New Potomac Partners LLC trimmed its position in shares of Chevron Co. (NYSE:CVX) by 3.1% during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 15,439 shares of the oil and gas company’s stock after selling 500 shares during the quarter. Chevron accounts for approximately 1.9% of New Potomac Partners LLC’s holdings, making the stock its 22nd largest position. New Potomac Partners LLC’s holdings in Chevron were worth $1,921,000 at the end of the most recent reporting period.
Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Thoroughbred Financial Services LLC increased its stake in shares of Chevron by 12,204.4% in the 2nd quarter. Thoroughbred Financial Services LLC now owns 3,259,805 shares of the oil and gas company’s stock worth $325,980,000 after purchasing an additional 3,233,312 shares in the last quarter. Nordea Investment Management AB increased its stake in shares of Chevron by 298.6% in the 4th quarter. Nordea Investment Management AB now owns 1,695,198 shares of the oil and gas company’s stock worth $184,416,000 after purchasing an additional 1,269,889 shares in the last quarter. Royal London Asset Management Ltd. purchased a new stake in shares of Chevron in the 4th quarter worth $88,758,000. Hamlin Capital Management LLC increased its stake in shares of Chevron by 90.6% in the 4th quarter. Hamlin Capital Management LLC now owns 707,870 shares of the oil and gas company’s stock worth $77,009,000 after purchasing an additional 336,521 shares in the last quarter. Finally, Manning & Napier Group LLC increased its stake in shares of Chevron by 1,698.5% in the 2nd quarter. Manning & Napier Group LLC now owns 335,520 shares of the oil and gas company’s stock worth $41,751,000 after purchasing an additional 316,864 shares in the last quarter. 65.64% of the stock is currently owned by hedge funds and other institutional investors.
In other Chevron news, Chairman Michael K. Wirth sold 33,750 shares of the stock in a transaction on Friday, June 21st. The stock was sold at an average price of $125.60, for a total value of $4,239,000.00. Following the completion of the sale, the chairman now owns 33,750 shares in the company, valued at approximately $4,239,000. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Debra L. Reed purchased 4,250 shares of the business’s stock in a transaction on Wednesday, August 7th. The stock was acquired at an average price of $118.14 per share, with a total value of $502,095.00. The disclosure for this purchase can be found here. Insiders sold a total of 40,050 shares of company stock valued at $5,007,621 in the last quarter. 0.31% of the stock is currently owned by company insiders.
Chevron (NYSE:CVX) last issued its quarterly earnings results on Friday, August 2nd. The oil and gas company reported $2.27 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $1.74 by $0.53. Chevron had a return on equity of 9.58% and a net margin of 9.18%. The business had revenue of $38.85 billion during the quarter, compared to analyst estimates of $40.14 billion. During the same quarter in the prior year, the business posted $1.78 EPS. Chevron’s revenue for the quarter was down 8.0% compared to the same quarter last year. On average, equities analysts forecast that Chevron Co. will post 6.84 EPS for the current year.
The firm also recently declared a quarterly dividend, which will be paid on Tuesday, September 10th. Shareholders of record on Monday, August 19th will be paid a $1.19 dividend. The ex-dividend date of this dividend is Friday, August 16th. This represents a $4.76 dividend on an annualized basis and a yield of 3.89%. Chevron’s payout ratio is presently 57.70%.
Several equities research analysts have recently commented on the company. Cowen restated a “buy” rating and issued a $142.00 price objective on shares of Chevron in a research note on Wednesday, April 17th. Zacks Investment Research lowered Chevron from a “buy” rating to a “hold” rating in a research note on Tuesday, May 7th. Citigroup assumed coverage on Chevron in a research note on Monday, May 13th. They issued a “buy” rating and a $135.00 price objective for the company. Finally, Morgan Stanley reduced their price objective on Chevron from $146.00 to $144.00 and set an “overweight” rating for the company in a research note on Friday, July 12th. Five investment analysts have rated the stock with a hold rating, thirteen have given a buy rating and one has given a strong buy rating to the company. The company presently has an average rating of “Buy” and a consensus price target of $135.41.
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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