Glassy Mountain Advisors Inc. Invests $202,000 in Chevron Co. (NYSE:CVX)

Glassy Mountain Advisors Inc. acquired a new position in Chevron Co. (NYSE:CVX) in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund acquired 1,286 shares of the oil and gas company’s stock, valued at approximately $202,000.

A number of other hedge funds have also recently made changes to their positions in the business. InTrack Investment Management Inc lifted its holdings in shares of Chevron by 13.2% in the 2nd quarter. InTrack Investment Management Inc now owns 10,324 shares of the oil and gas company’s stock worth $1,625,000 after acquiring an additional 1,201 shares during the last quarter. Prentice Wealth Management LLC raised its holdings in Chevron by 61.9% during the 2nd quarter. Prentice Wealth Management LLC now owns 2,622 shares of the oil and gas company’s stock valued at $413,000 after buying an additional 1,002 shares during the last quarter. Total Investment Management Inc. raised its holdings in Chevron by 7.3% during the 2nd quarter. Total Investment Management Inc. now owns 3,288 shares of the oil and gas company’s stock valued at $517,000 after buying an additional 225 shares during the last quarter. St. Louis Financial Planners Asset Management LLC raised its holdings in Chevron by 2.9% during the 2nd quarter. St. Louis Financial Planners Asset Management LLC now owns 11,293 shares of the oil and gas company’s stock valued at $1,777,000 after buying an additional 314 shares during the last quarter. Finally, Fulton Bank N.A. raised its holdings in Chevron by 7.5% during the 2nd quarter. Fulton Bank N.A. now owns 37,256 shares of the oil and gas company’s stock valued at $5,862,000 after buying an additional 2,606 shares during the last quarter. 68.87% of the stock is currently owned by institutional investors.

Insider Buying and Selling at Chevron

In other Chevron news, CFO Pierre R. Breber sold 25,000 shares of the company’s stock in a transaction dated Friday, August 11th. The shares were sold at an average price of $164.00, for a total transaction of $4,100,000.00. Following the transaction, the chief financial officer now owns 6,021 shares in the company, valued at approximately $987,444. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. In other news, VP Jeff B. Gustavson sold 3,750 shares of the stock in a transaction that occurred on Thursday, August 3rd. The shares were sold at an average price of $160.88, for a total value of $603,300.00. Following the transaction, the vice president now owns 1,718 shares in the company, valued at approximately $276,391.84. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Pierre R. Breber sold 25,000 shares of the stock in a transaction that occurred on Friday, August 11th. The stock was sold at an average price of $164.00, for a total transaction of $4,100,000.00. Following the completion of the transaction, the chief financial officer now owns 6,021 shares in the company, valued at approximately $987,444. The disclosure for this sale can be found here. Company insiders own 0.18% of the company’s stock.

Chevron Stock Performance

Shares of CVX stock opened at $166.50 on Friday. Chevron Co. has a one year low of $140.46 and a one year high of $189.68. The company’s 50-day moving average is $160.56 and its 200 day moving average is $160.15. The company has a market capitalization of $310.90 billion, a price-to-earnings ratio of 10.56, a price-to-earnings-growth ratio of 0.89 and a beta of 1.18. The company has a debt-to-equity ratio of 0.13, a quick ratio of 1.13 and a current ratio of 1.43.

Chevron (NYSE:CVX) last announced its quarterly earnings data on Friday, July 28th. The oil and gas company reported $3.08 EPS for the quarter, beating the consensus estimate of $2.95 by $0.13. Chevron had a net margin of 13.54% and a return on equity of 19.48%. The company had revenue of $48.90 billion for the quarter, compared to the consensus estimate of $48 billion. During the same period in the prior year, the firm posted $5.82 EPS. Chevron’s revenue for the quarter was down 28.9% on a year-over-year basis. Sell-side analysts expect that Chevron Co. will post 13.23 EPS for the current fiscal year.

Chevron Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, September 11th. Shareholders of record on Friday, August 18th were paid a dividend of $1.51 per share. This represents a $6.04 annualized dividend and a yield of 3.63%. The ex-dividend date of this dividend was Thursday, August 17th. Chevron’s dividend payout ratio is currently 38.30%.

Analysts Set New Price Targets

A number of research firms recently commented on CVX. Citigroup lowered their price target on shares of Chevron from $180.00 to $170.00 in a report on Tuesday, July 11th. StockNews.com assumed coverage on shares of Chevron in a report on Thursday, August 17th. They issued a “hold” rating for the company. Royal Bank of Canada upgraded shares of Chevron from a “sector perform” rating to an “outperform” rating and upped their price objective for the stock from $165.00 to $180.00 in a report on Thursday, June 1st. JPMorgan Chase & Co. upgraded shares of Chevron from an “underweight” rating to a “neutral” rating and upped their price objective for the stock from $161.00 to $170.00 in a report on Wednesday, May 31st. Finally, UBS Group upped their price objective on shares of Chevron from $202.00 to $209.00 and gave the stock a “buy” rating in a report on Thursday, August 17th. Seven investment analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company. According to MarketBeat.com, Chevron presently has a consensus rating of “Moderate Buy” and a consensus price target of $190.28.

Chevron Profile

Chevron Corporation, through its subsidiaries, engages in the integrated energy and chemicals operations in the United States and internationally. The company operates in two segments, Upstream and Downstream. The Upstream segment is involved in the exploration, development, production, and transportation of crude oil and natural gas; liquefaction, transportation, and regasification associated with liquefied natural gas; transportation of crude oil through pipelines; and processing, transportation, storage, and marketing of natural gas, as well as a gas-to-liquids plant.