ABC Arbitrage SA Takes Position in Chevron Corporation $CVX

ABC Arbitrage SA bought a new position in shares of Chevron Corporation (NYSE:CVX) during the 3rd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor bought 8,652 shares of the oil and gas company’s stock, valued at approximately $1,344,000.

Several other large investors have also recently bought and sold shares of the stock. Vishria Bird Financial Group LLC grew its stake in shares of Chevron by 1.2% in the third quarter. Vishria Bird Financial Group LLC now owns 5,285 shares of the oil and gas company’s stock valued at $821,000 after buying an additional 65 shares in the last quarter. Nexus Investment Management ULC raised its position in Chevron by 0.9% during the third quarter. Nexus Investment Management ULC now owns 7,641 shares of the oil and gas company’s stock worth $1,187,000 after acquiring an additional 65 shares in the last quarter. Scott & Selber Inc. lifted its stake in Chevron by 0.5% in the third quarter. Scott & Selber Inc. now owns 13,391 shares of the oil and gas company’s stock valued at $2,079,000 after acquiring an additional 65 shares during the last quarter. White Knight Strategic Wealth Advisors LLC grew its position in shares of Chevron by 3.0% in the 2nd 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 acquiring an additional 65 shares during the period. Finally, William B. Walkup & Associates Inc. increased its stake in shares of Chevron by 1.0% during the 3rd quarter. William B. Walkup & Associates Inc. now owns 6,356 shares of the oil and gas company’s stock worth $987,000 after purchasing an additional 66 shares during the last quarter. 72.42% of the stock is owned by institutional investors and hedge funds.

Chevron Stock Performance

CVX opened at $182.39 on Wednesday. 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 business has a fifty day simple moving average of $160.55 and a 200 day simple moving average of $156.86. Chevron Corporation has a 1 year low of $132.04 and a 1 year high of $182.95. The company has a market capitalization of $367.25 billion, a PE ratio of 27.39, a price-to-earnings-growth ratio of 12.28 and a beta of 0.70.

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

Chevron Increases Dividend

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

Insider Activity

In other news, Vice Chairman Mark A. Nelson sold 45,800 shares of Chevron stock in a transaction that occurred on Monday, February 2nd. The shares were sold at an average price of $174.17, for a total value of $7,976,986.00. Following the completion of the sale, the insider directly owned 7,161 shares in the company, valued at approximately $1,247,231.37. The trade was a 86.48% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, CFO Eimear P. Bonner sold 32,100 shares of the business’s stock in a transaction that occurred on Friday, January 30th. The shares were sold at an average price of $175.01, for a total value of $5,617,821.00. Following the completion of the sale, the chief financial officer owned 4,366 shares of the company’s stock, valued at approximately $764,093.66. This trade represents a 88.03% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last 90 days, insiders have sold 793,158 shares of company stock worth $127,919,578. Insiders own 0.20% of the company’s stock.

Analyst Ratings Changes

CVX has been the subject of several recent analyst reports. Sanford C. Bernstein raised their target price on shares of Chevron from $170.00 to $172.00 and gave the company a “market perform” rating in a research note on Monday, January 5th. Bank of America dropped their price objective on Chevron from $183.00 to $180.00 and set a “buy” rating on the stock in a research note on Thursday, December 11th. Raymond James Financial reaffirmed an “outperform” rating and issued a $160.00 price objective (down from $170.00) on shares of Chevron in a research report on Friday, October 17th. Mizuho boosted their target price on Chevron from $204.00 to $206.00 and gave the stock an “outperform” rating in a report on Friday, December 12th. Finally, Freedom Capital cut Chevron from a “hold” rating to a “strong sell” rating in a research note on Tuesday, January 6th. Twelve analysts have rated the stock with a Buy rating, seven have assigned a Hold rating and four have assigned a Sell rating to the stock. According to MarketBeat, the company currently has an average rating of “Hold” and a consensus target price of $175.00.

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.