Gabelli Funds LLC increased its position in shares of Chevron Corp. (NYSE:CVX) by 6.7% during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 703,500 shares of the company’s stock after buying an additional 44,300 shares during the period. Gabelli Funds LLC’s holdings in Chevron Corp. were worth $73,748,000 at the end of the most recent quarter.
Several other hedge funds and other institutional investors also recently modified their holdings of the stock. RPg Family Wealth Advisory LLC raised its stake in Chevron Corp. by 14.5% in the first quarter. RPg Family Wealth Advisory LLC now owns 1,058 shares of the company’s stock worth $101,000 after buying an additional 134 shares during the period. Marshall & Sullivan Inc. WA raised its stake in Chevron Corp. by 4.0% in the first quarter. Marshall & Sullivan Inc. WA now owns 1,825 shares of the company’s stock worth $174,000 after buying an additional 71 shares during the period. Carnick & Kubik LLC acquired a new stake in Chevron Corp. during the first quarter worth about $188,000. Exane Derivatives raised its stake in Chevron Corp. by 57.3% in the first quarter. Exane Derivatives now owns 1,994 shares of the company’s stock worth $190,000 after buying an additional 726 shares during the period. Finally, Sterling Investment Advisors LLC ADV acquired a new stake in Chevron Corp. during the second quarter worth about $203,000. 62.24% of the stock is currently owned by institutional investors and hedge funds.
Shares of Chevron Corp. (NYSE:CVX) traded up 1.63% during mid-day trading on Friday, hitting $102.92. The stock had a trading volume of 9,431,524 shares. Chevron Corp. has a 1-year low of $75.33 and a 1-year high of $107.58. The firm’s 50 day moving average price is $101.06 and its 200 day moving average price is $100.84. The company’s market cap is $194.16 billion.
Chevron Corp. (NYSE:CVX) last announced its quarterly earnings results on Friday, July 29th. The company reported ($0.78) EPS for the quarter, missing the Zacks’ consensus estimate of $0.32 by $1.10. Chevron Corp. had a negative net margin of 0.64% and a positive return on equity of 1.07%. The firm earned $29.28 billion during the quarter, compared to the consensus estimate of $25.78 billion. During the same quarter in the previous year, the company posted $0.30 earnings per share. The firm’s revenue was down 27.4% on a year-over-year basis. Analysts predict that Chevron Corp. will post $1.29 earnings per share for the current fiscal year.
The company also recently declared a quarterly dividend, which was paid on Monday, September 12th. Stockholders of record on Friday, August 19th were paid a $1.07 dividend. This represents a $4.28 dividend on an annualized basis and a dividend yield of 4.16%. The ex-dividend date was Wednesday, August 17th. Chevron Corp.’s payout ratio is -1,097.44%.
A number of analysts have commented on CVX shares. Vetr upgraded Chevron Corp. from a “hold” rating to a “buy” rating and set a $107.24 price objective for the company in a research report on Tuesday, August 9th. Jefferies Group reiterated a “buy” rating on shares of Chevron Corp. in a research report on Friday, August 5th. Zacks Investment Research upgraded Chevron Corp. from a “hold” rating to a “buy” rating and set a $118.00 price objective for the company in a research report on Tuesday, July 12th. Barclays PLC reiterated an “equal weight” rating and issued a $125.00 price objective on shares of Chevron Corp. in a research report on Thursday, July 28th. Finally, Morgan Stanley reiterated a “hold” rating and issued a $85.00 price objective on shares of Chevron Corp. in a research report on Wednesday, June 8th. Twelve research analysts have rated the stock with a hold rating, nineteen have given a buy rating and one has given a strong buy rating to the stock. Chevron Corp. currently has a consensus rating of “Buy” and an average target price of $105.53.
In related news, insider Jeanette L. Ourada sold 7,000 shares of the stock in a transaction on Thursday, August 25th. The stock was sold at an average price of $101.70, for a total value of $711,900.00. Following the completion of the sale, the insider now directly owns 7,535 shares in the company, valued at $766,309.50. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Michael K. Wirth sold 125,000 shares of the stock in a transaction on Monday, August 1st. The shares were sold at an average price of $100.47, for a total value of $12,558,750.00. Following the completion of the sale, the insider now owns 4,222 shares of the company’s stock, valued at $424,184.34. The disclosure for this sale can be found here. 0.40% of the stock is owned by insiders.
Chevron Corp. Company Profile
Chevron Corporation (Chevron) manages its investments in subsidiaries and affiliates and provides administrative, financial, management and technology support to the United States and international subsidiaries that engage in integrated energy and chemicals operations. The Company operates through two business segments: Upstream and Downstream.
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