Cullinan Associates Inc. Lowers Position in Chevron Co. (NYSE:CVX)

by · The Markets Daily

Cullinan Associates Inc. lessened its holdings in Chevron Co. (NYSE:CVX – Free Report) by 4.0% during the third quarter, according to its most recent disclosure with the SEC. The institutional investor owned 174,211 shares of the oil and gas company’s stock after selling 7,241 shares during the period. Chevron accounts for approximately 1.4% of Cullinan Associates Inc.’s portfolio, making the stock its 15th largest holding. Cullinan Associates Inc.’s holdings in Chevron were worth $26,332,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Blackston Financial Advisory Group LLC purchased a new stake in Chevron during the third quarter valued at about $294,000. Heritage Financial Services LLC raised its position in Chevron by 21.3% during the third quarter. Heritage Financial Services LLC now owns 3,994 shares of the oil and gas company’s stock valued at $588,000 after purchasing an additional 700 shares in the last quarter. Coerente Capital Management raised its position in Chevron by 1.5% during the third quarter. Coerente Capital Management now owns 20,915 shares of the oil and gas company’s stock valued at $3,080,000 after purchasing an additional 300 shares in the last quarter. Busey Bank grew its stake in shares of Chevron by 1.8% during the third quarter. Busey Bank now owns 163,042 shares of the oil and gas company’s stock valued at $24,011,000 after buying an additional 2,897 shares during the last quarter. Finally, Silver Oak Securities Incorporated grew its stake in shares of Chevron by 7.1% during the third quarter. Silver Oak Securities Incorporated now owns 7,843 shares of the oil and gas company’s stock valued at $1,141,000 after buying an additional 523 shares during the last quarter. Hedge funds and other institutional investors own 72.42% of the company’s stock.

Chevron Stock Up 0.2 %

CVX stock opened at $150.82 on Friday. Chevron Co. has a fifty-two week low of $135.37 and a fifty-two week high of $167.11. The business’s 50 day moving average price is $146.51 and its two-hundred day moving average price is $153.43. The company has a debt-to-equity ratio of 0.13, a quick ratio of 0.85 and a current ratio of 1.16. The company has a market capitalization of $277.96 billion, a price-to-earnings ratio of 13.87, a price-to-earnings-growth ratio of 3.30 and a beta of 1.09.

Chevron (NYSE:CVX – Get Free Report) last posted its earnings results on Friday, August 2nd. The oil and gas company reported $2.55 earnings per share for the quarter, missing analysts’ consensus estimates of $2.93 by ($0.38). Chevron had a return on equity of 13.70% and a net margin of 9.31%. The firm had revenue of $51.18 billion for the quarter, compared to analysts’ expectations of $48.68 billion. During the same quarter last year, the company posted $3.08 EPS. The firm’s revenue was up 4.7% on a year-over-year basis. As a group, analysts forecast that Chevron Co. will post 10.86 earnings per share for the current fiscal year.

Chevron Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, September 10th. Stockholders of record on Monday, August 19th were given a $1.63 dividend. The ex-dividend date of this dividend was Monday, August 19th. This represents a $6.52 dividend on an annualized basis and a dividend yield of 4.32%. Chevron’s dividend payout ratio is currently 59.98%.

Wall Street Analyst Weigh In

A number of research analysts have recently issued reports on CVX shares. Wells Fargo & Company reduced their price objective on Chevron from $196.00 to $169.00 and set an “overweight” rating on the stock in a research note on Friday, September 27th. Scotiabank reduced their price objective on Chevron from $180.00 to $163.00 and set a “sector outperform” rating on the stock in a research note on Thursday, October 10th. Bank of America started coverage on Chevron in a research note on Thursday, October 17th. They set a “buy” rating and a $168.00 price objective on the stock. Royal Bank of Canada reaffirmed an “outperform” rating and set a $170.00 price objective on shares of Chevron in a research note on Tuesday, October 8th. Finally, Sanford C. Bernstein cut Chevron from an “outperform” rating to a “market perform” rating and reduced their price objective for the company from $183.00 to $167.00 in a research note on Wednesday, July 17th. Five investment analysts have rated the stock with a hold rating and twelve have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $173.07.

Get Our Latest Research Report on CVX

Chevron 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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