Schaper Benz & Wise Investment Counsel Inc. WI lowered its holdings in shares of Chevron Co. (NYSE:CVX) by 25.4% in the second quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 2,351 shares of the oil and gas company’s stock after selling 800 shares during the period. Schaper Benz & Wise Investment Counsel Inc. WI’s holdings in Chevron were worth $293,000 as of its most recent filing with the SEC.
Several other institutional investors have also bought and sold shares of the company. Guidant Wealth Advisors increased its holdings in Chevron by 63.9% in the 2nd quarter. Guidant Wealth Advisors now owns 259 shares of the oil and gas company’s stock worth $32,000 after purchasing an additional 101 shares in the last quarter. Evolution Wealth Advisors LLC bought a new stake in shares of Chevron in the 2nd quarter valued at about $34,000. Cordasco Financial Network grew its position in shares of Chevron by 55.3% in the 2nd quarter. Cordasco Financial Network now owns 379 shares of the oil and gas company’s stock valued at $47,000 after buying an additional 135 shares during the last quarter. Next Capital Management LLC bought a new stake in shares of Chevron in the 2nd quarter valued at about $52,000. Finally, Ashburton Jersey Ltd bought a new stake in shares of Chevron in the 2nd quarter valued at about $54,000. 66.45% of the stock is owned by institutional investors.
A number of research firms have commented on CVX. Zacks Investment Research lowered Chevron from a “buy” rating to a “hold” rating in a research report on Tuesday, May 7th. Barclays began coverage on Chevron in a research report on Monday. They issued an “overweight” rating and a $145.00 price target on the stock. BMO Capital Markets began coverage on Chevron in a research report on Tuesday. They issued an “outperform” rating and a $165.00 price target on the stock. Citigroup began coverage on Chevron in a research report on Monday, May 13th. They issued a “buy” rating and a $135.00 price target on the stock. Finally, Morgan Stanley reduced their price target on Chevron from $146.00 to $144.00 and set an “overweight” rating on the stock in a research report on Friday, July 12th. Five research analysts have rated the stock with a hold rating, fourteen have given a buy rating and one has given a strong buy rating to the company’s stock. The stock has an average rating of “Buy” and an average target price of $136.78.
Chevron (NYSE:CVX) last announced its earnings results on Friday, August 2nd. The oil and gas company reported $2.27 EPS for the quarter, beating the consensus estimate of $1.74 by $0.53. Chevron had a return on equity of 9.58% and a net margin of 9.18%. The company had revenue of $38.85 billion for the quarter, compared to analyst estimates of $40.14 billion. During the same quarter in the prior year, the company earned $1.78 EPS. The firm’s revenue for the quarter was down 8.0% compared to the same quarter last year. On average, sell-side analysts expect that Chevron Co. will post 6.93 EPS for the current fiscal year.
The firm also recently announced a quarterly dividend, which will be paid on Tuesday, September 10th. Investors of record on Monday, August 19th will be given a dividend of $1.19 per share. The ex-dividend date of this dividend is Friday, August 16th. This represents a $4.76 annualized dividend and a dividend yield of 4.07%. Chevron’s payout ratio is 57.70%.
In related news, Chairman Michael K. Wirth sold 33,750 shares of the company’s stock in a transaction dated Friday, June 21st. The stock was sold at an average price of $125.60, for a total transaction of $4,239,000.00. Following the sale, the chairman now owns 33,750 shares in the company, valued at approximately $4,239,000. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director Debra L. Reed bought 4,250 shares of the business’s stock in a transaction that occurred on Wednesday, August 7th. The shares were acquired at an average price of $118.14 per share, for a total transaction of $502,095.00. The disclosure for this purchase can be found here. In the last 90 days, insiders have sold 51,750 shares of company stock worth $6,448,700. 0.31% of the stock is owned by corporate insiders.
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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