Armbruster Capital Management Inc. reduced its position in Chevron Co. (NYSE:CVX) by 3.0% during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 3,274 shares of the oil and gas company’s stock after selling 100 shares during the period. Armbruster Capital Management Inc.’s holdings in Chevron were worth $407,000 at the end of the most recent quarter.
A number of other hedge funds have also recently modified their holdings of CVX. Hamilton Point Investment Advisors LLC raised its holdings in shares of Chevron by 0.7% in the 2nd quarter. Hamilton Point Investment Advisors LLC now owns 25,629 shares of the oil and gas company’s stock worth $3,189,000 after buying an additional 168 shares in the last quarter. NuWave Investment Management LLC raised its holdings in shares of Chevron by 31.3% in the 2nd quarter. NuWave Investment Management LLC now owns 9,776 shares of the oil and gas company’s stock worth $1,217,000 after buying an additional 2,328 shares in the last quarter. Bank of The West raised its holdings in shares of Chevron by 4.2% in the 2nd quarter. Bank of The West now owns 90,288 shares of the oil and gas company’s stock worth $11,235,000 after buying an additional 3,665 shares in the last quarter. Bourgeon Capital Management LLC increased its holdings in Chevron by 8.4% during the 2nd quarter. Bourgeon Capital Management LLC now owns 19,333 shares of the oil and gas company’s stock valued at $2,406,000 after purchasing an additional 1,500 shares in the last quarter. Finally, MainStreet Investment Advisors LLC increased its holdings in Chevron by 2.4% during the 2nd quarter. MainStreet Investment Advisors LLC now owns 90,871 shares of the oil and gas company’s stock valued at $11,308,000 after purchasing an additional 2,125 shares in the last quarter. 65.90% of the stock is currently owned by institutional investors.
A number of equities research analysts recently weighed in on CVX shares. Zacks Investment Research cut Chevron from a “buy” rating to a “hold” rating in a report on Tuesday, May 7th. Morgan Stanley lowered their target price on Chevron from $146.00 to $144.00 and set an “overweight” rating for the company in a research note on Friday, July 12th. Finally, Citigroup began coverage on Chevron in a research note on Monday, May 13th. They issued a “buy” rating and a $135.00 target price for the company. Five equities research analysts have rated the stock with a hold rating, thirteen have issued a buy rating and one has assigned a strong buy rating to the company’s stock. The stock presently has an average rating of “Buy” and an average price target of $135.41.
Chevron (NYSE:CVX) last issued its quarterly earnings data 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 company had revenue of $38.85 billion during the quarter, compared to analysts’ expectations of $40.14 billion. Chevron had a return on equity of 9.58% and a net margin of 9.18%. The business’s revenue was down 8.0% on a year-over-year basis. During the same quarter in the previous year, the company posted $1.78 earnings per share. On average, equities analysts expect that Chevron Co. will post 6.84 EPS for the current year.
The business also recently declared 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 annualized dividend and a dividend yield of 4.07%. The ex-dividend date is Friday, August 16th. Chevron’s dividend payout ratio (DPR) is currently 57.70%.
In other Chevron news, Director Debra L. Reed bought 4,250 shares of the business’s stock in a transaction on Wednesday, August 7th. The stock was purchased at an average cost of $118.14 per share, for a total transaction of $502,095.00. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Enrique Hernandez, Jr. sold 2,100 shares of the company’s stock in a transaction on Tuesday, May 21st. The stock was sold at an average price of $121.75, for a total transaction of $255,675.00. Following the transaction, the director now owns 15,689 shares of the company’s stock, valued at $1,910,135.75. The disclosure for this sale can be found here. Over the last quarter, insiders sold 53,850 shares of company stock valued at $6,704,375. 0.31% of the stock is currently owned by corporate 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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