Chevron Co. (NYSE:CVX) Shares Sold by Pinnacle Associates Ltd.

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Pinnacle Associates Ltd. decreased its position in Chevron Co. (NYSE:CVX) by 1.8% during the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 76,694 shares of the oil and gas company’s stock after selling 1,415 shares during the quarter. Pinnacle Associates Ltd.’s holdings in Chevron were worth $9,544,000 at the end of the most recent quarter.

A number of other large investors have also recently modified their holdings of CVX. Fisher Asset Management LLC raised its holdings in Chevron by 3.4% during the second quarter. Fisher Asset Management LLC now owns 5,039,254 shares of the oil and gas company’s stock worth $627,085,000 after purchasing an additional 166,952 shares in the last quarter. Rhumbline Advisers raised its holdings in Chevron by 1.1% during the fourth quarter. Rhumbline Advisers now owns 3,439,855 shares of the oil and gas company’s stock worth $374,222,000 after purchasing an additional 36,737 shares in the last quarter. Thoroughbred Financial Services LLC raised its holdings in Chevron by 12,204.4% during the second quarter. Thoroughbred Financial Services LLC now owns 3,259,805 shares of the oil and gas company’s stock worth $325,980,000 after purchasing an additional 3,233,312 shares in the last quarter. Investec Asset Management LTD raised its holdings in Chevron by 33.0% during the second quarter. Investec Asset Management LTD now owns 2,139,343 shares of the oil and gas company’s stock worth $266,220,000 after purchasing an additional 530,897 shares in the last quarter. Finally, TD Asset Management Inc. raised its holdings in Chevron by 2.7% during the second quarter. TD Asset Management Inc. now owns 1,993,109 shares of the oil and gas company’s stock worth $248,022,000 after purchasing an additional 51,804 shares in the last quarter. 66.45% of the stock is currently owned by hedge funds and other institutional investors.

In other news, Chairman Michael K. Wirth sold 33,750 shares of the firm’s stock in a transaction that occurred on Friday, June 21st. The shares were sold at an average price of $125.60, for a total transaction of $4,239,000.00. Following the transaction, the chairman now directly owns 33,750 shares in the company, valued at $4,239,000. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, Director Debra L. Reed bought 4,250 shares of the stock in a transaction dated Wednesday, August 7th. The shares were acquired at an average price of $118.14 per share, for a total transaction of $502,095.00. The disclosure for this purchase can be found here. Over the last 90 days, insiders have sold 51,750 shares of company stock worth $6,448,700. Insiders own 0.31% of the company’s stock.

Shares of CVX opened at $116.89 on Friday. The company has a current ratio of 1.15, a quick ratio of 0.91 and a debt-to-equity ratio of 0.16. The firm has a market cap of $220.46 billion, a PE ratio of 14.17, a price-to-earnings-growth ratio of 2.80 and a beta of 1.00. The company’s 50 day simple moving average is $122.30 and its 200-day simple moving average is $121.40. Chevron Co. has a 12-month low of $100.22 and a 12-month high of $127.60.

Chevron (NYSE:CVX) last announced its earnings results on Friday, August 2nd. The oil and gas company reported $2.27 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.74 by $0.53. The business had revenue of $38.85 billion for the quarter, compared to analyst estimates of $40.14 billion. Chevron had a net margin of 9.18% and a return on equity of 9.58%. The company’s revenue for the quarter was down 8.0% compared to the same quarter last year. During the same period last year, the firm posted $1.78 earnings per share. As a group, equities research analysts forecast that Chevron Co. will post 6.93 EPS for the current fiscal year.

The firm also recently announced 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. The ex-dividend date of this dividend is Friday, August 16th. This represents a $4.76 dividend on an annualized basis and a dividend yield of 4.07%. Chevron’s dividend payout ratio (DPR) is presently 57.70%.

A number of analysts have weighed in on the stock. Citigroup assumed coverage on shares of Chevron in a report on Monday, May 13th. They set a “buy” rating and a $135.00 price objective on the stock. Barclays assumed coverage on shares of Chevron in a report on Monday. They set an “overweight” rating and a $145.00 price objective on the stock. Morgan Stanley cut their price objective on shares of Chevron from $146.00 to $144.00 and set an “overweight” rating on the stock in a report on Friday, July 12th. BMO Capital Markets assumed coverage on shares of Chevron in a report on Tuesday. They set an “outperform” rating and a $165.00 price objective on the stock. Finally, Zacks Investment Research cut shares of Chevron from a “buy” rating to a “hold” rating in a report on Tuesday, May 7th. Five investment analysts have rated the stock with a hold rating, fourteen have issued a buy rating and one has issued a strong buy rating to the company. Chevron presently has an average rating of “Buy” and a consensus price target of $136.78.

About Chevron

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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Institutional Ownership by Quarter for Chevron (NYSE:CVX)

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