Gateway Investment Advisers LLC cut its stake in Chevron Co. (NYSE:CVX) by 18.0% during the 2nd quarter, Holdings Channel.com reports. The firm owned 749,394 shares of the oil and gas company’s stock after selling 164,879 shares during the period. Gateway Investment Advisers LLC’s holdings in Chevron were worth $66,868,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
A number of other large investors have also added to or reduced their stakes in CVX. Sailer Financial LLC bought a new position in Chevron during the fourth quarter worth about $25,000. Filbrandt Wealth Management LLC bought a new position in Chevron during the fourth quarter worth about $25,000. Corbenic Partners LLC increased its position in Chevron by 276.0% during the first quarter. Corbenic Partners LLC now owns 361 shares of the oil and gas company’s stock worth $26,000 after acquiring an additional 265 shares during the period. Advocacy Wealth Management Services LLC increased its position in Chevron by 84.2% during the first quarter. Advocacy Wealth Management Services LLC now owns 396 shares of the oil and gas company’s stock worth $27,000 after acquiring an additional 181 shares during the period. Finally, PARK CIRCLE Co bought a new position in Chevron during the first quarter worth about $36,000. 64.60% of the stock is currently owned by institutional investors and hedge funds.
A number of equities analysts recently commented on CVX shares. ValuEngine lowered shares of Chevron from a “buy” rating to a “hold” rating in a research report on Thursday, April 2nd. Raymond James lowered their price target on shares of Chevron from $125.00 to $105.00 and set an “outperform” rating on the stock in a research report on Tuesday, March 17th. Royal Bank of Canada downgraded shares of Chevron from a “sector perform” rating to an “underperform” rating and set a $100.00 price objective on the stock. in a research note on Wednesday, June 10th. Scotiabank increased their price objective on shares of Chevron from $90.00 to $95.00 and gave the stock a “sector outperform” rating in a research note on Monday. Finally, Credit Suisse Group increased their price objective on shares of Chevron from $81.00 to $100.00 and gave the stock an “outperform” rating in a research note on Monday, May 4th. One equities research analyst has rated the stock with a sell rating, eight have given a hold rating and sixteen have assigned a buy rating to the company. Chevron presently has an average rating of “Buy” and a consensus target price of $110.64.
Shares of CVX traded up $0.65 during mid-day trading on Wednesday, reaching $89.06. The company had a trading volume of 1,580,195 shares, compared to its average volume of 11,687,212. The company’s 50 day simple moving average is $91.17 and its 200 day simple moving average is $95.11. Chevron Co. has a 1-year low of $51.60 and a 1-year high of $127.00. The company has a debt-to-equity ratio of 0.16, a quick ratio of 0.78 and a current ratio of 1.01. The company has a market capitalization of $167.37 billion, a price-to-earnings ratio of 43.63, a P/E/G ratio of 52.94 and a beta of 1.29.
Chevron (NYSE:CVX) last posted its quarterly earnings results on Friday, May 1st. The oil and gas company reported $1.93 earnings per share for the quarter, beating analysts’ consensus estimates of $0.64 by $1.29. The company had revenue of $31.50 billion for the quarter, compared to the consensus estimate of $30.46 billion. Chevron had a net margin of 2.71% and a return on equity of 8.28%. The firm’s quarterly revenue was down 10.5% compared to the same quarter last year. During the same period last year, the company posted $1.47 EPS. As a group, equities analysts forecast that Chevron Co. will post 0.32 earnings per share for the current fiscal year.
Chevron Corporation, through its subsidiaries, engages in integrated energy, chemicals, and petroleum operations worldwide. The company operates in two segments, Upstream and Downstream. The Upstream segment is involved in the exploration, development, and production of crude oil and natural gas; processing, liquefaction, transportation, and regasification associated with liquefied natural gas; transportation of crude oil through pipelines; and transportation, storage, and marketing of natural gas, as well as operates a gas-to-liquids plant.
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