Pinnacle Associates Ltd. Sells 2,249 Shares of Chevron Corporation $CVX

Pinnacle Associates Ltd. cut its stake in shares of Chevron Corporation (NYSE:CVX) by 1.1% during the 2nd quarter, Holdings Channel reports. The fund owned 198,129 shares of the oil and gas company’s stock after selling 2,249 shares during the period. Pinnacle Associates Ltd.’s holdings in Chevron were worth $28,370,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also bought and sold shares of the company. Ignite Planners LLC increased its holdings in Chevron by 14.1% during the first quarter. Ignite Planners LLC now owns 12,316 shares of the oil and gas company’s stock worth $2,060,000 after buying an additional 1,519 shares during the last quarter. Vista Capital Partners Inc. boosted its position in shares of Chevron by 9.1% in the first quarter. Vista Capital Partners Inc. now owns 5,938 shares of the oil and gas company’s stock valued at $993,000 after acquiring an additional 495 shares during the period. Oregon Public Employees Retirement Fund boosted its position in shares of Chevron by 0.5% in the first quarter. Oregon Public Employees Retirement Fund now owns 143,914 shares of the oil and gas company’s stock valued at $24,075,000 after acquiring an additional 675 shares during the period. Capital Advisors Inc. OK boosted its position in shares of Chevron by 0.3% in the first quarter. Capital Advisors Inc. OK now owns 569,258 shares of the oil and gas company’s stock valued at $95,231,000 after acquiring an additional 1,755 shares during the period. Finally, GW&K Investment Management LLC lifted its position in Chevron by 33.8% during the first quarter. GW&K Investment Management LLC now owns 1,260 shares of the oil and gas company’s stock valued at $211,000 after purchasing an additional 318 shares during the last quarter. 72.42% of the stock is owned by institutional investors.

Chevron Stock Down 1.1%

Shares of CVX opened at $153.36 on Friday. The company has a quick ratio of 0.74, a current ratio of 1.00 and a debt-to-equity ratio of 0.16. The business has a fifty day moving average of $156.08 and a 200 day moving average of $148.85. Chevron Corporation has a 52-week low of $132.04 and a 52-week high of $168.96. The company has a market cap of $265.00 billion, a PE ratio of 19.74, a P/E/G ratio of 4.40 and a beta of 0.84.

Chevron (NYSE:CVX) last announced its quarterly earnings results on Friday, August 1st. The oil and gas company reported $1.77 EPS for the quarter, beating the consensus estimate of $1.58 by $0.19. Chevron had a return on equity of 9.90% and a net margin of 7.02%.The firm had revenue of $44.82 billion for the quarter, compared to analyst estimates of $44.59 billion. During the same quarter last year, the firm posted $2.55 earnings per share. The business’s revenue for the quarter was down 12.4% on a year-over-year basis. On average, sell-side analysts expect that Chevron Corporation will post 10.79 EPS for the current year.

Wall Street Analysts Forecast Growth

Several brokerages recently commented on CVX. Bank of America lifted their target price on shares of Chevron from $170.00 to $185.00 and gave the stock a “buy” rating in a research note on Wednesday, September 10th. Jefferies Financial Group restated a “buy” rating on shares of Chevron in a report on Friday, July 18th. Mizuho dropped their price target on shares of Chevron from $192.00 to $191.00 and set an “outperform” rating on the stock in a research note on Monday, September 15th. Melius assumed coverage on shares of Chevron in a research note on Wednesday, August 20th. They issued a “hold” rating and a $155.00 price target for the company. Finally, Raymond James Financial reiterated an “outperform” rating and issued a $160.00 price target (down from $170.00) on shares of Chevron in a research note on Friday, October 17th. One analyst has rated the stock with a Strong Buy rating, ten have issued a Buy rating, nine have issued a Hold rating and three have issued a Sell rating to the company’s stock. According to MarketBeat.com, Chevron has an average rating of “Hold” and a consensus price target of $165.25.

Insider Activity

In related news, Director John B. Hess sold 375,000 shares of the company’s stock in a transaction that occurred on Friday, August 22nd. The stock was sold at an average price of $158.30, for a total value of $59,362,500.00. Following the sale, the director owned 1,403,045 shares in the company, valued at $222,102,023.50. This represents a 21.09% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, VP Alana K. Knowles sold 3,978 shares of the business’s stock in a transaction that occurred on Friday, August 29th. The shares were sold at an average price of $160.00, for a total value of $636,480.00. Following the completion of the transaction, the vice president directly owned 1,181 shares of the company’s stock, valued at $188,960. The trade was a 77.11% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. 0.21% of the stock is currently owned by company insiders.

About Chevron

Chevron Corporation, through its subsidiaries, engages in the integrated energy and chemicals operations in the United States and internationally. The company operates in two segments, Upstream and Downstream. The Upstream segment is involved in the exploration, development, production, and transportation of crude oil and natural gas; processing, liquefaction, transportation, and regasification of liquefied natural gas; transportation of crude oil through pipelines; transportation, storage, and marketing of natural gas; and carbon capture and storage, as well as a gas-to-liquids plant.