Exchange Capital Management Inc. trimmed its stake in Chevron Co. (NYSE:CVX) by 7.3% in the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 13,224 shares of the oil and gas company’s stock after selling 1,037 shares during the period. Exchange Capital Management Inc.’s holdings in Chevron were worth $1,554,000 at the end of the most recent reporting period.
Several other large investors also recently bought and sold shares of CVX. Korea Investment CORP lifted its stake in shares of Chevron by 5.1% during the 2nd quarter. Korea Investment CORP now owns 1,476,610 shares of the oil and gas company’s stock worth $154,055,000 after acquiring an additional 72,173 shares during the last quarter. Numeric Investors LLC lifted its stake in shares of Chevron by 158.4% during the 2nd quarter. Numeric Investors LLC now owns 52,200 shares of the oil and gas company’s stock worth $5,446,000 after acquiring an additional 32,000 shares during the last quarter. Palisade Asset Management LLC lifted its stake in shares of Chevron by 20.5% during the 2nd quarter. Palisade Asset Management LLC now owns 109,154 shares of the oil and gas company’s stock worth $11,388,000 after acquiring an additional 18,541 shares during the last quarter. Toronto Dominion Bank lifted its stake in shares of Chevron by 24.7% during the 2nd quarter. Toronto Dominion Bank now owns 660,443 shares of the oil and gas company’s stock worth $68,894,000 after acquiring an additional 130,990 shares during the last quarter. Finally, Meeder Asset Management Inc. lifted its stake in shares of Chevron by 124.9% during the 2nd quarter. Meeder Asset Management Inc. now owns 48,670 shares of the oil and gas company’s stock worth $5,077,000 after acquiring an additional 27,034 shares during the last quarter. 63.84% of the stock is owned by institutional investors and hedge funds.
In other news, Vice Chairman Michael K. Wirth sold 1,229 shares of Chevron stock in a transaction on Tuesday, November 7th. The stock was sold at an average price of $118.00, for a total value of $145,022.00. Following the transaction, the insider now directly owns 1,229 shares in the company, valued at approximately $145,022. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Pierre R. Breber sold 23,250 shares of Chevron stock in a transaction on Monday, November 13th. The shares were sold at an average price of $116.85, for a total value of $2,716,762.50. The disclosure for this sale can be found here. Insiders sold a total of 288,500 shares of company stock worth $33,480,822 over the last quarter. Company insiders own 0.38% of the company’s stock.
Chevron (NYSE:CVX) last announced its quarterly earnings results on Friday, October 27th. The oil and gas company reported $1.03 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.99 by $0.04. Chevron had a return on equity of 4.59% and a net margin of 4.79%. The business had revenue of $36.21 billion for the quarter, compared to the consensus estimate of $34.06 billion. During the same period last year, the business posted $0.68 EPS. The business’s revenue was up 20.1% compared to the same quarter last year. sell-side analysts anticipate that Chevron Co. will post 4.35 earnings per share for the current fiscal year.
A number of brokerages have weighed in on CVX. Wells Fargo & Co reaffirmed a “market perform” rating and set a $108.00 target price (up from $100.00) on shares of Chevron in a research report on Tuesday, October 3rd. Bank of America reaffirmed a “buy” rating and set a $125.00 target price (up from $120.00) on shares of Chevron in a research report on Tuesday, October 3rd. Jefferies Group reaffirmed a “buy” rating and set a $130.00 target price on shares of Chevron in a research report on Tuesday, October 3rd. Barclays lifted their target price on Chevron from $120.00 to $130.00 and gave the company an “overweight” rating in a research report on Tuesday, October 10th. Finally, Wolfe Research raised Chevron from a “market perform” rating to an “outperform” rating in a research report on Monday, October 16th. Three analysts have rated the stock with a sell rating, ten have assigned a hold rating and fourteen have assigned a buy rating to the company’s stock. The company currently has a consensus rating of “Hold” and a consensus price target of $126.06.
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Chevron Company Profile
Chevron Corporation (Chevron) manages its investments in subsidiaries and affiliates, and provides administrative, financial, management and technology support to the United States and international subsidiaries that engage in integrated energy and chemicals operations. The Company operates through two business segments: Upstream and Downstream.
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