Ameriprise Financial Inc. Lowers Stock Position in Chevron Corporation $CVX

Ameriprise Financial Inc. cut its position in Chevron Corporation (NYSE:CVX) by 4.9% in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 15,184,721 shares of the oil and gas company’s stock after selling 789,622 shares during the period. Chevron comprises 0.5% of Ameriprise Financial Inc.’s portfolio, making the stock its 23rd largest holding. Ameriprise Financial Inc. owned approximately 0.88% of Chevron worth $2,172,642,000 at the end of the most recent reporting period.

A number of other large investors also recently modified their holdings of CVX. Solitude Financial Services increased its holdings in Chevron by 8.2% in the 2nd quarter. Solitude Financial Services now owns 25,325 shares of the oil and gas company’s stock valued at $3,626,000 after acquiring an additional 1,913 shares during the last quarter. Shell Asset Management Co. increased its holdings in shares of Chevron by 21.4% in the second quarter. Shell Asset Management Co. now owns 51,115 shares of the oil and gas company’s stock worth $7,319,000 after purchasing an additional 9,002 shares during the last quarter. Mutual Advisors LLC lifted its position in shares of Chevron by 7.3% in the second quarter. Mutual Advisors LLC now owns 88,759 shares of the oil and gas company’s stock worth $13,743,000 after buying an additional 6,058 shares in the last quarter. Costello Asset Management INC grew its holdings in shares of Chevron by 26.9% in the second quarter. Costello Asset Management INC now owns 16,694 shares of the oil and gas company’s stock valued at $2,390,000 after purchasing an additional 3,541 shares in the last quarter. Finally, Jones Financial Companies Lllp raised its position in shares of Chevron by 25.7% during the 1st quarter. Jones Financial Companies Lllp now owns 697,011 shares of the oil and gas company’s stock valued at $115,887,000 after buying an additional 142,662 shares in the last quarter. Hedge funds and other institutional investors own 72.42% of the company’s stock.

Insider Buying and Selling

In other Chevron news, Director John B. Hess sold 275,000 shares of the business’s stock in a transaction dated 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 sale, the director owned 1,128,045 shares in the company, valued at approximately $170,052,783.75. The trade was a 19.60% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Corporate insiders own 0.21% of the company’s stock.

Analysts Set New Price Targets

A number of brokerages recently issued reports on CVX. Morgan Stanley raised their price target on Chevron from $177.00 to $180.00 and gave the stock an “overweight” rating in a research report on Thursday, November 13th. Mizuho raised their price objective on shares of Chevron from $204.00 to $206.00 and gave the stock an “outperform” rating in a research note on Friday. Zacks Research cut Chevron from a “hold” rating to a “strong sell” rating in a research note on Monday, November 24th. Barclays reduced their price target on Chevron from $160.00 to $158.00 and set an “equal weight” rating on the stock in a report on Tuesday, October 7th. Finally, Raymond James Financial reissued an “outperform” rating and set a $160.00 price target (down from $170.00) on shares of Chevron in a research note on Friday, October 17th. One research analyst has rated the stock with a Strong Buy rating, eleven have given a Buy rating, seven have given a Hold rating and four have issued a Sell rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average target price of $166.00.

Chevron Stock Performance

Shares of CVX stock opened at $149.95 on Friday. The company has a current ratio of 1.15, a quick ratio of 0.86 and a debt-to-equity ratio of 0.19. The company has a market cap of $301.93 billion, a PE ratio of 21.09, a PEG ratio of 8.95 and a beta of 0.68. The business’s fifty day simple moving average is $152.74 and its 200-day simple moving average is $151.98. Chevron Corporation has a 12-month low of $132.04 and a 12-month high of $168.96.

Chevron (NYSE:CVX) last posted its quarterly earnings data on Friday, October 31st. The oil and gas company reported $1.85 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.71 by $0.14. The firm had revenue of $48.17 billion for the quarter, compared to the consensus estimate of $46.99 billion. Chevron had a net margin of 6.57% and a return on equity of 8.74%. The company’s revenue for the quarter was down 1.9% compared to the same quarter last year. During the same quarter in the prior year, the company posted $2.48 earnings per share. Analysts expect that Chevron Corporation will post 10.79 earnings per share for the current fiscal year.

Chevron Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Wednesday, December 10th. Investors of record on Tuesday, November 18th were paid a $1.71 dividend. The ex-dividend date was Tuesday, November 18th. This represents a $6.84 dividend on an annualized basis and a yield of 4.6%. Chevron’s dividend payout ratio (DPR) is 96.20%.

Chevron Profile

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.