Chevron Co. (NYSE:CVX) Shares Sold by Nippon Life Global Investors Americas Inc.
Nippon Life Global Investors Americas Inc. trimmed its position in shares of Chevron Co. (NYSE:CVX) by 9.1% in the 2nd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 160,800 shares of the oil and gas company’s stock after selling 16,060 shares during the quarter. Chevron accounts for approximately 1.6% of Nippon Life Global Investors Americas Inc.’s investment portfolio, making the stock its 12th largest position. Nippon Life Global Investors Americas Inc.’s holdings in Chevron were worth $20,331,000 at the end of the most recent reporting period.
Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Reilly Financial Advisors LLC boosted its stake in shares of Chevron by 531.8% during the second quarter. Reilly Financial Advisors LLC now owns 51,949 shares of the oil and gas company’s stock valued at $6,568,000 after purchasing an additional 43,727 shares during the period. FNY Investment Advisers LLC purchased a new stake in shares of Chevron during the second quarter valued at $370,000. Highland Capital Management LLC boosted its stake in shares of Chevron by 0.4% during the second quarter. Highland Capital Management LLC now owns 134,197 shares of the oil and gas company’s stock valued at $16,967,000 after purchasing an additional 482 shares during the period. World Asset Management Inc boosted its stake in shares of Chevron by 2.6% during the second quarter. World Asset Management Inc now owns 133,606 shares of the oil and gas company’s stock valued at $16,892,000 after purchasing an additional 3,330 shares during the period. Finally, Jackson Financial Management purchased a new stake in shares of Chevron during the second quarter valued at $201,000. 64.82% of the stock is owned by institutional investors.
In other news, insider James William Johnson sold 4,750 shares of the company’s stock in a transaction that occurred on Thursday, September 13th. The stock was sold at an average price of $116.00, for a total transaction of $551,000.00. Following the completion of the transaction, the insider now directly owns 4,750 shares of the company’s stock, valued at approximately $551,000. The sale was disclosed in a filing with the SEC, which is available at this link. Corporate insiders own 0.46% of the company’s stock.
Chevron (NYSE:CVX) last released its quarterly earnings data on Friday, July 27th. The oil and gas company reported $1.78 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $2.09 by ($0.31). The company had revenue of $42.24 billion during the quarter, compared to analysts’ expectations of $46.62 billion. Chevron had a return on equity of 6.89% and a net margin of 7.87%. The company’s revenue for the quarter was up 22.5% on a year-over-year basis. During the same quarter in the prior year, the company posted $0.77 EPS. Sell-side analysts predict that Chevron Co. will post 8.17 earnings per share for the current fiscal year.
The firm also recently announced a quarterly dividend, which was paid on Monday, September 10th. Stockholders of record on Friday, August 17th were paid a dividend of $1.12 per share. This represents a $4.48 annualized dividend and a dividend yield of 3.57%. The ex-dividend date of this dividend was Thursday, August 16th. Chevron’s payout ratio is 121.08%.
CVX has been the subject of several recent research reports. Zacks Investment Research upgraded Chevron from a “hold” rating to a “strong-buy” rating and set a $147.00 price objective for the company in a report on Wednesday, June 13th. Raymond James upgraded Chevron from a “market perform” rating to an “outperform” rating in a report on Monday, June 18th. Royal Bank of Canada restated a “neutral” rating and issued a $145.00 price objective on shares of Chevron in a report on Monday, July 2nd. Credit Suisse Group set a $132.00 price objective on Chevron and gave the company a “hold” rating in a report on Sunday, July 1st. Finally, Macquarie downgraded Chevron from an “outperform” rating to a “neutral” rating and set a $125.00 price objective for the company. in a report on Tuesday, July 3rd. Nine investment analysts have rated the stock with a hold rating, seventeen have given a buy rating and one has issued a strong buy rating to the company’s stock. The company currently has an average rating of “Buy” and an average target price of $136.83.
Chevron Company Profile
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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