Chevron Corporation $CVX Shares Sold by Johnson Investment Counsel Inc.

Johnson Investment Counsel Inc. lowered its stake in shares of Chevron Corporation (NYSE:CVX) by 4.6% during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 799,534 shares of the oil and gas company’s stock after selling 38,419 shares during the quarter. Chevron comprises approximately 1.0% of Johnson Investment Counsel Inc.’s investment portfolio, making the stock its 24th largest holding. Johnson Investment Counsel Inc.’s holdings in Chevron were worth $124,160,000 as of its most recent SEC filing.

Other institutional investors also recently bought and sold shares of the company. Norges Bank acquired a new position in shares of Chevron in the 2nd quarter valued at $2,721,477,000. Bank of New York Mellon Corp grew its stake in Chevron by 27.9% during the 3rd quarter. Bank of New York Mellon Corp now owns 19,627,146 shares of the oil and gas company’s stock valued at $3,047,900,000 after purchasing an additional 4,279,918 shares during the last quarter. Laurel Wealth Advisors LLC grew its stake in Chevron by 14,194.2% during the 2nd quarter. Laurel Wealth Advisors LLC now owns 3,722,217 shares of the oil and gas company’s stock valued at $532,984,000 after purchasing an additional 3,696,177 shares during the last quarter. Berkshire Hathaway Inc increased its holdings in shares of Chevron by 2.9% in the second quarter. Berkshire Hathaway Inc now owns 122,064,792 shares of the oil and gas company’s stock valued at $17,478,458,000 after purchasing an additional 3,454,258 shares during the period. Finally, Massachusetts Financial Services Co. MA raised its stake in shares of Chevron by 32.1% in the third quarter. Massachusetts Financial Services Co. MA now owns 9,125,735 shares of the oil and gas company’s stock worth $1,417,135,000 after purchasing an additional 2,218,283 shares during the last quarter. 72.42% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of equities research analysts recently commented on the company. Wall Street Zen upgraded Chevron from a “sell” rating to a “hold” rating in a research report on Saturday, January 31st. Barclays upped their price objective on shares of Chevron from $158.00 to $166.00 and gave the company an “equal weight” rating in a report on Wednesday, January 21st. Freedom Capital cut shares of Chevron from a “hold” rating to a “strong sell” rating in a report on Tuesday, January 6th. Argus set a $203.00 target price on shares of Chevron in a research report on Tuesday, February 3rd. Finally, HSBC downgraded Chevron from a “buy” rating to a “hold” rating and set a $180.00 price target on the stock. in a research report on Monday, February 2nd. Twelve analysts have rated the stock with a Buy rating, seven have assigned a Hold rating and four have issued a Sell rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus price target of $175.00.

Insider Buying and Selling

In other news, insider Andrew Benjamin Walz sold 22,200 shares of the company’s stock in a transaction that occurred on Tuesday, February 3rd. The stock was sold at an average price of $176.53, for a total transaction of $3,918,966.00. Following the completion of the transaction, the insider directly owned 666 shares of the company’s stock, valued at $117,568.98. This represents a 97.09% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through this link. Also, CTO Thomas Ryder Booth sold 6,000 shares of the stock in a transaction that occurred on Tuesday, February 3rd. The shares were sold at an average price of $178.43, for a total value of $1,070,580.00. Following the transaction, the chief technology officer owned 476 shares in the company, valued at $84,932.68. This trade represents a 92.65% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold 793,158 shares of company stock valued at $127,919,578 in the last 90 days. Corporate insiders own 0.20% of the company’s stock.

Chevron Stock Performance

Shares of NYSE CVX opened at $182.70 on Tuesday. The company has a market capitalization of $367.87 billion, a PE ratio of 27.43, a price-to-earnings-growth ratio of 12.11 and a beta of 0.70. The company has a debt-to-equity ratio of 0.19, a quick ratio of 0.86 and a current ratio of 1.15. The company’s fifty day moving average price is $159.90 and its 200 day moving average price is $156.66. Chevron Corporation has a 1 year low of $132.04 and a 1 year high of $182.82.

Chevron (NYSE:CVX) last issued its quarterly earnings data on Friday, January 30th. The oil and gas company reported $1.52 earnings per share for the quarter, topping analysts’ consensus estimates of $1.44 by $0.08. Chevron had a net margin of 6.51% and a return on equity of 8.23%. The business had revenue of $45.79 billion during the quarter, compared to the consensus estimate of $48.18 billion. During the same quarter in the prior year, the firm posted $2.06 earnings per share. The company’s revenue was down 10.2% compared to the same quarter last year. On average, research analysts predict that Chevron Corporation will post 10.79 earnings per share for the current year.

Chevron Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, March 10th. Shareholders of record on Tuesday, February 17th will be given a dividend of $1.78 per share. This is an increase from Chevron’s previous quarterly dividend of $1.71. This represents a $7.12 dividend on an annualized basis and a yield of 3.9%. The ex-dividend date is Tuesday, February 17th. Chevron’s dividend payout ratio (DPR) is currently 102.70%.

Chevron Company Profile

Chevron Corporation (NYSE: CVX) is an American multinational energy company engaged in virtually all aspects of the oil and gas industry. As an integrated energy firm, Chevron’s core activities include upstream oil and natural gas exploration and production, midstream transportation and storage, downstream refining and marketing of fuels and lubricants, and petrochemical manufacturing through joint ventures and subsidiaries. The company markets fuels under brands such as Chevron, Texaco and Caltex and supplies a range of products and services to retail customers, industrial users and commercial fleets worldwide.

Chevron traces its corporate lineage to the early petroleum companies that eventually became Standard Oil of California and has evolved through significant mergers and restructurings, including the acquisitions of Gulf Oil and Texaco.