Zurich Insurance Group Ltd FI Cuts Stake in Chevron Co. (NYSE:CVX)

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Zurich Insurance Group Ltd FI reduced its stake in shares of Chevron Co. (NYSE:CVX) by 10.1% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 333,367 shares of the oil and gas company’s stock after selling 37,314 shares during the quarter. Chevron comprises approximately 0.8% of Zurich Insurance Group Ltd FI’s holdings, making the stock its 23rd largest position. Zurich Insurance Group Ltd FI’s holdings in Chevron were worth $41,484,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently made changes to their positions in CVX. WealthTrust Axiom LLC increased its holdings in Chevron by 5.1% during the fourth quarter. WealthTrust Axiom LLC now owns 25,262 shares of the oil and gas company’s stock worth $2,748,000 after buying an additional 1,231 shares during the last quarter. Wright Investors Service Inc. increased its holdings in Chevron by 313.5% during the fourth quarter. Wright Investors Service Inc. now owns 9,891 shares of the oil and gas company’s stock worth $1,076,000 after buying an additional 7,499 shares during the last quarter. Financial Architects Inc increased its holdings in Chevron by 1.8% during the fourth quarter. Financial Architects Inc now owns 11,024 shares of the oil and gas company’s stock worth $1,199,000 after buying an additional 197 shares during the last quarter. Brightworth increased its holdings in Chevron by 0.8% during the fourth quarter. Brightworth now owns 56,965 shares of the oil and gas company’s stock worth $6,197,000 after buying an additional 466 shares during the last quarter. Finally, Johanson Financial Advisors Inc. increased its holdings in Chevron by 14.3% during the fourth quarter. Johanson Financial Advisors Inc. now owns 9,289 shares of the oil and gas company’s stock worth $1,008,000 after buying an additional 1,162 shares during the last quarter. 65.61% of the stock is owned by institutional investors and hedge funds.

CVX has been the subject of several recent research reports. Morgan Stanley reduced their target price on shares of Chevron from $146.00 to $144.00 and set an “overweight” rating for the company in a research note on Friday, July 12th. Barclays initiated coverage on shares of Chevron in a research note on Monday, August 19th. They issued an “overweight” rating and a $145.00 target price for the company. Cowen set a $140.00 target price on shares of Chevron and gave the stock a “buy” rating in a research note on Friday, August 30th. Independent Research set a $127.00 target price on shares of Chevron and gave the stock a “neutral” rating in a research note on Thursday, August 29th. Finally, ValuEngine downgraded shares of Chevron from a “hold” rating to a “sell” rating in a research note on Wednesday, September 11th. One analyst has rated the stock with a sell rating, five have given a hold rating, fourteen have given a buy rating and one has given a strong buy rating to the company’s stock. Chevron has an average rating of “Buy” and a consensus target price of $136.22.

Shares of NYSE CVX traded up $0.53 during mid-day trading on Friday, hitting $124.19. The stock had a trading volume of 5,092,280 shares, compared to its average volume of 5,330,008. The company has a debt-to-equity ratio of 0.16, a quick ratio of 0.91 and a current ratio of 1.15. Chevron Co. has a 1 year low of $100.22 and a 1 year high of $127.60. The business has a 50 day moving average price of $119.22 and a two-hundred day moving average price of $121.38. The firm has a market cap of $235.20 billion, a P/E ratio of 15.05, a price-to-earnings-growth ratio of 3.11 and a beta of 1.01.

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, beating the Zacks’ consensus estimate 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%. The company’s quarterly revenue was down 8.0% compared to the same quarter last year. During the same period in the previous year, the firm earned $1.78 EPS. Equities research analysts predict that Chevron Co. will post 6.64 EPS for the current fiscal year.

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, September 10th. Shareholders of record on Monday, August 19th were given a dividend of $1.19 per share. This represents a $4.76 dividend on an annualized basis and a yield of 3.83%. The ex-dividend date was Friday, August 16th. Chevron’s payout ratio is currently 57.70%.

In other news, CEO Michael K. Wirth sold 33,750 shares of the company’s stock in a transaction dated Monday, September 16th. The shares were sold at an average price of $125.00, for a total value of $4,218,750.00. Following the sale, the chief executive officer now directly owns 33,750 shares of the company’s stock, valued at approximately $4,218,750. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO Pierre R. Breber sold 15,000 shares of the company’s stock in a transaction dated Monday, September 16th. The stock was sold at an average price of $124.97, for a total transaction of $1,874,550.00. The disclosure for this sale can be found here. Over the last three months, insiders have sold 86,750 shares of company stock worth $10,648,200. Insiders own 0.31% of the company’s stock.

Chevron 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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