Chevron Corporation $CVX Shares Sold by Applied Finance Capital Management LLC

Applied Finance Capital Management LLC decreased its position in Chevron Corporation (NYSE:CVX) by 92.4% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 6,240 shares of the oil and gas company’s stock after selling 75,709 shares during the quarter. Applied Finance Capital Management LLC’s holdings in Chevron were worth $969,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently bought and sold shares of the company. Norges Bank acquired a new stake in shares of Chevron during the 2nd quarter valued at $2,721,477,000. Bank of New York Mellon Corp increased its stake in Chevron by 27.9% in the 3rd quarter. Bank of New York Mellon Corp now owns 19,627,146 shares of the oil and gas company’s stock worth $3,047,900,000 after purchasing an additional 4,279,918 shares in the last quarter. Laurel Wealth Advisors LLC raised its holdings in Chevron by 14,194.2% during the 2nd quarter. Laurel Wealth Advisors LLC now owns 3,722,217 shares of the oil and gas company’s stock worth $532,984,000 after buying an additional 3,696,177 shares during the period. Berkshire Hathaway Inc raised its holdings in Chevron by 2.9% during the 2nd 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 during the period. Finally, Massachusetts Financial Services Co. MA lifted its stake in Chevron by 32.1% during the third quarter. Massachusetts Financial Services Co. MA now owns 9,125,735 shares of the oil and gas company’s stock valued at $1,417,135,000 after buying an additional 2,218,283 shares in the last quarter. 72.42% of the stock is owned by institutional investors and hedge funds.

Chevron Price Performance

NYSE CVX opened at $182.70 on Tuesday. The stock’s 50-day moving average is $159.90 and its two-hundred day moving average is $156.66. Chevron Corporation has a fifty-two week low of $132.04 and a fifty-two week high of $182.82. The company has a debt-to-equity ratio of 0.19, a current ratio of 1.15 and a quick ratio of 0.86. The firm has a market cap of $367.87 billion, a P/E ratio of 27.43, a price-to-earnings-growth ratio of 12.11 and a beta of 0.70.

Chevron (NYSE:CVX) last announced its quarterly earnings results on Friday, January 30th. The oil and gas company reported $1.52 EPS for the quarter, beating the consensus estimate of $1.44 by $0.08. Chevron had a return on equity of 8.23% and a net margin of 6.51%.The company had revenue of $45.79 billion for the quarter, compared to the consensus estimate of $48.18 billion. During the same quarter last year, the company posted $2.06 earnings per share. The company’s revenue for the quarter was down 10.2% compared to the same quarter last year. On average, analysts anticipate that Chevron Corporation will post 10.79 earnings per share for the current fiscal year.

Chevron Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, March 10th. Investors of record on Tuesday, February 17th will be given a dividend of $1.78 per share. The ex-dividend date of this dividend is Tuesday, February 17th. This represents a $7.12 annualized dividend and a dividend yield of 3.9%. This is a boost from Chevron’s previous quarterly dividend of $1.71. Chevron’s payout ratio is presently 102.70%.

Analyst Upgrades and Downgrades

Several research firms have recently weighed in on CVX. Wells Fargo & Company lifted their target price on shares of Chevron from $196.00 to $204.00 and gave the stock an “overweight” rating in a research report on Monday, February 2nd. UBS Group reiterated a “buy” rating and set a $212.00 price objective on shares of Chevron in a research report on Monday, February 2nd. Bank of America reduced their target price on Chevron from $183.00 to $180.00 and set a “buy” rating for the company in a report on Thursday, December 11th. Raymond James Financial reaffirmed an “outperform” rating and issued a $160.00 target price (down previously from $170.00) on shares of Chevron in a research report on Friday, October 17th. Finally, Morgan Stanley dropped their price target on Chevron from $180.00 to $174.00 and set an “overweight” rating on the stock in a research report on Friday, January 23rd. Twelve investment analysts have rated the stock with a Buy rating, seven have issued a Hold rating and four have given a Sell rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus price target of $175.00.

Insider Activity at Chevron

In other news, insider R. Hewitt Pate sold 41,134 shares of the stock in a transaction that occurred on Friday, January 30th. The stock was sold at an average price of $176.40, for a total value of $7,256,037.60. Following the completion of the sale, the insider directly owned 4,169 shares of the company’s stock, valued at approximately $735,411.60. This represents a 90.80% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Michael K. Wirth sold 320,700 shares of the company’s stock in a transaction on Monday, January 5th. The shares were sold at an average price of $162.99, for a total transaction of $52,270,893.00. Following the transaction, the chief executive officer owned 14,450 shares of the company’s stock, valued at approximately $2,355,205.50. The trade was a 95.69% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last quarter, insiders sold 793,158 shares of company stock valued at $127,919,578. 0.20% of the stock is owned by corporate insiders.

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.