Los Angeles Capital Management & Equity Research Inc. Trims Position in Chevron Co. (NYSE:CVX)
Los Angeles Capital Management & Equity Research Inc. lessened its stake in shares of Chevron Co. (NYSE:CVX) by 0.4% during the 2nd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 729,594 shares of the oil and gas company’s stock after selling 2,787 shares during the period. Los Angeles Capital Management & Equity Research Inc.’s holdings in Chevron were worth $90,791,000 as of its most recent filing with the Securities & Exchange Commission.
Several other hedge funds and other institutional investors also recently bought and sold shares of CVX. Guidant Wealth Advisors grew its position in Chevron by 63.9% in the 2nd quarter. Guidant Wealth Advisors now owns 259 shares of the oil and gas company’s stock valued at $32,000 after acquiring an additional 101 shares in the last quarter. Evolution Wealth Advisors LLC acquired a new position in Chevron in the 2nd quarter valued at about $34,000. Cordasco Financial Network grew its position in Chevron by 55.3% in the 2nd quarter. Cordasco Financial Network now owns 379 shares of the oil and gas company’s stock valued at $47,000 after acquiring an additional 135 shares in the last quarter. Ashburton Jersey Ltd acquired a new position in Chevron in the 2nd quarter valued at about $54,000. Finally, Thor Advisors LLC acquired a new position in Chevron in the 1st quarter valued at about $67,000. Institutional investors and hedge funds own 65.90% of the company’s stock.
Several research firms have weighed in on CVX. Cowen reaffirmed a “buy” rating and issued a $142.00 target price on shares of Chevron in a research report on Wednesday, April 17th. Morgan Stanley dropped their target price on Chevron from $146.00 to $144.00 and set an “overweight” rating for the company in a research report on Friday, July 12th. Citigroup began coverage on Chevron in a research report on Monday, May 13th. They issued a “buy” rating and a $135.00 target price for the company. Finally, Zacks Investment Research downgraded Chevron from a “buy” rating to a “hold” rating in a research report on Tuesday, May 7th. Five research analysts have rated the stock with a hold rating, thirteen have issued a buy rating and one has given a strong buy rating to the company’s stock. The stock currently has a consensus rating of “Buy” and a consensus target price of $135.41.
Shares of Chevron stock traded up $0.63 on Tuesday, reaching $122.18. 71,286 shares of the company were exchanged, compared to its average volume of 5,773,739. Chevron Co. has a 1-year low of $100.22 and a 1-year high of $127.60. The company has a market capitalization of $231.89 billion, a P/E ratio of 14.85, a P/E/G ratio of 2.98 and a beta of 1.00. The company has a debt-to-equity ratio of 0.16, a quick ratio of 0.91 and a current ratio of 1.15. The stock’s 50 day moving average is $123.62.
Chevron (NYSE:CVX) last announced its quarterly earnings data on Friday, August 2nd. The oil and gas company reported $2.27 EPS for the quarter, topping the Zacks’ consensus estimate of $1.74 by $0.53. Chevron had a return on equity of 9.58% and a net margin of 9.18%. The business had revenue of $38.85 billion during the quarter, compared to the consensus estimate of $40.14 billion. During the same period in the previous year, the company posted $1.78 earnings per share. The business’s revenue for the quarter was down 8.0% on a year-over-year basis. On average, equities research analysts expect that Chevron Co. will post 6.84 EPS for the current year.
The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 10th. Stockholders of record on Monday, August 19th will be given a dividend of $1.19 per share. This represents a $4.76 dividend on an annualized basis and a dividend yield of 3.90%. The ex-dividend date of this dividend is Friday, August 16th. Chevron’s dividend payout ratio is presently 57.70%.
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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