monday, July 23rd. Nine research analysts have rated the stock with a hold rating and eighteen have issued a buy rating to the company. The stock presently has an average rating of “Buy” and an average price target of $138.17.
Chevron (NYSE:CVX) last announced its quarterly earnings data on Friday, July 27th. The oil and gas company reported $1.78 earnings per share for the quarter, missing analysts’ consensus estimates of $2.09 by ($0.31). The company had revenue of $42.24 billion for the quarter, compared to analysts’ expectations of $46.62 billion. Chevron had a net margin of 7.87% and a return on equity of 6.89%. Chevron’s quarterly revenue was up 22.5% compared to the same quarter last year. During the same period last year, the firm earned $0.77 earnings per share. sell-side analysts anticipate that Chevron Co. will post 8.06 EPS for the current fiscal year.
The business also recently disclosed a quarterly dividend, which was paid on Monday, September 10th. Stockholders of record on Friday, August 17th were issued a dividend of $1.12 per share. This represents a $4.48 dividend on an annualized basis and a dividend yield of 3.89%. The ex-dividend date of this dividend was Thursday, August 16th. Chevron’s dividend payout ratio (DPR) is presently 121.08%.
In other news, insider James William Johnson sold 4,750 shares of the business’s stock in a transaction on Thursday, July 12th. The shares were sold at an average price of $124.20, for a total transaction of $589,950.00. Following the sale, the insider now directly owns 4,750 shares of the company’s stock, valued at $589,950. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. 0.46% of the stock is owned by insiders.
Chevron Company Profile
Chevron Corporation, through its subsidiaries, engages in integrated energy, chemicals, and petroleum operations worldwide. The company operates in two segments, Upstream and Downstream. The Upstream segment is involved in the exploration, development, and production of crude oil and natural gas; processing, liquefaction, transportation, and regasification associated with liquefied natural gas; transportation of crude oil through pipelines; and transportation, storage, and marketing of natural gas, as well as operates a gas-to-liquids plant.
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