Pacific Heights Asset Management LLC Sells 25,000 Shares of Chevron Co. (CVX)

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Pacific Heights Asset Management LLC lessened its holdings in shares of Chevron Co. (NYSE:CVX) by 14.3% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 150,000 shares of the oil and gas company’s stock after selling 25,000 shares during the period. Chevron makes up approximately 2.0% of Pacific Heights Asset Management LLC’s portfolio, making the stock its 11th biggest holding. Pacific Heights Asset Management LLC’s holdings in Chevron were worth $18,342,000 as of its most recent SEC filing.

A number of other hedge funds have also made changes to their positions in the stock. Morgan Stanley grew its holdings in Chevron by 3.8% during the second quarter. Morgan Stanley now owns 16,986,164 shares of the oil and gas company’s stock worth $2,147,560,000 after acquiring an additional 626,514 shares during the period. Dimensional Fund Advisors LP grew its holdings in Chevron by 1.5% during the second quarter. Dimensional Fund Advisors LP now owns 13,217,173 shares of the oil and gas company’s stock worth $1,671,000,000 after acquiring an additional 190,647 shares during the period. Schwab Charles Investment Management Inc. grew its holdings in Chevron by 2.3% during the second quarter. Schwab Charles Investment Management Inc. now owns 8,933,341 shares of the oil and gas company’s stock worth $1,129,443,000 after acquiring an additional 204,547 shares during the period. Standard Life Aberdeen plc grew its holdings in Chevron by 78.9% during the second quarter. Standard Life Aberdeen plc now owns 6,790,689 shares of the oil and gas company’s stock worth $858,547,000 after acquiring an additional 2,994,612 shares during the period. Finally, Sumitomo Mitsui Trust Holdings Inc. grew its holdings in Chevron by 2.1% during the third quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 6,522,445 shares of the oil and gas company’s stock worth $797,565,000 after acquiring an additional 131,239 shares during the period. 64.62% of the stock is currently owned by hedge funds and other institutional investors.

CVX opened at $119.31 on Wednesday. The company has a current ratio of 1.22, a quick ratio of 1.01 and a debt-to-equity ratio of 0.19. Chevron Co. has a one year low of $100.22 and a one year high of $131.08. The firm has a market cap of $228.05 billion, a price-to-earnings ratio of 14.46, a PEG ratio of 4.09 and a beta of 1.02.

Chevron (NYSE:CVX) last issued its quarterly earnings data on Friday, February 1st. The oil and gas company reported $1.95 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $1.87 by $0.08. Chevron had a return on equity of 9.82% and a net margin of 8.91%. The business had revenue of $42.35 billion for the quarter, compared to the consensus estimate of $41.46 billion. During the same period in the prior year, the business earned $1.64 earnings per share. The business’s revenue was up 12.6% on a year-over-year basis. On average, equities analysts anticipate that Chevron Co. will post 6.62 earnings per share for the current year.

The business also recently disclosed a quarterly dividend, which will be paid on Monday, March 11th. Stockholders of record on Friday, February 15th will be given a $1.19 dividend. This is an increase from Chevron’s previous quarterly dividend of $1.12. This represents a $4.76 annualized dividend and a dividend yield of 3.99%. The ex-dividend date of this dividend is Thursday, February 14th. Chevron’s dividend payout ratio is currently 57.70%.

In other news, insider Jeanette L. Ourada sold 7,200 shares of the company’s stock in a transaction on Monday, February 4th. The stock was sold at an average price of $116.50, for a total value of $838,800.00. Following the sale, the insider now directly owns 7,200 shares in the company, valued at $838,800. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, EVP James William Johnson sold 4,750 shares of the company’s stock in a transaction on Monday, December 3rd. The shares were sold at an average price of $120.92, for a total value of $574,370.00. Following the completion of the sale, the executive vice president now owns 4,750 shares in the company, valued at $574,370. The disclosure for this sale can be found here. Insiders sold 26,200 shares of company stock worth $3,072,725 over the last 90 days. Company insiders own 0.46% of the company’s stock.

CVX has been the topic of a number of recent analyst reports. Piper Jaffray Companies reaffirmed an “overweight” rating on shares of Chevron in a report on Tuesday, October 23rd. UBS Group upgraded Chevron from a “neutral” rating to a “buy” rating and set a $112.95 target price on the stock in a research report on Friday, January 18th. Credit Suisse Group reiterated a “buy” rating and set a $130.00 target price on shares of Chevron in a research report on Wednesday, December 19th. Wells Fargo & Co decreased their target price on Chevron from $160.00 to $158.00 and set an “outperform” rating on the stock in a research report on Monday, November 5th. Finally, Zacks Investment Research downgraded Chevron from a “hold” rating to a “strong sell” rating in a research report on Thursday, January 3rd. Nine investment analysts have rated the stock with a hold rating, ten have issued a buy rating and one has given a strong buy rating to the stock. The company has a consensus rating of “Buy” and an average price target of $133.20.

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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.

Further Reading: Understanding Specialty Certificates of Deposit

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Institutional Ownership by Quarter for Chevron (NYSE:CVX)

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