Gateway Investment Advisers LLC Increases Stake in Chevron Co. (NYSE:CVX)

Gateway Investment Advisers LLC lifted its stake in Chevron Co. (NYSE:CVXGet Rating) by 5.0% in the 2nd quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 618,685 shares of the oil and gas company’s stock after purchasing an additional 29,606 shares during the quarter. Chevron comprises about 1.0% of Gateway Investment Advisers LLC’s portfolio, making the stock its 19th largest holding. Gateway Investment Advisers LLC’s holdings in Chevron were worth $89,573,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors also recently bought and sold shares of CVX. Secure Asset Management LLC lifted its position in Chevron by 15.7% during the first quarter. Secure Asset Management LLC now owns 4,382 shares of the oil and gas company’s stock valued at $713,000 after purchasing an additional 593 shares during the period. Rothschild Investment Corp IL lifted its position in Chevron by 0.6% during the second quarter. Rothschild Investment Corp IL now owns 134,756 shares of the oil and gas company’s stock valued at $19,510,000 after purchasing an additional 748 shares during the period. S.C. Financial Services Inc. lifted its position in Chevron by 12.3% during the second quarter. S.C. Financial Services Inc. now owns 3,880 shares of the oil and gas company’s stock valued at $562,000 after purchasing an additional 424 shares during the period. Guinness Atkinson Asset Management Inc raised its position in shares of Chevron by 26.4% in the first quarter. Guinness Atkinson Asset Management Inc now owns 6,346 shares of the oil and gas company’s stock worth $1,033,000 after acquiring an additional 1,326 shares during the period. Finally, Sound Income Strategies LLC raised its position in shares of Chevron by 15.9% in the second quarter. Sound Income Strategies LLC now owns 2,879 shares of the oil and gas company’s stock worth $417,000 after acquiring an additional 395 shares during the period. 69.30% of the stock is owned by hedge funds and other institutional investors.

Chevron Stock Down 0.1 %

Shares of NYSE CVX opened at $154.89 on Friday. Chevron Co. has a 12-month low of $97.75 and a 12-month high of $182.40. The stock has a market cap of $304.33 billion, a PE ratio of 10.33, a P/E/G ratio of 0.60 and a beta of 1.15. The company has a current ratio of 1.31, a quick ratio of 1.11 and a debt-to-equity ratio of 0.15. The company has a 50-day moving average of $155.74 and a 200 day moving average of $160.31.

Chevron (NYSE:CVXGet Rating) last announced its quarterly earnings data on Friday, July 29th. The oil and gas company reported $5.82 earnings per share (EPS) for the quarter, beating the consensus estimate of $4.66 by $1.16. Chevron had a net margin of 13.45% and a return on equity of 19.73%. The company had revenue of $68.76 billion during the quarter, compared to analysts’ expectations of $57.69 billion. During the same quarter in the prior year, the company earned $1.71 EPS. Chevron’s revenue was up 82.9% compared to the same quarter last year. As a group, sell-side analysts predict that Chevron Co. will post 18.37 EPS for the current fiscal year.

Chevron Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Monday, September 12th. Stockholders of record on Friday, August 19th were paid a $1.42 dividend. The ex-dividend date was Thursday, August 18th. This represents a $5.68 annualized dividend and a dividend yield of 3.67%. Chevron’s dividend payout ratio (DPR) is 37.89%.

Insider Activity

In other news, Director Wanda M. Austin sold 11,432 shares of the stock in a transaction that occurred on Monday, August 1st. The shares were sold at an average price of $161.45, for a total value of $1,845,696.40. Following the completion of the sale, the director now owns 3,560 shares of the company’s stock, valued at approximately $574,762. The transaction was disclosed in a filing with the SEC, which is accessible through this link. In other news, Director Wanda M. Austin sold 11,432 shares of the stock in a transaction that occurred on Monday, August 1st. The shares were sold at an average price of $161.45, for a total value of $1,845,696.40. Following the completion of the sale, the director now owns 3,560 shares of the company’s stock, valued at approximately $574,762. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, CFO Pierre R. Breber sold 22,500 shares of the stock in a transaction that occurred on Tuesday, August 23rd. The shares were sold at an average price of $161.39, for a total transaction of $3,631,275.00. Following the completion of the sale, the chief financial officer now directly owns 7 shares of the company’s stock, valued at approximately $1,129.73. The disclosure for this sale can be found here. Insiders sold a total of 141,732 shares of company stock valued at $23,024,499 in the last 90 days. Company insiders own 0.32% of the company’s stock.

Wall Street Analysts Forecast Growth

CVX has been the subject of a number of analyst reports. Wells Fargo & Company upped their price objective on shares of Chevron from $181.00 to $185.00 and gave the stock an “overweight” rating in a research report on Monday, August 1st. HSBC upgraded shares of Chevron from a “hold” rating to a “buy” rating and decreased their price objective for the stock from $183.00 to $167.00 in a research report on Wednesday, July 20th. Bank of America upped their price objective on shares of Chevron from $178.00 to $180.00 and gave the stock a “buy” rating in a research report on Monday, August 1st. Citigroup decreased their price objective on shares of Chevron from $170.00 to $150.00 and set a “neutral” rating for the company in a research report on Wednesday, July 13th. Finally, The Goldman Sachs Group reiterated a “neutral” rating and issued a $172.00 price objective on shares of Chevron in a research report on Thursday, August 4th. One equities research analyst has rated the stock with a sell rating, six have issued a hold rating and fifteen have issued a buy rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $169.20.

Chevron Profile

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Chevron Corporation, through its subsidiaries, engages in integrated energy and chemicals operations worldwide. 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 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.

Further Reading

Institutional Ownership by Quarter for Chevron (NYSE:CVX)

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