Miller Investment Management LP Lowers Stake in Chevron Corporation $CVX

Miller Investment Management LP lessened its holdings in Chevron Corporation (NYSE:CVX) by 40.9% during the third quarter, Holdings Channel.com reports. The firm owned 6,045 shares of the oil and gas company’s stock after selling 4,175 shares during the quarter. Miller Investment Management LP’s holdings in Chevron were worth $939,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also made changes to their positions in the company. Perigon Wealth Management LLC boosted its stake in Chevron by 19.3% during the 3rd quarter. Perigon Wealth Management LLC now owns 73,448 shares of the oil and gas company’s stock valued at $11,406,000 after purchasing an additional 11,875 shares during the last quarter. New York State Teachers Retirement System raised its stake in shares of Chevron by 15.3% in the third quarter. New York State Teachers Retirement System now owns 1,620,231 shares of the oil and gas company’s stock worth $251,606,000 after purchasing an additional 215,345 shares during the last quarter. Pictet North America Advisors SA bought a new position in shares of Chevron during the third quarter valued at $5,662,000. New York State Common Retirement Fund boosted its position in shares of Chevron by 10.2% during the third quarter. New York State Common Retirement Fund now owns 1,894,470 shares of the oil and gas company’s stock valued at $294,192,000 after buying an additional 175,439 shares during the last quarter. Finally, Envestnet Asset Management Inc. boosted its position in shares of Chevron by 8.7% during the third quarter. Envestnet Asset Management Inc. now owns 4,891,609 shares of the oil and gas company’s stock valued at $759,618,000 after buying an additional 389,694 shares during the last quarter. Institutional investors own 72.42% of the company’s stock.

Wall Street Analyst Weigh In

A number of brokerages have weighed in on CVX. Wall Street Zen raised Chevron from a “sell” rating to a “hold” rating in a research report on Saturday, January 31st. Freedom Capital lowered shares of Chevron from a “hold” rating to a “strong sell” rating in a research note on Tuesday, January 6th. Barclays boosted their price objective on shares of Chevron from $158.00 to $166.00 and gave the company an “equal weight” rating in a report on Wednesday, January 21st. Bank of America dropped their target price on shares of Chevron from $183.00 to $180.00 and set a “buy” rating on the stock in a report on Thursday, December 11th. Finally, Citigroup cut their target price on shares of Chevron from $185.00 to $179.00 and set a “buy” rating for the company in a research report on Monday, January 5th. Thirteen equities research analysts have rated the stock with a Buy rating, seven have assigned a Hold rating and four have given a Sell rating to the stock. According to data from MarketBeat, Chevron presently has an average rating of “Hold” and a consensus target price of $176.36.

Insider Buying and Selling

In related news, CFO Eimear P. Bonner sold 32,100 shares of Chevron stock in a transaction on Friday, January 30th. The stock was sold at an average price of $175.01, for a total transaction of $5,617,821.00. Following the transaction, the chief financial officer directly owned 4,366 shares in the company, valued at approximately $764,093.66. The trade was a 88.03% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Michael K. Wirth sold 320,700 shares of the company’s stock in a transaction dated Monday, January 5th. The stock was sold at an average price of $162.99, for a total value of $52,270,893.00. Following the completion of the sale, the chief executive officer owned 14,450 shares of the company’s stock, valued at approximately $2,355,205.50. The trade was a 95.69% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold 534,898 shares of company stock worth $89,543,711 in the last quarter. Company insiders own 0.20% of the company’s stock.

Chevron Price Performance

Shares of NYSE:CVX opened at $184.84 on Tuesday. The company has a quick ratio of 0.86, a current ratio of 1.15 and a debt-to-equity ratio of 0.19. The stock has a market capitalization of $372.18 billion, a PE ratio of 27.75, a price-to-earnings-growth ratio of 12.17 and a beta of 0.70. The firm’s 50 day moving average price is $166.55 and its 200-day moving average price is $158.78. Chevron Corporation has a twelve month low of $132.04 and a twelve month high of $187.90.

Chevron (NYSE:CVX) last announced its earnings results on Friday, January 30th. The oil and gas company reported $1.52 EPS for the quarter, beating analysts’ consensus estimates of $1.44 by $0.08. Chevron had a net margin of 6.51% and a return on equity of 8.23%. The business had revenue of $45.79 billion during the quarter, compared to analysts’ expectations of $48.18 billion. During the same period in the prior year, the company earned $2.06 earnings per share. The firm’s revenue was down 10.2% on a year-over-year basis. Equities research analysts expect that Chevron Corporation will post 10.79 EPS for the current year.

Chevron Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, March 10th. Stockholders of record on Tuesday, February 17th will be paid a $1.78 dividend. This is a positive change from Chevron’s previous quarterly dividend of $1.71. The ex-dividend date is Tuesday, February 17th. This represents a $7.12 annualized dividend and a dividend yield of 3.9%. Chevron’s dividend payout ratio (DPR) is currently 106.91%.

Chevron Profile

Chevron Corporation (NYSE: CVX) is an American multinational energy company engaged in virtually all aspects of the oil and gas industry. As an integrated energy firm, Chevron’s core activities include upstream oil and natural gas exploration and production, midstream transportation and storage, downstream refining and marketing of fuels and lubricants, and petrochemical manufacturing through joint ventures and subsidiaries. The company markets fuels under brands such as Chevron, Texaco and Caltex and supplies a range of products and services to retail customers, industrial users and commercial fleets worldwide.

Chevron traces its corporate lineage to the early petroleum companies that eventually became Standard Oil of California and has evolved through significant mergers and restructurings, including the acquisitions of Gulf Oil and Texaco.