Laurel Wealth Advisors Inc. decreased its position in shares of Chevron Co. (NYSE:CVX) by 0.3% in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 44,791 shares of the oil and gas company’s stock after selling 140 shares during the period. Chevron accounts for approximately 1.2% of Laurel Wealth Advisors Inc.’s portfolio, making the stock its 11th biggest position. Laurel Wealth Advisors Inc.’s holdings in Chevron were worth $5,574,000 at the end of the most recent reporting period.
A number of other hedge funds and other institutional investors also recently bought and sold shares of the business. Guidant Wealth Advisors increased its stake in Chevron by 63.9% during the second 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 during the period. Evolution Wealth Advisors LLC bought a new position in Chevron during the second quarter valued at about $34,000. Cordasco Financial Network increased its stake in Chevron by 55.3% during the second 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 during the period. CKW Financial Group increased its stake in Chevron by 154.0% during the second quarter. CKW Financial Group now owns 414 shares of the oil and gas company’s stock valued at $51,000 after acquiring an additional 251 shares during the period. Finally, Next Capital Management LLC bought a new position in Chevron during the second quarter valued at about $52,000. Institutional investors own 65.79% of the company’s stock.
Several equities analysts recently issued reports on the company. Cowen set a $140.00 price target on Chevron and gave the company a “buy” rating in a research note on Friday, August 30th. Barclays initiated coverage on Chevron in a report on Monday, August 19th. They set an “overweight” rating and a $145.00 price objective on the stock. Morgan Stanley decreased their price objective on Chevron from $146.00 to $144.00 and set an “overweight” rating on the stock in a report on Friday, July 12th. ValuEngine downgraded Chevron from a “hold” rating to a “sell” rating in a report on Wednesday. Finally, BMO Capital Markets initiated coverage on Chevron in a report on Tuesday, August 20th. They set an “outperform” rating and a $165.00 price objective on the stock. One analyst has rated the stock with a sell rating, five have issued a hold rating, fourteen 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 price target of $136.22.
Chevron (NYSE:CVX) last announced its earnings results on Friday, August 2nd. The oil and gas company reported $2.27 EPS for the quarter, topping the consensus estimate of $1.74 by $0.53. The business had revenue of $38.85 billion for the quarter, compared to the consensus estimate of $40.14 billion. Chevron had a return on equity of 9.58% and a net margin of 9.18%. Chevron’s revenue was down 8.0% compared to the same quarter last year. During the same period in the previous year, the business earned $1.78 EPS. Equities research analysts expect that Chevron Co. will post 6.64 EPS for the current fiscal year.
The firm also recently announced a quarterly dividend, which was paid on Tuesday, September 10th. Stockholders of record on Monday, August 19th were issued a $1.19 dividend. This represents a $4.76 annualized dividend and a dividend yield of 3.91%. The ex-dividend date of this dividend was Friday, August 16th. Chevron’s payout ratio is currently 57.70%.
In other news, Chairman Michael K. Wirth sold 33,750 shares of the business’s stock in a transaction that occurred on Friday, June 21st. The stock was sold at an average price of $125.60, for a total value of $4,239,000.00. Following the transaction, the chairman now directly owns 33,750 shares of the company’s stock, valued at approximately $4,239,000. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, EVP Joseph C. Geagea sold 15,000 shares of the business’s stock in a transaction that occurred on Wednesday, August 28th. The stock was sold at an average price of $116.98, for a total value of $1,754,700.00. Following the completion of the transaction, the executive vice president now directly owns 6,243 shares in the company, valued at $730,306.14. The disclosure for this sale can be found here. Insiders sold a total of 71,750 shares of company stock worth $8,793,900 over the last three months. 0.31% of the stock is owned by company insiders.
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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