Flower City Capital Makes New $628,000 Investment in Chevron Corporation $CVX

Flower City Capital bought a new stake in shares of Chevron Corporation (NYSE:CVX) in the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor bought 4,044 shares of the oil and gas company’s stock, valued at approximately $628,000. Chevron comprises about 0.3% of Flower City Capital’s portfolio, making the stock its 18th biggest holding.

A number of other institutional investors have also recently made changes to their positions in the company. Kingstone Capital Partners Texas LLC raised its stake in Chevron by 652,139.5% in the 2nd quarter. Kingstone Capital Partners Texas LLC now owns 83,714,936 shares of the oil and gas company’s stock valued at $13,214,757,000 after purchasing an additional 83,702,101 shares during the last quarter. Norges Bank purchased a new stake in shares of Chevron during the second quarter worth $2,721,477,000. Laurel Wealth Advisors LLC raised its position in shares of Chevron by 14,194.2% in the second quarter. Laurel Wealth Advisors LLC now owns 3,722,217 shares of the oil and gas company’s stock valued at $532,984,000 after buying an additional 3,696,177 shares during the last quarter. Berkshire Hathaway Inc lifted its stake in shares of Chevron by 2.9% in the second quarter. Berkshire Hathaway Inc now owns 122,064,792 shares of the oil and gas company’s stock worth $17,478,458,000 after buying an additional 3,454,258 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. boosted its position in Chevron by 4.0% during the second quarter. Charles Schwab Investment Management Inc. now owns 34,772,753 shares of the oil and gas company’s stock worth $4,979,255,000 after acquiring an additional 1,342,723 shares during the last quarter. 72.42% of the stock is owned by institutional investors and hedge funds.

Chevron Trading Down 1.2%

Shares of Chevron stock opened at $147.69 on Friday. The stock has a 50 day moving average of $152.34 and a 200 day moving average of $152.30. The company has a debt-to-equity ratio of 0.19, a quick ratio of 0.86 and a current ratio of 1.15. The firm has a market capitalization of $297.38 billion, a price-to-earnings ratio of 20.77, a PEG ratio of 8.88 and a beta of 0.68. Chevron Corporation has a fifty-two week low of $132.04 and a fifty-two week high of $168.96.

Chevron (NYSE:CVX) last posted its earnings results on Friday, October 31st. The oil and gas company reported $1.85 EPS for the quarter, beating analysts’ consensus estimates of $1.71 by $0.14. Chevron had a return on equity of 8.74% and a net margin of 6.57%.The company had revenue of $48.17 billion for the quarter, compared to the consensus estimate of $46.99 billion. During the same quarter in the previous year, the business earned $2.48 earnings per share. The company’s revenue for the quarter was down 1.9% on a year-over-year basis. As a group, research analysts predict that Chevron Corporation will post 10.79 earnings per share for the current year.

Chevron Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Wednesday, December 10th. Shareholders of record on Tuesday, November 18th were given a $1.71 dividend. The ex-dividend date of this dividend 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 is presently 96.20%.

Wall Street Analysts Forecast Growth

A number of research firms have commented on CVX. Wells Fargo & Company increased their price objective on shares of Chevron from $190.00 to $196.00 and gave the company an “overweight” rating in a report on Friday, November 14th. Barclays dropped their price target on Chevron from $160.00 to $158.00 and set an “equal weight” rating for the company in a research report on Tuesday, October 7th. HSBC set a $169.00 price target on Chevron and gave the company a “buy” rating in a report on Monday, December 1st. UBS Group reissued a “buy” rating on shares of Chevron in a research note on Monday, December 1st. Finally, Zacks Research downgraded Chevron from a “hold” rating to a “strong sell” rating in a research note on Monday, November 24th. One investment analyst has rated the stock with a Strong Buy rating, eleven have assigned a Buy rating, seven have issued a Hold rating and four have given a Sell rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Hold” and an average target price of $166.00.

Insiders Place Their Bets

In other Chevron news, Director John B. Hess sold 275,000 shares of Chevron stock in a transaction dated Thursday, November 20th. The shares were sold at an average price of $150.75, for a total transaction of $41,456,250.00. Following the completion of the sale, the director directly owned 1,128,045 shares in the company, valued at $170,052,783.75. This trade represents a 19.60% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 0.21% of the stock is currently owned by company insiders.

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.