SeaCrest Wealth Management LLC reduced its stake in Chevron Co. (NYSE:CVX) by 2.7% during the 4th quarter, HoldingsChannel.com reports. The fund owned 66,987 shares of the oil and gas company’s stock after selling 1,831 shares during the quarter. Chevron accounts for 0.8% of SeaCrest Wealth Management LLC’s portfolio, making the stock its 17th largest position. SeaCrest Wealth Management LLC’s holdings in Chevron were worth $5,657,000 at the end of the most recent reporting period.
Several other hedge funds also recently modified their holdings of CVX. Community Trust & Investment Co. lifted its holdings in shares of Chevron by 0.9% in the 3rd quarter. Community Trust & Investment Co. now owns 109,445 shares of the oil and gas company’s stock worth $7,880,000 after acquiring an additional 961 shares during the last quarter. Pinnacle Associates Ltd. grew its position in Chevron by 6.9% during the 3rd quarter. Pinnacle Associates Ltd. now owns 71,538 shares of the oil and gas company’s stock worth $5,151,000 after purchasing an additional 4,636 shares during the last quarter. Tradewinds Capital Management LLC grew its position in Chevron by 12.3% during the 3rd quarter. Tradewinds Capital Management LLC now owns 7,063 shares of the oil and gas company’s stock worth $509,000 after purchasing an additional 773 shares during the last quarter. Steel Peak Wealth Management LLC grew its position in Chevron by 58.2% during the 3rd quarter. Steel Peak Wealth Management LLC now owns 97,151 shares of the oil and gas company’s stock worth $6,995,000 after purchasing an additional 35,723 shares during the last quarter. Finally, Mayfair Advisory Group LLC grew its position in Chevron by 40.4% during the 3rd quarter. Mayfair Advisory Group LLC now owns 3,362 shares of the oil and gas company’s stock worth $242,000 after purchasing an additional 967 shares during the last quarter. Hedge funds and other institutional investors own 62.27% of the company’s stock.
In other news, CEO Michael K. Wirth sold 132,000 shares of the business’s stock in a transaction on Tuesday, January 19th. The shares were sold at an average price of $94.73, for a total transaction of $12,504,360.00. Following the transaction, the chief executive officer now directly owns 132,000 shares of the company’s stock, valued at $12,504,360. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, CFO Pierre R. Breber sold 13,000 shares of the business’s stock in a transaction on Wednesday, January 20th. The stock was sold at an average price of $95.00, for a total transaction of $1,235,000.00. Following the transaction, the chief financial officer now directly owns 13,686 shares in the company, valued at $1,300,170. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 159,700 shares of company stock valued at $15,133,067. 0.28% of the stock is owned by insiders.
Chevron (NYSE:CVX) last released its earnings results on Thursday, January 28th. The oil and gas company reported ($0.01) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.08 by ($0.09). Chevron had a negative net margin of 10.86% and a positive return on equity of 1.75%. The company had revenue of $25.25 billion during the quarter, compared to analysts’ expectations of $25.97 billion. During the same quarter in the previous year, the firm posted $1.49 earnings per share. Chevron’s revenue for the quarter was down 30.5% compared to the same quarter last year. As a group, research analysts expect that Chevron Co. will post 0.03 earnings per share for the current year.
The business also recently announced a quarterly dividend, which will be paid on Wednesday, March 10th. Investors of record on Wednesday, February 17th will be issued a $1.29 dividend. The ex-dividend date of this dividend is Tuesday, February 16th. This represents a $5.16 dividend on an annualized basis and a yield of 5.24%. Chevron’s payout ratio is 82.30%.
CVX has been the topic of several research reports. Zacks Investment Research raised shares of Chevron from a “hold” rating to a “strong-buy” rating and set a $102.00 price objective on the stock in a research report on Friday, January 29th. Smith Barney Citigroup raised their target price on shares of Chevron from $69.00 to $90.00 in a research note on Wednesday, December 9th. Barclays raised their target price on shares of Chevron from $108.00 to $110.00 and gave the stock an “overweight” rating in a research note on Thursday, January 14th. Wells Fargo & Company reduced their target price on shares of Chevron from $105.00 to $99.00 and set an “equal weight” rating for the company in a research note on Monday, February 1st. Finally, Credit Suisse Group raised their target price on shares of Chevron from $110.00 to $115.00 and gave the stock an “outperform” rating in a research note on Tuesday, February 16th. Nine analysts have rated the stock with a hold rating, eighteen have issued a buy rating and one has assigned a strong buy rating to the stock. Chevron presently has a consensus rating of “Buy” and a consensus target price of $104.62.
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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