Traders Buy Chevron Corp. (CVX) on Weakness
Investors bought shares of Chevron Corp. (NYSE:CVX) on weakness during trading on Tuesday. $203.57 million flowed into the stock on the tick-up and $74.09 million flowed out of the stock on the tick-down, for a money net flow of $129.48 million into the stock. Of all equities tracked, Chevron Corp. had the highest net in-flow for the day. Chevron Corp. traded down ($0.34) for the day and closed at $97.70
CVX has been the subject of several analyst reports. Jefferies Group reiterated a “buy” rating and issued a $116.00 target price (up previously from $114.00) on shares of Chevron Corp. in a report on Wednesday, July 6th. Credit Suisse Group AG restated a “neutral” rating on shares of Chevron Corp. in a research report on Tuesday, September 6th. Barclays PLC restated an “equal weight” rating and set a $125.00 price target on shares of Chevron Corp. in a research report on Thursday, July 28th. BMO Capital Markets began coverage on shares of Chevron Corp. in a research report on Monday, September 12th. They set an “outperform” rating and a $120.00 price target for the company. Finally, Piper Jaffray Cos. upgraded shares of Chevron Corp. from a “neutral” rating to an “overweight” rating and increased their price target for the company from $110.00 to $117.00 in a research report on Tuesday, August 9th. Thirteen equities research analysts have rated the stock with a hold rating and nineteen have assigned a buy rating to the company. The company currently has a consensus rating of “Buy” and a consensus target price of $102.01.
The company has a 50-day moving average of $101.12 and a 200 day moving average of $100.50. The stock’s market cap is $184.31 billion.
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Chevron Corp. (NYSE:CVX) last posted its quarterly earnings results on Friday, July 29th. The company reported ($0.78) earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.32 by $1.10. Chevron Corp. had a positive return on equity of 1.07% and a negative net margin of 0.64%. The business earned $29.28 billion during the quarter, compared to the consensus estimate of $25.78 billion. During the same quarter in the previous year, the company earned $0.30 earnings per share. The company’s revenue for the quarter was down 27.4% compared to the same quarter last year. On average, analysts anticipate that Chevron Corp. will post $1.29 EPS for the current year.
The firm also recently declared a quarterly dividend, which was paid on Monday, September 12th. Shareholders of record on Friday, August 19th were paid a $1.07 dividend. The ex-dividend date was Wednesday, August 17th. This represents a $4.28 annualized dividend and a yield of 4.38%. Chevron Corp.’s payout ratio is -1,097.44%.
In other Chevron Corp. news, insider Jeanette L. Ourada sold 7,000 shares of the company’s stock in a transaction that occurred on Thursday, August 25th. The stock was sold at an average price of $101.70, for a total value of $711,900.00. Following the completion of the transaction, the insider now directly owns 7,535 shares in the company, valued at approximately $766,309.50. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Inge G. Thulin purchased 487 shares of the company’s stock in a transaction on Monday, August 15th. The stock was acquired at an average price of $102.87 per share, with a total value of $50,097.69. The disclosure for this purchase can be found here. 0.40% of the stock is owned by company insiders.
A number of hedge funds and other institutional investors have recently bought and sold shares of the company. First American Trust FSB increased its position in Chevron Corp. by 12.5% in the first quarter. First American Trust FSB now owns 46,098 shares of the company’s stock valued at $4,398,000 after buying an additional 5,104 shares during the last quarter. West Oak Capital LLC increased its position in Chevron Corp. by 9.0% in the first quarter. West Oak Capital LLC now owns 21,328 shares of the company’s stock worth $2,035,000 after buying an additional 1,765 shares in the last quarter. Stock Yards Bank & Trust Co. increased its position in Chevron Corp. by 5.6% in the first quarter. Stock Yards Bank & Trust Co. now owns 179,640 shares of the company’s stock worth $17,138,000 after buying an additional 9,485 shares in the last quarter. CT Financial Advisors LLC increased its position in Chevron Corp. by 4.6% in the first quarter. CT Financial Advisors LLC now owns 12,844 shares of the company’s stock worth $1,225,000 after buying an additional 559 shares in the last quarter. Finally, Trust Co. of Virginia VA increased its position in Chevron Corp. by 1.7% in the first quarter. Trust Co. of Virginia VA now owns 73,890 shares of the company’s stock worth $7,049,000 after buying an additional 1,229 shares in the last quarter. Institutional investors and hedge funds own 62.26% of the company’s stock.
Chevron Corp. Company 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.
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