The Manufacturers Life Insurance Company Sells 49,582 Shares of Chevron Corporation $CVX

by · The Markets Daily

The Manufacturers Life Insurance Company reduced its stake in shares of Chevron Corporation (NYSE:CVX – Free Report) by 3.9% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,236,053 shares of the oil and gas company’s stock after selling 49,582 shares during the quarter. The Manufacturers Life Insurance Company owned about 0.07% of Chevron worth $176,990,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds have also recently modified their holdings of the stock. Kingstone Capital Partners Texas LLC increased its holdings in Chevron by 652,139.5% in the 2nd quarter. Kingstone Capital Partners Texas LLC now owns 83,714,936 shares of the oil and gas company’s stock valued at $13,214,757,000 after acquiring an additional 83,702,101 shares during the last quarter. Charles Schwab Investment Management Inc. grew its position in shares of Chevron by 4.0% during the second quarter. Charles Schwab Investment Management Inc. now owns 34,772,753 shares of the oil and gas company’s stock valued at $4,979,255,000 after purchasing an additional 1,342,723 shares in the last quarter. Fisher Asset Management LLC increased its holdings in shares of Chevron by 1.9% in the second quarter. Fisher Asset Management LLC now owns 20,826,805 shares of the oil and gas company’s stock worth $2,982,190,000 after purchasing an additional 378,936 shares during the last quarter. Norges Bank bought a new stake in shares of Chevron in the second quarter worth about $2,721,477,000. Finally, Franklin Resources Inc. lifted its position in shares of Chevron by 2.1% in the second quarter. Franklin Resources Inc. now owns 17,764,589 shares of the oil and gas company’s stock worth $2,543,712,000 after buying an additional 370,287 shares in the last quarter. Hedge funds and other institutional investors own 72.42% of the company’s stock.

Chevron Stock Down 0.5%

Shares of CVX opened at $150.70 on Friday. 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 business has a fifty day moving average of $152.82 and a 200 day moving average of $151.89. The company has a market cap of $303.44 billion, a PE ratio of 21.20, a P/E/G ratio of 8.99 and a beta of 0.68. Chevron Corporation has a 52-week low of $132.04 and a 52-week high of $168.96.

Chevron (NYSE:CVX – Get Free Report) last posted its quarterly earnings data on Friday, October 31st. The oil and gas company reported $1.85 earnings per share for the quarter, beating analysts’ consensus estimates of $1.71 by $0.14. The business had revenue of $48.17 billion for the quarter, compared to analysts’ expectations of $46.99 billion. Chevron had a net margin of 6.57% and a return on equity of 8.74%. The business’s revenue was down 1.9% compared to the same quarter last year. During the same quarter in the previous year, the business posted $2.48 earnings per share. On average, sell-side analysts expect that Chevron Corporation will post 10.79 EPS for the current year.

Chevron Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, December 10th. Investors of record on Tuesday, November 18th were given a $1.71 dividend. This represents a $6.84 dividend on an annualized basis and a yield of 4.5%. The ex-dividend date of this dividend was Tuesday, November 18th. Chevron’s dividend payout ratio is 96.20%.

Insider Transactions at Chevron

In other Chevron news, Director John B. Hess sold 275,000 shares of the business’s stock in a transaction that occurred on Thursday, November 20th. The stock was sold at an average price of $150.75, for a total transaction of $41,456,250.00. Following the completion of the transaction, the director owned 1,128,045 shares in the company, valued at $170,052,783.75. The trade was a 19.60% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. 0.21% of the stock is currently owned by insiders.

Analyst Upgrades and Downgrades

Several research firms have weighed in on CVX. Barclays cut their price target on Chevron from $160.00 to $158.00 and set an “equal weight” rating for the company in a report on Tuesday, October 7th. Zacks Research downgraded Chevron from a “hold” rating to a “strong sell” rating in a research report on Monday, November 24th. Hsbc Global Res raised shares of Chevron from a “hold” rating to a “strong-buy” rating in a report on Monday, December 1st. Wells Fargo & Company upped their price target on shares of Chevron from $190.00 to $196.00 and gave the company an “overweight” rating in a research note on Friday, November 14th. Finally, Melius began coverage on shares of Chevron in a research report on Wednesday, August 20th. They set a “hold” rating and a $155.00 price objective for the company. One investment analyst has rated the stock with a Strong Buy rating, eleven have given a Buy rating, seven have assigned a Hold rating and four have issued a Sell rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus price target of $166.00.

Read Our Latest Stock Report on Chevron

Chevron Company Profile

(Free Report)

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.

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