Financial Management Network Inc. cut its stake in Chevron Co. (NYSE:CVX) by 5.0% in the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 6,037 shares of the oil and gas company’s stock after selling 315 shares during the quarter. Financial Management Network Inc.’s holdings in Chevron were worth $632,000 as of its most recent SEC filing.
A number of other hedge funds have also added to or reduced their stakes in CVX. Stonehage Fleming Financial Services Holdings Ltd purchased a new stake in Chevron in the second quarter worth $30,000. Horan Securities Inc. increased its stake in shares of Chevron by 196.0% during the second quarter. Horan Securities Inc. now owns 296 shares of the oil and gas company’s stock valued at $31,000 after buying an additional 196 shares during the period. Newton One Investments LLC purchased a new position in shares of Chevron during the second quarter valued at $34,000. Capital Directions Investment Advisors LLC grew its stake in Chevron by 66.7% in the second quarter. Capital Directions Investment Advisors LLC now owns 375 shares of the oil and gas company’s stock valued at $39,000 after purchasing an additional 150 shares during the last quarter. Finally, Lake Point Wealth Management purchased a new position in Chevron in the second quarter valued at about $43,000. Institutional investors and hedge funds own 65.55% of the company’s stock.
Several equities analysts have issued reports on CVX shares. UBS Group upgraded Chevron from a “neutral” rating to a “buy” rating and set a $125.00 target price on the stock in a research note on Monday, November 15th. Mizuho reissued a “buy” rating on shares of Chevron in a report on Wednesday, November 3rd. Societe Generale assumed coverage on Chevron in a report on Friday, October 22nd. They set a “buy” rating and a $130.00 target price for the company. Truist lifted their target price on Chevron from $145.00 to $150.00 and gave the stock a “buy” rating in a report on Thursday, October 7th. Finally, Truist Securities lifted their target price on Chevron from $145.00 to $150.00 and gave the stock a “buy” rating in a report on Thursday, October 7th. Ten research analysts have rated the stock with a hold rating and sixteen have issued a buy rating to the company. According to MarketBeat.com, the company presently has an average rating of “Buy” and an average target price of $121.23.
Chevron (NYSE:CVX) last announced its quarterly earnings results on Thursday, October 28th. The oil and gas company reported $2.96 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $2.21 by $0.75. Chevron had a return on equity of 7.95% and a net margin of 7.10%. The business had revenue of $44.71 billion for the quarter, compared to analyst estimates of $40.89 billion. During the same quarter in the prior year, the company posted $0.11 EPS. The company’s quarterly revenue was up 82.9% on a year-over-year basis. On average, sell-side analysts expect that Chevron Co. will post 8.35 earnings per share for the current fiscal year.
The company also recently announced a quarterly dividend, which will be paid on Friday, December 10th. Investors of record on Thursday, November 18th will be paid a dividend of $1.34 per share. This represents a $5.36 annualized dividend and a yield of 4.55%. The ex-dividend date of this dividend is Wednesday, November 17th. Chevron’s payout ratio is 103.47%.
In other Chevron news, CEO Michael K. Wirth sold 26,250 shares of the company’s stock in a transaction dated Tuesday, November 16th. The stock was sold at an average price of $118.01, for a total transaction of $3,097,762.50. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, insider David A. Inchausti sold 5,600 shares of the company’s stock in a transaction dated Wednesday, October 20th. The stock was sold at an average price of $112.01, for a total value of $627,256.00. The disclosure for this sale can be found here. In the last three months, insiders have sold 325,651 shares of company stock worth $37,293,688. 0.29% of the stock is owned by corporate insiders.
Chevron Corp. engages in the provision of administrative, financial management, and technology support for energy and chemical operations. It operates through the Upstream and Downstream segments. The Upstream segment consists of exploration, development, and production of crude oil and natural gas; liquefaction, transportation, and regasification associated with liquefied natural gas; transporting crude oil by major international oil export pipelines; processing, transporting, storage, and marketing of natural gas; and a gas-to-liquids plant.
Receive News & Ratings for Chevron Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Chevron and related companies with MarketBeat.com's FREE daily email newsletter.