Archford Capital Strategies LLC Cuts Stock Holdings in Chevron Corporation $CVX

Archford Capital Strategies LLC reduced its position in Chevron Corporation (NYSE:CVX) by 63.9% during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 7,773 shares of the oil and gas company’s stock after selling 13,753 shares during the period. Archford Capital Strategies LLC’s holdings in Chevron were worth $1,207,000 at the end of the most recent quarter.

Other hedge funds have also recently made changes to their positions in the company. Perigon Wealth Management LLC boosted its stake in shares of Chevron by 19.3% during the 3rd quarter. Perigon Wealth Management LLC now owns 73,448 shares of the oil and gas company’s stock worth $11,406,000 after purchasing an additional 11,875 shares during the last quarter. Solitude Financial Services lifted its stake in shares of Chevron by 8.2% during the second quarter. Solitude Financial Services now owns 25,325 shares of the oil and gas company’s stock valued at $3,626,000 after buying an additional 1,913 shares during the period. Shell Asset Management Co. lifted its stake in shares of Chevron by 21.4% during the second quarter. Shell Asset Management Co. now owns 51,115 shares of the oil and gas company’s stock valued at $7,319,000 after buying an additional 9,002 shares during the period. Mutual Advisors LLC boosted its position in Chevron by 7.3% during the second quarter. Mutual Advisors LLC now owns 88,759 shares of the oil and gas company’s stock worth $13,743,000 after acquiring an additional 6,058 shares during the last quarter. Finally, Costello Asset Management INC grew its stake in Chevron by 26.9% in the 2nd quarter. Costello Asset Management INC now owns 16,694 shares of the oil and gas company’s stock worth $2,390,000 after acquiring an additional 3,541 shares during the period. 72.42% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling

In other news, Director John B. Hess sold 275,000 shares of the firm’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 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 this hyperlink. 0.20% of the stock is owned by corporate insiders.

Chevron Stock Up 0.6%

CVX opened at $150.95 on Tuesday. Chevron Corporation has a 1 year low of $132.04 and a 1 year high of $168.96. The firm has a 50 day moving average price of $152.04 and a 200 day moving average price of $152.92. 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 company has a market cap of $303.93 billion, a PE ratio of 21.23, a price-to-earnings-growth ratio of 9.00 and a beta of 0.68.

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

Chevron Dividend Announcement

The company also recently disclosed 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 dividend on an annualized basis and a yield of 4.5%. Chevron’s payout ratio is currently 96.20%.

Wall Street Analysts Forecast Growth

CVX has been the topic of a number of recent analyst reports. Raymond James Financial reissued an “outperform” rating and set a $160.00 price target (down previously from $170.00) on shares of Chevron in a research note on Friday, October 17th. UBS Group reiterated a “buy” rating on shares of Chevron in a research note on Monday, December 1st. Barclays reduced their target price on Chevron from $160.00 to $158.00 and set an “equal weight” rating on the stock in a research report on Tuesday, October 7th. Mizuho lifted their price target on Chevron from $204.00 to $206.00 and gave the company an “outperform” rating in a report on Friday, December 12th. Finally, Morgan Stanley lifted their price target on Chevron from $177.00 to $180.00 and gave the company an “overweight” rating in a report on Thursday, November 13th. One investment analyst has rated the stock with a Strong Buy rating, eleven have assigned a Buy rating, eight have assigned a Hold rating and three have given a Sell rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus price target of $166.00.

Chevron Company 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.