Chevron Co. (CVX) Stake Increased by Doyle Wealth Management

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Doyle Wealth Management grew its stake in shares of Chevron Co. (NYSE:CVX) by 1.9% in the third quarter, HoldingsChannel.com reports. The firm owned 163,548 shares of the oil and gas company’s stock after acquiring an additional 2,998 shares during the period. Chevron accounts for approximately 3.1% of Doyle Wealth Management’s holdings, making the stock its 6th largest position. Doyle Wealth Management’s holdings in Chevron were worth $19,999,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds also recently modified their holdings of CVX. Private Capital Group LLC lifted its stake in Chevron by 4.6% in the second quarter. Private Capital Group LLC now owns 9,281 shares of the oil and gas company’s stock worth $1,173,000 after acquiring an additional 412 shares during the period. Strategic Financial Services Inc lifted its stake in Chevron by 1.1% in the second quarter. Strategic Financial Services Inc now owns 37,454 shares of the oil and gas company’s stock worth $4,735,000 after acquiring an additional 413 shares during the period. EFG Asset Management Americas Corp. lifted its stake in Chevron by 1.2% in the third quarter. EFG Asset Management Americas Corp. now owns 35,320 shares of the oil and gas company’s stock worth $4,319,000 after acquiring an additional 418 shares during the period. Burns J W & Co. Inc. NY lifted its stake in Chevron by 0.6% in the third quarter. Burns J W & Co. Inc. NY now owns 66,535 shares of the oil and gas company’s stock worth $8,136,000 after acquiring an additional 421 shares during the period. Finally, Frontier Investment Mgmt Co. lifted its stake in Chevron by 1.5% in the third quarter. Frontier Investment Mgmt Co. now owns 28,092 shares of the oil and gas company’s stock worth $3,435,000 after acquiring an additional 421 shares during the period. 64.62% of the stock is owned by hedge funds and other institutional investors.

In other news, insider James William Johnson sold 9,500 shares of the company’s stock in a transaction dated Thursday, November 29th. The shares were sold at an average price of $118.59, for a total transaction of $1,126,605.00. Following the transaction, the insider now owns 9,500 shares in the company, valued at $1,126,605. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, insider Jeanette L. Ourada sold 7,200 shares of the company’s stock in a transaction dated Monday, February 4th. The shares were sold at an average price of $116.50, for a total transaction of $838,800.00. Following the transaction, the insider now owns 7,200 shares in the company, valued at approximately $838,800. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 26,200 shares of company stock worth $3,072,725. Corporate insiders own 0.46% of the company’s stock.

CVX opened at $117.58 on Monday. Chevron Co. has a 52-week low of $100.22 and a 52-week high of $131.08. The company has a debt-to-equity ratio of 0.19, a quick ratio of 1.01 and a current ratio of 1.22. The stock has a market cap of $224.67 billion, a PE ratio of 14.25, a P/E/G ratio of 4.03 and a beta of 1.02.

Chevron (NYSE:CVX) last posted its quarterly earnings data on Friday, February 1st. The oil and gas company reported $1.95 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $1.87 by $0.08. Chevron had a net margin of 8.91% and a return on equity of 9.82%. The firm had revenue of $42.35 billion for the quarter, compared to the consensus estimate of $41.46 billion. During the same quarter in the prior year, the company posted $1.64 earnings per share. The company’s revenue for the quarter was up 12.6% compared to the same quarter last year. On average, analysts anticipate that Chevron Co. will post 6.63 earnings per share for the current fiscal year.

The business also recently disclosed a quarterly dividend, which will be paid on Monday, March 11th. Stockholders of record on Friday, February 15th will be issued a dividend of $1.19 per share. The ex-dividend date is Thursday, February 14th. This represents a $4.76 annualized dividend and a dividend yield of 4.05%. This is an increase from Chevron’s previous quarterly dividend of $1.12. Chevron’s dividend payout ratio is 54.30%.

A number of analysts recently weighed in on the stock. Credit Suisse Group set a $135.00 price objective on shares of Chevron and gave the stock a “buy” rating in a research note on Saturday, February 2nd. Zacks Investment Research upgraded shares of Chevron from a “strong sell” rating to a “hold” rating in a report on Tuesday, January 29th. UBS Group upgraded shares of Chevron from a “neutral” rating to a “buy” rating and set a $112.95 target price for the company in a report on Friday, January 18th. HSBC downgraded shares of Chevron from a “buy” rating to a “hold” rating and reduced their target price for the stock from $136.00 to $122.00 in a report on Monday, January 14th. Finally, Royal Bank of Canada reiterated a “hold” rating and issued a $130.00 target price on shares of Chevron in a report on Monday, January 7th. Nine equities research analysts have rated the stock with a hold rating, ten have given a buy rating and one has assigned a strong buy rating to the stock. Chevron presently has a consensus rating of “Buy” and a consensus target price of $133.20.

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Chevron Company Profile

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.

Further Reading: What is the quiet period?

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Institutional Ownership by Quarter for Chevron (NYSE:CVX)

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