Aberdeen Group plc Sells 205,245 Shares of Chevron Corporation $CVX

Key Points

• Aberdeen Group cut its Chevron stake by 27.4%, selling 205,245 shares in the third quarter; it retained 544,917 shares worth about $111.3 million.
• Analysts’ consensus rating is “Moderate Buy”, with an average price target of $222.96. Recent quarterly results beat estimates: earnings were $5.28 per share versus $4.87 expected, and revenue rose 36.3% year over year.
• Chevron declared a quarterly dividend of $1.78 per share, or $7.12 annually, representing a yield of about 3.2% at the article’s cited share price.

Aberdeen Group plc lessened its position in Chevron Corporation (NYSE:CVX - Free Report) by 27.4% in the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 544,917 shares of the oil and gas company's stock after selling 205,245 shares during the period. Aberdeen Group plc's holdings in Chevron were worth $111,278,000 at the end of the most recent quarter.

Several other large investors have also recently modified their holdings of the business. Stonebridge Financial Planning Group LLC lifted its stake in shares of Chevron by 10.5% in the 3rd quarter. Stonebridge Financial Planning Group LLC now owns 1,575 shares of the oil and gas company's stock valued at $322,000 after purchasing an additional 150 shares during the period. Valmark Advisers Inc. increased its holdings in Chevron by 13.2% in the third quarter. Valmark Advisers Inc. now owns 19,435 shares of the oil and gas company's stock worth $3,969,000 after purchasing an additional 2,271 shares in the last quarter. Money Concepts Capital Corp increased its holdings in Chevron by 23.1% in the third quarter. Money Concepts Capital Corp now owns 6,876 shares of the oil and gas company's stock worth $1,404,000 after purchasing an additional 1,291 shares in the last quarter. Allworth Financial LP lifted its stake in Chevron by 23.1% in the third quarter. Allworth Financial LP now owns 452,450 shares of the oil and gas company's stock valued at $92,395,000 after buying an additional 84,907 shares during the period. Finally, Altar Rock LLC acquired a new position in Chevron in the third quarter valued at approximately $222,000. Institutional investors own 72.42% of the company's stock.

Wall Street Analysts Forecast Growth

A number of equities analysts have issued reports on the company. Wells Fargo & Company increased their price target on Chevron from $230.00 to $268.00 and gave the stock an "overweight" rating in a report on Monday, November 2nd. HSBC set a $90.00 price objective on shares of Chevron in a research note on Friday, September 25th. UBS Group boosted their target price on shares of Chevron from $235.00 to $265.00 and gave the company a "buy" rating in a research report on Monday, November 2nd. BMO Capital Markets increased their target price on shares of Chevron from $210.00 to $235.00 and gave the stock an "outperform" rating in a research note on Thursday, September 3rd. Finally, Barclays increased their target price on shares of Chevron from $244.00 to $248.00 and gave the stock an "equal weight" rating in a research note on Friday. One equities research analyst has rated the stock with a Strong Buy rating, twenty-three have assigned a Buy rating, six have assigned a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, Chevron has an average rating of "Moderate Buy" and an average target price of $222.96.

Insider Buying and Selling at Chevron

In other Chevron news, CTO Thomas Booth sold 6,000 shares of the firm's stock in a transaction on Wednesday, November 11th. The shares were sold at an average price of $212.14, for a total value of $1,272,840.00. Following the transaction, the chief technology officer directly owned 6,000 shares of the company's stock, valued at approximately $1,272,840. This trade represents a 50.00% 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, insider R. Pate sold 40,700 shares of the firm's stock in a transaction on Tuesday, October 20th. The shares were sold at an average price of $226.65, for a total transaction of $9,224,655.00. Following the completion of the transaction, the insider directly owned 8,791 shares in the company, valued at $1,992,480.15. This trade represents a 82.24% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last quarter, insiders sold 180,370 shares of company stock worth $38,497,149. 0.56% of the stock is owned by company insiders.

Chevron News Roundup

Here's some of the latest news about CVX:

• Positive Sentiment: Chevron plans to restart its Ralston, Iowa, biodiesel facility, restoring nearly 42 million gallons of annual capacity. A feedstock agreement with Landus Cooperative supports the restart and the company’s renewable-fuels business. Article: What's Going on with Chevron Shares on Friday?
• Positive Sentiment: Recent quarterly results showed the strength of Chevron’s integrated business: adjusted profit nearly tripled to $10.4 billion, with refining earnings rising 333% and refinery utilization at 98%. The strength came despite production declining 2.6%. Article: Chevron's Production Fell. Its Profit Nearly Tripled.
• Positive Sentiment: Chevron declared a quarterly dividend of $1.78 per share, equivalent to $7.12 annually and a 3.3% yield, which may appeal to income-focused investors.

Chevron Stock Up 1.5%

Shares of NYSE:CVX opened at $219.56 on Friday. The company has a debt-to-equity ratio of 0.16, a quick ratio of 1.07 and a current ratio of 1.34. Chevron Corporation has a 52-week low of $146.49 and a 52-week high of $236.48. The business's 50 day simple moving average is $215.49 and its two-hundred day simple moving average is $195.58. The firm has a market cap of $431.52 billion, a P/E ratio of 16.06, a PEG ratio of 0.50 and a beta of 0.47.

Chevron (NYSE:CVX - Get Free Report) last released its quarterly earnings data on Friday, October 30th. The oil and gas company reported $5.28 EPS for the quarter, beating the consensus estimate of $4.87 by $0.41. Chevron had a return on equity of 14.49% and a net margin of 11.56%. The firm had revenue of $65.24 billion during the quarter, compared to the consensus estimate of $61.82 billion. During the same quarter in the previous year, the company posted $1.85 earnings per share. The company's quarterly revenue was up 36.3% on a year-over-year basis. As a group, research analysts forecast that Chevron Corporation will post 18.64 EPS for the current fiscal year.

Chevron Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Thursday, December 10th. Investors of record on Wednesday, November 18th will be given a $1.78 dividend. The ex-dividend date of this dividend is Wednesday, November 18th. This represents a $7.12 annualized dividend and a yield of 3.2%. Chevron's dividend payout ratio (DPR) is presently 52.08%.

Chevron Company Profile

Chevron Corporation NYSE: CVX is an integrated energy company engaged in the exploration, development, production, transportation and sale of crude oil and natural gas. Its upstream operations include oil and gas exploration and production, while its downstream business includes refining crude oil, marketing fuels and manufacturing and distributing lubricants, petrochemicals and fuel additives. The company also invests in lower-carbon businesses and technologies, including renewable fuels, carbon capture and storage, hydrogen and other opportunities intended to reduce emissions from its operations and energy products.

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