Chevron Corporation $CVX Shares Sold by Madison Asset Management LLC

Madison Asset Management LLC trimmed its stake in shares of Chevron Corporation (NYSE:CVX) by 4.6% during the third quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 120,842 shares of the oil and gas company’s stock after selling 5,866 shares during the quarter. Madison Asset Management LLC’s holdings in Chevron were worth $18,766,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds have also made changes to their positions in the company. Quaker Wealth Management LLC increased its position in Chevron by 197.7% in the second quarter. Quaker Wealth Management LLC now owns 217 shares of the oil and gas company’s stock worth $31,000 after buying an additional 439 shares during the period. Decker Retirement Planning Inc. acquired a new stake in shares of Chevron in the 3rd quarter worth about $34,000. Vermillion & White Wealth Management Group LLC lifted its position in Chevron by 86.1% in the 2nd quarter. Vermillion & White Wealth Management Group LLC now owns 255 shares of the oil and gas company’s stock valued at $37,000 after purchasing an additional 118 shares during the last quarter. IMG Wealth Management Inc. lifted its position in Chevron by 52.3% in the 2nd quarter. IMG Wealth Management Inc. now owns 265 shares of the oil and gas company’s stock valued at $38,000 after purchasing an additional 91 shares during the last quarter. Finally, Marquette Asset Management LLC acquired a new position in Chevron during the 3rd quarter valued at about $41,000. Institutional investors own 72.42% of the company’s stock.

Chevron Trading Down 0.1%

Shares of CVX stock opened at $182.39 on Wednesday. The stock has a 50-day simple moving average of $160.55 and a 200 day simple moving average of $156.86. The stock has a market capitalization of $367.25 billion, a P/E ratio of 27.39, a P/E/G ratio of 12.28 and a beta of 0.70. Chevron Corporation has a fifty-two week low of $132.04 and a fifty-two week high of $182.95. The company has a quick ratio of 0.86, a current ratio of 1.15 and a debt-to-equity ratio of 0.19.

Chevron (NYSE:CVX) last issued its quarterly earnings results on Friday, January 30th. The oil and gas company reported $1.52 earnings per share for the quarter, beating analysts’ consensus estimates of $1.44 by $0.08. Chevron had a net margin of 6.51% and a return on equity of 8.23%. The company had revenue of $45.79 billion during the quarter, compared to the consensus estimate of $48.18 billion. During the same period in the prior year, the company earned $2.06 EPS. Chevron’s revenue was down 10.2% on a year-over-year basis. On average, sell-side analysts expect that Chevron Corporation will post 10.79 earnings per share for the current fiscal year.

Chevron Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, March 10th. Investors of record on Tuesday, February 17th will be issued a dividend of $1.78 per share. The ex-dividend date is Tuesday, February 17th. This is a positive change from Chevron’s previous quarterly dividend of $1.71. This represents a $7.12 dividend on an annualized basis and a yield of 3.9%. Chevron’s payout ratio is 102.70%.

Wall Street Analyst Weigh In

Several equities research analysts have commented on the stock. UBS Group restated a “buy” rating and issued a $212.00 price target on shares of Chevron in a research note on Monday, February 2nd. TD Cowen raised their target price on Chevron from $160.00 to $168.00 and gave the company a “hold” rating in a research report on Monday, February 2nd. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Chevron in a research note on Wednesday, January 21st. Bank of America decreased their price target on Chevron from $183.00 to $180.00 and set a “buy” rating for the company in a research note on Thursday, December 11th. Finally, Sanford C. Bernstein raised their price target on Chevron from $170.00 to $172.00 and gave the company a “market perform” rating in a report on Monday, January 5th. Twelve analysts have rated the stock with a Buy rating, seven have assigned a Hold rating and four have issued a Sell rating to the company. According to data from MarketBeat.com, Chevron currently has an average rating of “Hold” and an average price target of $175.00.

Insider Activity

In other Chevron news, CFO Eimear P. Bonner sold 32,100 shares of the company’s stock in a transaction on Friday, January 30th. The stock was sold at an average price of $175.01, for a total value of $5,617,821.00. Following the transaction, the chief financial officer owned 4,366 shares of the company’s stock, valued at approximately $764,093.66. This represents a 88.03% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CTO Thomas Ryder Booth sold 6,000 shares of the stock in a transaction on Tuesday, February 3rd. The shares were sold at an average price of $178.43, for a total value of $1,070,580.00. Following the sale, the chief technology officer owned 476 shares of the company’s stock, valued at $84,932.68. This trade represents a 92.65% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 793,158 shares of company stock valued at $127,919,578 in the last ninety days. 0.20% of the stock is owned by company insiders.

Chevron Company Profile

Chevron Corporation (NYSE: CVX) is an American multinational energy company engaged in virtually all aspects of the oil and gas industry. As an integrated energy firm, Chevron’s core activities include upstream oil and natural gas exploration and production, midstream transportation and storage, downstream refining and marketing of fuels and lubricants, and petrochemical manufacturing through joint ventures and subsidiaries. The company markets fuels under brands such as Chevron, Texaco and Caltex and supplies a range of products and services to retail customers, industrial users and commercial fleets worldwide.

Chevron traces its corporate lineage to the early petroleum companies that eventually became Standard Oil of California and has evolved through significant mergers and restructurings, including the acquisitions of Gulf Oil and Texaco.