Ontario Teachers Pension Plan Board Reduces Holdings in Chevron Co. (CVX)

Ontario Teachers Pension Plan Board cut its holdings in Chevron Co. (NYSE:CVX) by 57.5% during the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 39,423 shares of the oil and gas company’s stock after selling 53,408 shares during the quarter. Ontario Teachers Pension Plan Board’s holdings in Chevron were worth $4,984,000 as of its most recent SEC filing.

Other institutional investors have also modified their holdings of the company. Live Your Vision LLC raised its position in Chevron by 308.0% in the second quarter. Live Your Vision LLC now owns 816 shares of the oil and gas company’s stock worth $101,000 after acquiring an additional 616 shares in the last quarter. Point72 Asia Hong Kong Ltd raised its position in Chevron by 20,716.7% in the first quarter. Point72 Asia Hong Kong Ltd now owns 1,249 shares of the oil and gas company’s stock worth $142,000 after acquiring an additional 1,243 shares in the last quarter. Shine Investment Advisory Services Inc. raised its position in Chevron by 45.4% in the second quarter. Shine Investment Advisory Services Inc. now owns 1,479 shares of the oil and gas company’s stock worth $187,000 after acquiring an additional 462 shares in the last quarter. First National Bank of Hutchinson bought a new stake in Chevron in the second quarter worth about $200,000. Finally, Mosaic Financial Partners Inc. bought a new stake in Chevron in the second quarter worth about $200,000. Hedge funds and other institutional investors own 64.89% of the company’s stock.

Shares of CVX opened at $113.60 on Friday. The stock has a market capitalization of $224.65 billion, a P/E ratio of 18.03, a P/E/G ratio of 2.04 and a beta of 1.12. Chevron Co. has a 1-year low of $107.54 and a 1-year high of $133.88. The company has a debt-to-equity ratio of 0.19, a quick ratio of 1.01 and a current ratio of 1.22.

Chevron (NYSE:CVX) last released its earnings results on Friday, November 2nd. The oil and gas company reported $2.11 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $2.06 by $0.05. Chevron had a return on equity of 8.19% and a net margin of 8.79%. The company had revenue of $43.99 billion for the quarter, compared to analysts’ expectations of $47.17 billion. During the same quarter in the previous year, the business posted $1.03 EPS. The business’s revenue for the quarter was up 21.5% on a year-over-year basis. As a group, equities analysts forecast that Chevron Co. will post 8.21 EPS for the current year.

The firm also recently announced a quarterly dividend, which will be paid on Monday, December 10th. Shareholders of record on Friday, November 16th will be paid a dividend of $1.12 per share. The ex-dividend date is Thursday, November 15th. This represents a $4.48 annualized dividend and a yield of 3.94%. Chevron’s dividend payout ratio (DPR) is presently 121.08%.

In other Chevron news, insider James William Johnson sold 4,750 shares of Chevron stock in a transaction dated Thursday, October 11th. The stock was sold at an average price of $119.97, for a total transaction of $569,857.50. Following the transaction, the insider now owns 4,750 shares of the company’s stock, valued at approximately $569,857.50. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Insiders own 0.38% of the company’s stock.

Several brokerages have commented on CVX. Berenberg Bank began coverage on shares of Chevron in a research report on Tuesday, September 11th. They issued a “hold” rating and a $135.00 price target on the stock. Bank of America cut shares of Chevron from a “buy” rating to a “neutral” rating and dropped their price target for the stock from $150.00 to $135.00 in a research report on Thursday, September 6th. Goldman Sachs Group reissued a “buy” rating and issued a $141.00 price target on shares of Chevron in a research note on Tuesday, July 31st. HSBC raised Chevron from a “hold” rating to a “buy” rating in a research note on Tuesday, September 11th. Finally, Credit Suisse Group raised Chevron from a “neutral” rating to an “outperform” rating and set a $138.00 price target on the stock in a research note on Monday, November 5th. Eight research analysts have rated the stock with a hold rating, sixteen have given a buy rating and one has given a strong buy rating to the stock. The company presently has an average rating of “Buy” and an average target price of $138.13.

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About Chevron

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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Institutional Ownership by Quarter for Chevron (NYSE:CVX)

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