Covington Capital Management Has $24.95 Million Holdings in Chevron Corporation (CVX)

Covington Capital Management raised its stake in Chevron Corporation (NYSE:CVX) by 3.5% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 239,112 shares of the oil and gas company’s stock after buying an additional 7,988 shares during the quarter. Chevron comprises about 2.0% of Covington Capital Management’s portfolio, making the stock its 6th biggest holding. Covington Capital Management’s holdings in Chevron were worth $24,947,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors also recently bought and sold shares of the business. Colony Group LLC lifted its position in shares of Chevron by 352.4% during the second quarter. Colony Group LLC now owns 11,576 shares of the oil and gas company’s stock worth $1,208,000 after purchasing an additional 9,017 shares in the last quarter. Keel Point LLC raised its holdings in Chevron by 0.5% in the second quarter. Keel Point LLC now owns 2,759 shares of the oil and gas company’s stock valued at $288,000 after acquiring an additional 14 shares in the last quarter. National Asset Management Inc. raised its holdings in Chevron by 1.3% in the second quarter. National Asset Management Inc. now owns 32,398 shares of the oil and gas company’s stock valued at $3,383,000 after acquiring an additional 414 shares in the last quarter. Kingfisher Capital LLC raised its holdings in Chevron by 4.6% in the second quarter. Kingfisher Capital LLC now owns 2,845 shares of the oil and gas company’s stock valued at $297,000 after acquiring an additional 125 shares in the last quarter. Finally, Piedmont Investment Advisors LLC raised its holdings in Chevron by 9.1% in the second quarter. Piedmont Investment Advisors LLC now owns 480,929 shares of the oil and gas company’s stock valued at $50,175,000 after acquiring an additional 40,218 shares in the last quarter. 63.93% of the stock is currently owned by institutional investors.

Chevron Corporation (CVX) opened at $119.68 on Wednesday. The company has a current ratio of 1.04, a quick ratio of 0.84 and a debt-to-equity ratio of 0.23. The stock has a market cap of $228,722.61, a P/E ratio of 33.73, a PEG ratio of 3.98 and a beta of 1.21. Chevron Corporation has a 1 year low of $102.55 and a 1 year high of $122.30.

Chevron (NYSE:CVX) last announced its earnings results on Friday, October 27th. The oil and gas company reported $1.03 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.99 by $0.04. The business had revenue of $36.21 billion for the quarter, compared to analyst estimates of $34.06 billion. Chevron had a net margin of 4.79% and a return on equity of 4.59%. The company’s revenue for the quarter was up 20.1% compared to the same quarter last year. During the same period last year, the firm posted $0.68 earnings per share. research analysts predict that Chevron Corporation will post 4.32 EPS for the current year.

The firm also recently announced a quarterly dividend, which was paid on Monday, December 11th. Stockholders of record on Friday, November 17th were given a dividend of $1.08 per share. The ex-dividend date of this dividend was Thursday, November 16th. This represents a $4.32 dividend on an annualized basis and a dividend yield of 3.61%. Chevron’s dividend payout ratio (DPR) is presently 125.95%.

CVX has been the topic of several analyst reports. Jefferies Group reaffirmed a “buy” rating and issued a $137.00 target price (up previously from $113.54) on shares of Chevron in a report on Monday, October 30th. Zacks Investment Research raised shares of Chevron from a “hold” rating to a “buy” rating and set a $131.00 target price on the stock in a report on Friday, November 10th. Citigroup raised their target price on shares of Chevron from $118.00 to $128.00 and gave the company a “buy” rating in a report on Monday, October 30th. Goldman Sachs Group reaffirmed a “buy” rating and issued a $123.00 target price (up previously from $118.00) on shares of Chevron in a report on Tuesday, September 19th. Finally, Piper Jaffray Companies set a $119.00 target price on shares of Chevron and gave the company a “buy” rating in a report on Friday, August 25th. Three research analysts have rated the stock with a sell rating, ten have assigned a hold rating and fourteen have given a buy rating to the company. The company presently has an average rating of “Hold” and an average price target of $121.22.

In other news, VP R. Hewitt Pate sold 25,500 shares of the firm’s stock in a transaction that occurred on Monday, October 16th. The shares were sold at an average price of $120.00, for a total transaction of $3,060,000.00. Following the transaction, the vice president now directly owns 25,500 shares in the company, valued at $3,060,000. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CFO Patricia E. Yarrington sold 13,143 shares of the firm’s stock in a transaction that occurred on Thursday, November 16th. The stock was sold at an average price of $115.01, for a total transaction of $1,511,576.43. Following the transaction, the chief financial officer now owns 17,981 shares in the company, valued at $2,067,994.81. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 314,000 shares of company stock worth $36,540,822. Insiders own 0.38% of the company’s stock.

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Chevron Profile

Chevron Corporation (Chevron) manages its investments in subsidiaries and affiliates, and provides administrative, financial, management and technology support to the United States and international subsidiaries that engage in integrated energy and chemicals operations. The Company operates through two business segments: Upstream and Downstream.

Institutional Ownership by Quarter for Chevron (NYSE:CVX)

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