River Wealth Advisors LLC lifted its position in Chevron Co. (NYSE:CVX) by 5.8% during the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 32,193 shares of the oil and gas company’s stock after buying an additional 1,773 shares during the quarter. Chevron makes up approximately 1.6% of River Wealth Advisors LLC’s portfolio, making the stock its 16th biggest holding. River Wealth Advisors LLC’s holdings in Chevron were worth $4,006,000 at the end of the most recent reporting period.
Several other institutional investors have also recently made changes to their positions in CVX. Thoroughbred Financial Services LLC lifted its holdings in shares of Chevron by 12,204.4% in 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 buying an additional 3,233,312 shares in the last quarter. PGGM Investments purchased a new stake in shares of Chevron in the second quarter worth about $164,371,000. Nordea Investment Management AB lifted its holdings in shares of Chevron by 298.6% in the fourth quarter. Nordea Investment Management AB now owns 1,695,198 shares of the oil and gas company’s stock worth $184,416,000 after buying an additional 1,269,889 shares in the last quarter. Royal London Asset Management Ltd. purchased a new stake in shares of Chevron in the fourth quarter worth about $88,758,000. Finally, Investec Asset Management LTD lifted its holdings in shares of Chevron by 33.0% in 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 buying an additional 530,897 shares in the last quarter. 65.90% of the stock is currently owned by hedge funds and other institutional investors.
In other Chevron news, Director Enrique Hernandez, Jr. sold 2,100 shares of the stock in a transaction that occurred on Tuesday, May 21st. The shares were sold at an average price of $121.75, for a total transaction of $255,675.00. Following the transaction, the director now directly owns 15,689 shares in the company, valued at $1,910,135.75. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Joseph C. Geagea sold 8,000 shares of the stock in a transaction that occurred on Tuesday, August 13th. The shares were sold at an average price of $122.50, for a total transaction of $980,000.00. Following the transaction, the insider now owns 9,243 shares in the company, valued at $1,132,267.50. The disclosure for this sale can be found here. Insiders sold 53,850 shares of company stock worth $6,704,375 over the last ninety days. 0.31% of the stock is currently owned by insiders.
Chevron (NYSE:CVX) last announced its earnings results on Friday, August 2nd. The oil and gas company reported $2.27 earnings per share for the quarter, beating analysts’ consensus estimates 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 net margin of 9.18% and a return on equity of 9.58%. Chevron’s quarterly revenue was down 8.0% on a year-over-year basis. During the same period last year, the firm posted $1.78 earnings per share. On average, equities analysts anticipate that Chevron Co. will post 6.81 earnings per share for the current year.
The business also recently announced a quarterly dividend, which will be paid on Tuesday, September 10th. Investors of record on Monday, August 19th will be paid a $1.19 dividend. This represents a $4.76 dividend on an annualized basis and a yield of 4.07%. The ex-dividend date of this dividend is Friday, August 16th. Chevron’s dividend payout ratio is currently 57.70%.
A number of brokerages have recently issued reports on CVX. Citigroup began coverage on shares of Chevron in a report on Monday, May 13th. They issued a “buy” rating and a $135.00 price target on the stock. Morgan Stanley lowered their price target 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. Finally, Zacks Investment Research downgraded shares of Chevron from a “buy” rating to a “hold” rating in a report on Tuesday, May 7th. Five research analysts have rated the stock with a hold rating, thirteen have issued a buy rating and one has issued a strong buy rating to the company’s stock. Chevron has an average rating of “Buy” and an average target price of $135.41.
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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