Investment Management of Virginia LLC lowered its stake in shares of Chevron Co. (NYSE:CVX – Get Rating) by 1.0% during the 4th quarter, according to the company in its most recent filing with the SEC. The fund owned 32,625 shares of the oil and gas company’s stock after selling 334 shares during the quarter. Chevron accounts for 1.1% of Investment Management of Virginia LLC’s holdings, making the stock its 22nd biggest holding. Investment Management of Virginia LLC’s holdings in Chevron were worth $5,856,000 as of its most recent filing with the SEC.
Several other large investors have also recently modified their holdings of CVX. New England Asset Management Inc. increased its position in shares of Chevron by 106.3% during the 3rd quarter. New England Asset Management Inc. now owns 4,439,965 shares of the oil and gas company’s stock valued at $637,889,000 after purchasing an additional 2,288,050 shares during the last quarter. Legal & General Group Plc boosted its holdings in Chevron by 16.3% during the 2nd quarter. Legal & General Group Plc now owns 13,569,692 shares of the oil and gas company’s stock valued at $1,964,620,000 after acquiring an additional 1,899,104 shares during the period. Dimensional Fund Advisors LP boosted its holdings in Chevron by 7.6% during the 3rd quarter. Dimensional Fund Advisors LP now owns 12,052,751 shares of the oil and gas company’s stock valued at $1,731,739,000 after acquiring an additional 847,841 shares during the period. Neuberger Berman Group LLC boosted its holdings in Chevron by 28.3% during the 3rd quarter. Neuberger Berman Group LLC now owns 3,477,683 shares of the oil and gas company’s stock valued at $499,801,000 after acquiring an additional 767,699 shares during the period. Finally, California Public Employees Retirement System boosted its holdings in Chevron by 18.3% during the 3rd quarter. California Public Employees Retirement System now owns 4,550,363 shares of the oil and gas company’s stock valued at $653,751,000 after acquiring an additional 703,646 shares during the period. Institutional investors own 69.37% of the company’s stock.
Insider Activity at Chevron
In related news, VP Rhonda J. Morris sold 19,666 shares of the company’s stock in a transaction dated Tuesday, February 7th. The stock was sold at an average price of $170.00, for a total transaction of $3,343,220.00. Following the transaction, the vice president now directly owns 3,967 shares of the company’s stock, valued at approximately $674,390. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. 0.32% of the stock is currently owned by corporate insiders.
Analyst Upgrades and Downgrades
Chevron Trading Up 0.5 %
CVX opened at $163.16 on Friday. The firm has a market cap of $311.09 billion, a price-to-earnings ratio of 8.93, a PEG ratio of 0.78 and a beta of 1.16. The company has a current ratio of 1.47, a quick ratio of 1.23 and a debt-to-equity ratio of 0.13. Chevron Co. has a 12 month low of $132.54 and a 12 month high of $189.68. The stock has a fifty day moving average price of $165.22 and a 200-day moving average price of $169.47.
Chevron (NYSE:CVX – Get Rating) last released its quarterly earnings results on Friday, January 27th. The oil and gas company reported $4.09 EPS for the quarter, missing the consensus estimate of $4.16 by ($0.07). The company had revenue of $56.47 billion during the quarter, compared to the consensus estimate of $53.97 billion. Chevron had a return on equity of 23.52% and a net margin of 14.40%. The company’s revenue was up 17.1% on a year-over-year basis. During the same period in the previous year, the firm posted $2.56 earnings per share. As a group, equities research analysts anticipate that Chevron Co. will post 14.56 earnings per share for the current fiscal year.
Chevron declared that its Board of Directors has initiated a stock buyback plan on Wednesday, January 25th that allows the company to buyback $75.00 billion in outstanding shares. This buyback authorization allows the oil and gas company to purchase up to 21.7% of its shares through open market purchases. Shares buyback plans are often a sign that the company’s board of directors believes its stock is undervalued.
Chevron Increases Dividend
The firm also recently announced a quarterly dividend, which was paid on Friday, March 10th. Investors of record on Thursday, February 16th were given a dividend of $1.51 per share. This is a positive change from Chevron’s previous quarterly dividend of $1.42. This represents a $6.04 annualized dividend and a yield of 3.70%. The ex-dividend date was Wednesday, February 15th. Chevron’s dividend payout ratio is currently 33.04%.
Chevron Profile
Chevron Corp. engages in the provision of administrative, financial management, and technology support for energy and chemical operations. It operates through the Upstream and Downstream segments. The Upstream segment consists of the exploration, development, and production of crude oil and natural gas, the liquefaction, transportation, and regasification associated with liquefied natural gas, the transporting of crude oil by major international oil export pipelines, the processing, transporting, storage, and marketing of natural gas, and a gas-to-liquids plant.
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