Davis Investment Partners LLC Cuts Holdings in Chevron Corporation $CVX

Davis Investment Partners LLC reduced its holdings in Chevron Corporation (NYSE:CVX) by 76.9% in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 1,441 shares of the oil and gas company’s stock after selling 4,787 shares during the quarter. Davis Investment Partners LLC’s holdings in Chevron were worth $223,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently bought and sold shares of CVX. Graham Capital Management L.P. purchased a new stake in Chevron during the first quarter worth about $594,000. Alyeska Investment Group L.P. acquired a new stake in shares of Chevron during the 1st quarter valued at approximately $22,479,000. AQR Capital Management LLC boosted its stake in shares of Chevron by 21.1% during the 1st quarter. AQR Capital Management LLC now owns 538,471 shares of the oil and gas company’s stock worth $90,081,000 after acquiring an additional 93,891 shares in the last quarter. Curi RMB Capital LLC grew its holdings in shares of Chevron by 1.0% in the 1st quarter. Curi RMB Capital LLC now owns 93,639 shares of the oil and gas company’s stock worth $15,665,000 after acquiring an additional 902 shares during the period. Finally, Concorde Asset Management LLC grew its holdings in shares of Chevron by 33.0% in the 1st quarter. Concorde Asset Management LLC now owns 2,570 shares of the oil and gas company’s stock worth $430,000 after acquiring an additional 638 shares during the period. Institutional investors and hedge funds own 72.42% of the company’s stock.

Analysts Set New Price Targets

A number of analysts have commented on CVX shares. Wells Fargo & Company boosted their target price on Chevron from $190.00 to $196.00 and gave the stock an “overweight” rating in a research report on Friday, November 14th. Morgan Stanley lifted their price target on Chevron from $177.00 to $180.00 and gave the stock an “overweight” rating in a research note on Thursday, November 13th. Bank of America lowered their price objective on shares of Chevron from $183.00 to $180.00 and set a “buy” rating on the stock in a research note on Thursday, December 11th. Barclays cut their target price on shares of Chevron from $160.00 to $158.00 and set an “equal weight” rating for the company in a research report on Tuesday, October 7th. Finally, HSBC set a $169.00 price target on shares of Chevron and gave the company a “buy” rating in a research report on Monday, December 1st. One investment analyst has rated the stock with a Strong Buy rating, eleven have issued a Buy rating, eight have given a Hold rating and three have issued a Sell rating to the company. According to data from MarketBeat.com, the company presently 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 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 value of $41,456,250.00. Following the sale, the director directly owned 1,128,045 shares of the company’s stock, valued at approximately $170,052,783.75. This trade represents a 19.60% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Company insiders own 0.21% of the company’s stock.

Chevron Stock Performance

Shares of CVX opened at $152.44 on Friday. Chevron Corporation has a 1 year low of $132.04 and a 1 year high of $168.96. The company’s 50 day simple moving average is $151.87 and its 200 day simple moving average is $152.96. The company has a market capitalization of $306.94 billion, a price-to-earnings ratio of 21.44, a PEG ratio of 9.15 and a beta of 0.70. 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 (NYSE:CVX) last released its earnings results on Friday, October 31st. The oil and gas company reported $1.85 EPS for the quarter, topping the consensus estimate of $1.71 by $0.14. The firm had revenue of $48.17 billion during the quarter, compared to analysts’ expectations of $46.99 billion. Chevron had a net margin of 6.57% and a return on equity of 8.74%. Chevron’s revenue for the quarter was down 1.9% on a year-over-year basis. During the same period in the previous year, the company earned $2.48 EPS. On average, sell-side analysts predict that Chevron Corporation will post 10.79 EPS for the current year.

Chevron Announces Dividend

The firm 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. This represents a $6.84 annualized dividend and a yield of 4.5%. The ex-dividend date was Tuesday, November 18th. Chevron’s dividend payout ratio is presently 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.