Edge Wealth Management LLC reduced its stake in shares of Chevron Corporation (NYSE:CVX) by 3.6% in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 54,525 shares of the oil and gas company’s stock after selling 2,020 shares during the quarter. Chevron Corporation accounts for 1.8% of Edge Wealth Management LLC’s holdings, making the stock its 19th largest position. Edge Wealth Management LLC’s holdings in Chevron Corporation were worth $5,723,000 as of its most recent filing with the Securities and Exchange Commission.
Other hedge funds also recently made changes to their positions in the company. Thompson Davis & CO. Inc. grew its holdings in Chevron Corporation by 20.0% in the first quarter. Thompson Davis & CO. Inc. now owns 1,146 shares of the oil and gas company’s stock valued at $123,000 after purchasing an additional 191 shares during the period. Winfield Associates Inc. grew its holdings in Chevron Corporation by 5.1% in the second quarter. Winfield Associates Inc. now owns 1,301 shares of the oil and gas company’s stock valued at $136,000 after purchasing an additional 63 shares during the period. Daiwa SB Investments Ltd. grew its holdings in Chevron Corporation by 438.5% in the second quarter. Daiwa SB Investments Ltd. now owns 1,400 shares of the oil and gas company’s stock valued at $146,000 after purchasing an additional 1,140 shares during the period. New Capital Management LP grew its holdings in Chevron Corporation by 0.3% in the first quarter. New Capital Management LP now owns 1,455 shares of the oil and gas company’s stock valued at $156,000 after purchasing an additional 4 shares during the period. Finally, Terril Brothers Inc. grew its holdings in Chevron Corporation by 5.4% in the second quarter. Terril Brothers Inc. now owns 2,025 shares of the oil and gas company’s stock valued at $211,000 after purchasing an additional 104 shares during the period. Institutional investors own 62.72% of the company’s stock.
CVX has been the topic of several research analyst reports. Citigroup Inc. dropped their price objective on Chevron Corporation from $129.00 to $118.00 and set a “buy” rating on the stock in a report on Friday, July 21st. Scotiabank reissued a “buy” rating and issued a $113.00 price objective on shares of Chevron Corporation in a report on Friday, June 30th. Jefferies Group LLC set a $135.00 price objective on Chevron Corporation and gave the company a “buy” rating in a report on Saturday, June 24th. BMO Capital Markets set a $120.00 price objective on Chevron Corporation and gave the company a “buy” rating in a report on Sunday, July 30th. Finally, Piper Jaffray Companies reissued a “buy” rating on shares of Chevron Corporation in a report on Thursday, August 3rd. Three research analysts have rated the stock with a sell rating, nine have assigned a hold rating and sixteen have given a buy rating to the stock. The company currently has a consensus rating of “Hold” and a consensus target price of $119.66.
Shares of Chevron Corporation (CVX) opened at 118.64 on Friday. Chevron Corporation has a 52-week low of $99.87 and a 52-week high of $120.89. The stock has a market cap of $224.82 billion, a P/E ratio of 38.47 and a beta of 1.24. The firm has a 50-day moving average price of $116.24 and a 200-day moving average price of $108.72.
Chevron Corporation (NYSE:CVX) last posted its quarterly earnings data on Friday, July 28th. The oil and gas company reported $0.91 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.89 by $0.02. Chevron Corporation had a return on equity of 4.13% and a net margin of 4.50%. The business had revenue of $34.48 billion for the quarter, compared to analysts’ expectations of $32.77 billion. During the same quarter last year, the firm earned ($0.78) earnings per share. The business’s revenue was up 17.8% on a year-over-year basis. On average, analysts anticipate that Chevron Corporation will post $4.08 EPS for the current fiscal year.
In other news, insider James William Johnson sold 31,000 shares of the firm’s stock in a transaction on Wednesday, August 2nd. The stock was sold at an average price of $110.68, for a total transaction of $3,431,080.00. Following the sale, the insider now owns 11,000 shares in the company, valued at $1,217,480. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Patricia E. Yarrington sold 39,000 shares of the firm’s stock in a transaction on Wednesday, August 2nd. The stock was sold at an average price of $111.00, for a total value of $4,329,000.00. Following the sale, the chief financial officer now owns 43,838 shares in the company, valued at approximately $4,866,018. The disclosure for this sale can be found here. Insiders have sold 97,812 shares of company stock worth $11,068,343 in the last 90 days. Insiders own 0.38% of the company’s stock.
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About Chevron Corporation
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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