Chevron Co. (CVX) is Griffin Asset Management Inc.’s 3rd Largest Position
Griffin Asset Management Inc. trimmed its holdings in Chevron Co. (NYSE:CVX) by 1.7% during the 2nd quarter, HoldingsChannel.com reports. The institutional investor owned 112,165 shares of the oil and gas company’s stock after selling 1,995 shares during the period. Chevron comprises approximately 2.6% of Griffin Asset Management Inc.’s portfolio, making the stock its 3rd largest holding. Griffin Asset Management Inc.’s holdings in Chevron were worth $14,181,000 as of its most recent filing with the SEC.
Several other hedge funds and other institutional investors have also modified their holdings of the company. HRT Financial LLC bought a new position in Chevron in the second quarter worth approximately $673,000. Pittenger & Anderson Inc. grew its stake in Chevron by 62.8% in the second quarter. Pittenger & Anderson Inc. now owns 31,140 shares of the oil and gas company’s stock worth $3,937,000 after purchasing an additional 12,015 shares in the last quarter. Bridges Investment Management Inc. grew its stake in Chevron by 1.1% in the second quarter. Bridges Investment Management Inc. now owns 227,492 shares of the oil and gas company’s stock worth $28,762,000 after purchasing an additional 2,467 shares in the last quarter. HPM Partners LLC grew its stake in Chevron by 6.7% in the second quarter. HPM Partners LLC now owns 33,035 shares of the oil and gas company’s stock worth $4,177,000 after purchasing an additional 2,087 shares in the last quarter. Finally, Cozad Asset Management Inc. bought a new position in Chevron in the second quarter worth approximately $2,875,000. Hedge funds and other institutional investors own 64.67% of the company’s stock.
Shares of NYSE CVX opened at $115.49 on Friday. The company has a current ratio of 1.22, a quick ratio of 1.01 and a debt-to-equity ratio of 0.19. The firm has a market cap of $224.02 billion, a price-to-earnings ratio of 31.21, a P/E/G ratio of 2.03 and a beta of 1.13. Chevron Co. has a 12-month low of $107.54 and a 12-month high of $133.88.
The business also recently announced a quarterly dividend, which will be paid on Monday, December 10th. Shareholders of record on Friday, November 16th will be given a dividend of $1.12 per share. The ex-dividend date of this dividend is Thursday, November 15th. This represents a $4.48 annualized dividend and a yield of 3.88%. Chevron’s dividend payout ratio (DPR) is presently 121.08%.
CVX has been the topic of several research analyst reports. HSBC raised Chevron from a “hold” rating to a “buy” rating in a research note on Tuesday, September 11th. Zacks Investment Research raised Chevron from a “hold” rating to a “buy” rating and set a $137.00 price objective on the stock in a research note on Monday, October 1st. Goldman Sachs Group raised Chevron from a “buy” rating to a “conviction-buy” rating in a research note on Tuesday, October 2nd. Royal Bank of Canada set a $150.00 price objective on Chevron and gave the stock a “hold” rating in a research note on Thursday, September 20th. Finally, Berenberg Bank initiated coverage on Chevron in a research note on Tuesday, September 11th. They issued a “hold” rating and a $135.00 price objective on the stock. Seven equities research analysts have rated the stock with a hold rating, sixteen have given a buy rating and one has given a strong buy rating to the stock. The company presently has an average rating of “Buy” and a consensus target price of $139.13.
In other Chevron news, insider James William Johnson sold 4,750 shares of the stock in a transaction on Thursday, September 13th. The stock was sold at an average price of $116.00, for a total transaction of $551,000.00. Following the sale, the insider now owns 4,750 shares of the company’s stock, valued at approximately $551,000. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders have sold a total of 23,750 shares of company stock worth $2,821,833 in the last ninety days. Insiders own 0.38% of the company’s stock.
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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