Modera Wealth Management LLC Has $1.22 Million Position in Chevron Co. (NYSE:CVX)

Modera Wealth Management LLC lowered its position in Chevron Co. (NYSE:CVXGet Rating) by 6.5% during the third quarter, according to its most recent Form 13F filing with the SEC. The fund owned 8,500 shares of the oil and gas company’s stock after selling 595 shares during the period. Modera Wealth Management LLC’s holdings in Chevron were worth $1,221,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently added to or reduced their stakes in the company. Renaissance Technologies LLC grew its holdings in Chevron by 600.7% during the second quarter. Renaissance Technologies LLC now owns 5,786,295 shares of the oil and gas company’s stock valued at $837,740,000 after purchasing an additional 4,960,475 shares during the last quarter. FMR LLC grew its holdings in Chevron by 62.3% during the second quarter. FMR LLC now owns 11,343,585 shares of the oil and gas company’s stock valued at $1,642,325,000 after purchasing an additional 4,354,660 shares during the last quarter. New England Asset Management Inc. grew its holdings in Chevron by 3,518.8% during the second quarter. New England Asset Management Inc. now owns 2,151,915 shares of the oil and gas company’s stock valued at $311,555,000 after purchasing an additional 2,092,450 shares during the last quarter. Legal & General Group Plc grew its holdings in Chevron by 16.3% during the second quarter. Legal & General Group Plc now owns 13,569,692 shares of the oil and gas company’s stock valued at $1,964,620,000 after purchasing an additional 1,899,104 shares during the last quarter. Finally, UBS Asset Management Americas Inc. grew its holdings in Chevron by 10.2% during the second quarter. UBS Asset Management Americas Inc. now owns 6,405,192 shares of the oil and gas company’s stock valued at $927,344,000 after purchasing an additional 592,981 shares during the last quarter. Institutional investors and hedge funds own 69.37% of the company’s stock.

Wall Street Analyst Weigh In

Several brokerages have commented on CVX. BNP Paribas downgraded Chevron from a “neutral” rating to an “underperform” rating and set a $190.00 price target on the stock. in a report on Wednesday, December 14th. Citigroup raised their price objective on shares of Chevron from $155.00 to $180.00 in a research note on Tuesday, November 22nd. Mizuho downgraded shares of Chevron from a “buy” rating to a “neutral” rating and raised their price objective for the stock from $185.00 to $200.00 in a research note on Tuesday, January 10th. Cowen raised their price objective on shares of Chevron from $160.00 to $185.00 and gave the stock an “outperform” rating in a research note on Monday, October 31st. Finally, Jefferies Financial Group started coverage on shares of Chevron in a research note on Wednesday, October 19th. They issued a “hold” rating on the stock. Two research analysts have rated the stock with a sell rating, ten have assigned a hold rating and ten have assigned a buy rating to the stock. According to data from MarketBeat.com, Chevron presently has a consensus rating of “Hold” and an average price target of $186.67.

Insider Buying and Selling

In related news, Director Alice P. Gast sold 2,706 shares of Chevron stock in a transaction dated Monday, November 21st. The stock was sold at an average price of $179.44, for a total value of $485,564.64. Following the completion of the sale, the director now directly owns 21,964 shares in the company, valued at $3,941,220.16. The sale was disclosed in a filing with the SEC, which is available through the SEC website. In related news, Director Alice P. Gast sold 2,706 shares of Chevron stock in a transaction dated Monday, November 21st. The stock was sold at an average price of $179.44, for a total value of $485,564.64. Following the completion of the sale, the director now directly owns 21,964 shares in the company, valued at $3,941,220.16. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, CEO Michael K. Wirth sold 55,380 shares of Chevron stock in a transaction dated Friday, November 4th. The stock was sold at an average price of $185.09, for a total value of $10,250,284.20. The disclosure for this sale can be found here. Insiders sold a total of 293,563 shares of company stock worth $53,186,421 over the last three months. 0.32% of the stock is currently owned by company insiders.

Chevron Stock Performance

Chevron stock opened at $177.56 on Tuesday. The stock has a 50-day simple moving average of $177.92 and a 200 day simple moving average of $164.48. The company has a quick ratio of 1.15, a current ratio of 1.40 and a debt-to-equity ratio of 0.13. Chevron Co. has a 12-month low of $122.84 and a 12-month high of $189.68. The stock has a market capitalization of $343.34 billion, a price-to-earnings ratio of 10.10, a P/E/G ratio of 0.79 and a beta of 1.18.

Chevron (NYSE:CVXGet Rating) last announced its quarterly earnings data on Friday, October 28th. The oil and gas company reported $5.56 EPS for the quarter, topping analysts’ consensus estimates of $5.02 by $0.54. The firm had revenue of $66.64 billion during the quarter, compared to analyst estimates of $61.44 billion. Chevron had a return on equity of 22.36% and a net margin of 14.36%. The company’s revenue was up 49.1% on a year-over-year basis. During the same period last year, the company earned $2.96 earnings per share. On average, research analysts anticipate that Chevron Co. will post 19.03 earnings per share for the current fiscal year.

Chevron Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, December 12th. Investors of record on Friday, November 18th were given a $1.42 dividend. The ex-dividend date of this dividend was Thursday, November 17th. This represents a $5.68 dividend on an annualized basis and a yield of 3.20%. Chevron’s payout ratio is 32.31%.

Chevron Profile

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Chevron Corp. engages in the provision of administrative, financial management, and technology support for energy and chemical operations. It operates through the Upstream and Downstream segments. The Upstream segment consists of the exploration, development, and production of crude oil and natural gas, the liquefaction, transportation, and regasification associated with liquefied natural gas, the transporting of crude oil by major international oil export pipelines, the processing, transporting, storage, and marketing of natural gas, and a gas-to-liquids plant.

Further Reading

Institutional Ownership by Quarter for Chevron (NYSE:CVX)

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