Narwhal Capital Management boosted its stake in shares of Chevron Co. (NYSE:CVX) by 19.0% in the third quarter, HoldingsChannel reports. The firm owned 38,269 shares of the oil and gas company’s stock after purchasing an additional 6,119 shares during the quarter. Narwhal Capital Management’s holdings in Chevron were worth $2,755,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Other large investors also recently added to or reduced their stakes in the company. Selective Wealth Management Inc. acquired a new position in Chevron during the 2nd quarter valued at approximately $25,000. Demars Financial Group LLC bought a new stake in shares of Chevron in the 2nd quarter worth $32,000. Marshall & Sullivan Inc. WA bought a new stake in shares of Chevron in the 2nd quarter worth $36,000. Asset Advisors Investment Management LLC bought a new stake in shares of Chevron in the 2nd quarter worth $36,000. Finally, Watson Rebecca bought a new stake in shares of Chevron in the 2nd quarter worth $39,000. Institutional investors and hedge funds own 64.01% of the company’s stock.
A number of equities research analysts have recently issued reports on the company. Piper Sandler lowered Chevron from an “overweight” rating to a “neutral” rating and set a $108.00 target price on the stock. in a research report on Monday, August 17th. SunTrust Banks initiated coverage on Chevron in a research report on Thursday, July 23rd. They set a “buy” rating and a $120.00 target price on the stock. HSBC lowered their price target on Chevron from $93.00 to $86.00 and set a “hold” rating on the stock in a report on Wednesday, October 14th. Raymond James lifted their price target on Chevron from $95.00 to $100.00 and gave the company an “outperform” rating in a report on Monday, July 20th. Finally, Scotia Howard Weill downgraded Chevron from a “buy” rating to a “sector perform” rating and set a $121.00 price target on the stock. in a report on Thursday, September 24th. One analyst has rated the stock with a sell rating, ten have issued a hold rating, seventeen have issued a buy rating and one has issued a strong buy rating to the company’s stock. The stock has a consensus rating of “Buy” and an average target price of $107.48.
Chevron (NYSE:CVX) last released its quarterly earnings results on Friday, July 31st. The oil and gas company reported ($1.59) EPS for the quarter, missing the Zacks’ consensus estimate of ($0.93) by ($0.66). The business had revenue of $13.95 billion for the quarter, compared to the consensus estimate of $21.71 billion. Chevron had a positive return on equity of 3.61% and a negative net margin of 7.41%. The firm’s revenue was down 64.1% on a year-over-year basis. During the same quarter last year, the company earned $1.77 earnings per share. Sell-side analysts forecast that Chevron Co. will post -0.36 EPS for the current year.
In related news, insider David A. Inchausti sold 5,750 shares of the stock in a transaction that occurred on Tuesday, August 11th. The stock was sold at an average price of $92.00, for a total transaction of $529,000.00. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. 0.28% of the stock is owned by corporate insiders.
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.
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