Gradient Investments LLC Reduces Holdings in Chevron Co. (CVX)

Gradient Investments LLC lowered its stake in Chevron Co. (NYSE:CVX) by 10.9% during the 2nd quarter, HoldingsChannel reports. The institutional investor owned 88,716 shares of the oil and gas company’s stock after selling 10,901 shares during the period. Chevron accounts for approximately 0.6% of Gradient Investments LLC’s holdings, making the stock its 22nd biggest position. Gradient Investments LLC’s holdings in Chevron were worth $11,216,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently bought and sold shares of CVX. Reilly Herbert Faulkner III raised its stake in Chevron by 4.5% during the 1st quarter. Reilly Herbert Faulkner III now owns 30,697 shares of the oil and gas company’s stock valued at $3,501,000 after purchasing an additional 1,334 shares during the period. AMG National Trust Bank raised its stake in Chevron by 19.6% during the 2nd quarter. AMG National Trust Bank now owns 6,354 shares of the oil and gas company’s stock valued at $803,000 after purchasing an additional 1,041 shares during the period. Fiera Capital Corp raised its stake in Chevron by 1.6% during the 1st quarter. Fiera Capital Corp now owns 298,283 shares of the oil and gas company’s stock valued at $34,016,000 after purchasing an additional 4,800 shares during the period. BP PLC raised its stake in Chevron by 10.6% during the 2nd quarter. BP PLC now owns 240,000 shares of the oil and gas company’s stock valued at $30,334,000 after purchasing an additional 23,000 shares during the period. Finally, Altman Advisors Inc. raised its stake in Chevron by 84.8% during the 2nd quarter. Altman Advisors Inc. now owns 32,450 shares of the oil and gas company’s stock valued at $2,115,000 after purchasing an additional 14,891 shares during the period. 64.66% of the stock is currently owned by institutional investors.

Several analysts have issued reports on CVX shares. Goldman Sachs Group raised shares of Chevron from a “buy” rating to a “conviction-buy” rating in a research note on Tuesday, October 2nd. Royal Bank of Canada set a $150.00 target price on shares of Chevron and gave the company a “hold” rating in a research note on Thursday, September 20th. Zacks Investment Research raised shares of Chevron from a “hold” rating to a “buy” rating and set a $137.00 target price on the stock in a research note on Monday, October 1st. Bank of America downgraded shares of Chevron from a “buy” rating to a “neutral” rating and cut their target price for the company from $150.00 to $135.00 in a research note on Thursday, September 6th. Finally, Piper Jaffray Companies reissued an “overweight” rating on shares of Chevron in a research note on Tuesday, October 23rd. Eight equities research analysts have rated the stock with a hold rating, sixteen have issued a buy rating and one has issued a strong buy rating to the company’s stock. The company has an average rating of “Buy” and an average target price of $138.13.

In other news, insider James William Johnson sold 4,750 shares of the company’s stock in a transaction on Thursday, October 11th. The shares were sold at an average price of $119.97, for a total value of $569,857.50. Following the transaction, the insider now directly owns 4,750 shares of the company’s stock, valued at $569,857.50. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Corporate insiders own 0.38% of the company’s stock.

NYSE CVX opened at $119.36 on Friday. Chevron Co. has a 1-year low of $107.54 and a 1-year high of $133.88. The company has a debt-to-equity ratio of 0.20, a quick ratio of 0.87 and a current ratio of 1.08. The firm has a market capitalization of $227.83 billion, a PE ratio of 18.24, a P/E/G ratio of 2.05 and a beta of 1.12.

Chevron (NYSE:CVX) last posted its quarterly earnings results on Friday, November 2nd. The oil and gas company reported $2.11 earnings per share for the quarter, topping the Zacks’ consensus estimate of $2.06 by $0.05. Chevron had a net margin of 8.79% and a return on equity of 8.24%. The business had revenue of $43.99 billion for the quarter, compared to the consensus estimate of $47.17 billion. During the same period in the prior year, the business posted $1.03 earnings per share. Chevron’s revenue for the quarter was up 21.5% compared to the same quarter last year. On average, sell-side analysts predict that Chevron Co. will post 8.34 EPS for the current year.

The business also recently declared a quarterly dividend, which will be paid on Monday, December 10th. Stockholders of record on Friday, November 16th will be paid a $1.12 dividend. This represents a $4.48 dividend on an annualized basis and a dividend yield of 3.75%. The ex-dividend date of this dividend is Thursday, November 15th. Chevron’s dividend payout ratio (DPR) is presently 121.08%.

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Chevron Company Profile

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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