Connective Portfolio Management LLC Acquires New Position in Chevron Corporation $CVX

Connective Portfolio Management LLC acquired a new stake in Chevron Corporation (NYSE:CVX) during the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund acquired 7,399 shares of the oil and gas company’s stock, valued at approximately $1,144,000. Chevron makes up approximately 2.0% of Connective Portfolio Management LLC’s investment portfolio, making the stock its 19th biggest holding.

Other large investors have also modified their holdings of the company. White Knight Strategic Wealth Advisors LLC boosted its stake in shares of Chevron by 3.0% in the second quarter. White Knight Strategic Wealth Advisors LLC now owns 2,230 shares of the oil and gas company’s stock valued at $319,000 after buying an additional 65 shares in the last quarter. Rakuten Securities Inc. boosted its position in shares of Chevron by 7.4% during the 2nd quarter. Rakuten Securities Inc. now owns 961 shares of the oil and gas company’s stock worth $138,000 after purchasing an additional 66 shares in the last quarter. Analyst IMS Investment Management Services Ltd. boosted its position in shares of Chevron by 1.0% during the 2nd quarter. Analyst IMS Investment Management Services Ltd. now owns 6,751 shares of the oil and gas company’s stock worth $966,000 after purchasing an additional 67 shares in the last quarter. M.E. Allison & CO. Inc. increased its holdings in shares of Chevron by 0.6% in the 3rd quarter. M.E. Allison & CO. Inc. now owns 11,204 shares of the oil and gas company’s stock valued at $1,740,000 after purchasing an additional 67 shares in the last quarter. Finally, Greenfield Savings Bank boosted its holdings in Chevron by 0.6% during the second quarter. Greenfield Savings Bank now owns 11,611 shares of the oil and gas company’s stock worth $1,663,000 after buying an additional 68 shares in the last quarter. 72.42% of the stock is owned by hedge funds and other institutional investors.

Insider Activity at Chevron

In other news, Director John B. Hess sold 275,000 shares of the 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 transaction, the director directly owned 1,128,045 shares in the company, valued at $170,052,783.75. This represents a 19.60% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. 0.21% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

A number of research analysts have issued reports on CVX shares. Wall Street Zen raised shares of Chevron from a “sell” rating to a “hold” rating in a report on Saturday, November 8th. Weiss Ratings reiterated a “hold (c)” rating on shares of Chevron in a research report on Wednesday, October 8th. Mizuho raised their price target on Chevron from $204.00 to $206.00 and gave the company an “outperform” rating in a research report on Friday, December 12th. Hsbc Global Res upgraded shares of Chevron from a “hold” rating to a “strong-buy” rating in a research report on Monday, December 1st. Finally, HSBC set a $169.00 target price on shares of Chevron and gave the company a “buy” rating in a report on Monday, December 1st. One research analyst has rated the stock with a Strong Buy rating, eleven have given a Buy rating, eight have issued a Hold rating and three have assigned a Sell rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and an average target price of $166.00.

Chevron Stock Down 0.3%

Shares of NYSE CVX opened at $150.06 on Friday. The firm has a market cap of $302.14 billion, a P/E ratio of 21.10, a price-to-earnings-growth ratio of 9.00 and a beta of 0.68. The company has a debt-to-equity ratio of 0.19, a quick ratio of 0.86 and a current ratio of 1.15. Chevron Corporation has a 1 year low of $132.04 and a 1 year high of $168.96. The firm’s 50 day moving average price is $152.11 and its 200 day moving average price is $152.83.

Chevron (NYSE:CVX) last issued its quarterly earnings results on Friday, October 31st. The oil and gas company reported $1.85 earnings per share for the quarter, topping 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 analyst estimates of $46.99 billion. During the same quarter in the prior year, the company posted $2.48 EPS. The business’s revenue for the quarter was down 1.9% compared to the same quarter last year. As a group, sell-side analysts anticipate that Chevron Corporation will post 10.79 earnings per share for the current year.

Chevron Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Wednesday, December 10th. Shareholders of record on Tuesday, November 18th were issued a $1.71 dividend. The ex-dividend date was Tuesday, November 18th. This represents a $6.84 annualized dividend and a yield of 4.6%. Chevron’s payout ratio is 96.20%.

Chevron Profile

Chevron Corporation (NYSE: CVX) is an American multinational energy company engaged in virtually all aspects of the oil and gas industry. As an integrated energy firm, Chevron’s core activities include upstream oil and natural gas exploration and production, midstream transportation and storage, downstream refining and marketing of fuels and lubricants, and petrochemical manufacturing through joint ventures and subsidiaries. The company markets fuels under brands such as Chevron, Texaco and Caltex and supplies a range of products and services to retail customers, industrial users and commercial fleets worldwide.

Chevron traces its corporate lineage to the early petroleum companies that eventually became Standard Oil of California and has evolved through significant mergers and restructurings, including the acquisitions of Gulf Oil and Texaco.