Concorde Asset Management LLC Takes $206,000 Position in Chevron Co. (CVX)
Concorde Asset Management LLC purchased a new position in shares of Chevron Co. (NYSE:CVX) during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor purchased 1,636 shares of the oil and gas company’s stock, valued at approximately $206,000.
A number of other hedge funds and other institutional investors have also modified their holdings of the stock. Live Your Vision LLC boosted its holdings in Chevron by 308.0% in the second quarter. Live Your Vision LLC now owns 816 shares of the oil and gas company’s stock worth $101,000 after purchasing an additional 616 shares during the period. Advisors Preferred LLC bought a new stake in Chevron in the first quarter valued at $110,000. Earnest Partners LLC bought a new stake in Chevron in the fourth quarter valued at $114,000. Virtue Capital Management LLC bought a new stake in Chevron in the fourth quarter valued at $128,000. Finally, Litman Gregory Asset Management LLC lifted its stake in Chevron by 566.9% in the first quarter. Litman Gregory Asset Management LLC now owns 1,147 shares of the oil and gas company’s stock valued at $131,000 after buying an additional 975 shares during the last quarter. 65.02% of the stock is currently owned by hedge funds and other institutional investors.
A number of brokerages recently weighed in on CVX. Mizuho assumed coverage on shares of Chevron in a research report on Friday, June 8th. They issued a “buy” rating and a $145.00 price target on the stock. Bank of America cut shares of Chevron from a “buy” rating to a “neutral” rating and dropped their price target for the stock from $150.00 to $135.00 in a research report on Thursday, September 6th. Barclays lifted their price target on Chevron from $145.00 to $148.00 and gave the stock an “overweight” rating in a research note on Wednesday, July 11th. Macquarie cut Chevron from an “outperform” rating to a “neutral” rating and set a $125.00 price target on the stock. in a research note on Tuesday, July 3rd. Finally, Credit Suisse Group set a $132.00 target price on Chevron and gave the company a “hold” rating in a research note on Sunday, July 1st. Nine research analysts have rated the stock with a hold rating and eighteen have given a buy rating to the company’s stock. The company presently has an average rating of “Buy” and an average target price of $138.17.
Chevron (NYSE:CVX) last announced its earnings results on Friday, July 27th. The oil and gas company reported $1.78 EPS for the quarter, missing the consensus estimate of $2.09 by ($0.31). Chevron had a return on equity of 6.89% and a net margin of 7.87%. The business had revenue of $42.24 billion for the quarter, compared to the consensus estimate of $46.62 billion. During the same quarter in the previous year, the company posted $0.77 EPS. Chevron’s revenue for the quarter was up 22.5% on a year-over-year basis. analysts forecast that Chevron Co. will post 8.11 earnings per share for the current fiscal year.
The business also recently announced a quarterly dividend, which was paid on Monday, September 10th. Shareholders of record on Friday, August 17th were paid a $1.12 dividend. This represents a $4.48 annualized dividend and a yield of 3.82%. The ex-dividend date was Thursday, August 16th. Chevron’s payout ratio is 121.08%.
In other Chevron news, insider James William Johnson sold 4,750 shares of the stock in a transaction dated Thursday, July 12th. The stock was sold at an average price of $124.20, for a total value of $589,950.00. Following the completion of the sale, the insider now directly owns 4,750 shares in the company, valued at $589,950. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Corporate insiders own 0.38% of the company’s stock.
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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