Gabelli Funds LLC reduced its position in shares of Chevron Co. (NYSE:CVX) by 10.7% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 594,000 shares of the oil and gas company’s stock after selling 71,000 shares during the period. Gabelli Funds LLC’s holdings in Chevron were worth $69,914,000 as of its most recent filing with the SEC.
Other large investors have also recently bought and sold shares of the company. Boston Partners purchased a new stake in Chevron during the third quarter worth approximately $736,167,000. State Street Corp raised its stake in Chevron by 3.3% in the fourth quarter. State Street Corp now owns 117,508,471 shares of the oil and gas company’s stock worth $13,830,748,000 after buying an additional 3,719,388 shares in the last quarter. Russell Investments Group Ltd. purchased a new stake in Chevron during the fourth quarter worth approximately $168,660,000. FIL Ltd raised its stake in Chevron by 588.4% in the fourth quarter. FIL Ltd now owns 1,132,617 shares of the oil and gas company’s stock worth $133,309,000 after buying an additional 968,081 shares in the last quarter. Finally, Victory Capital Management Inc. raised its stake in Chevron by 886.6% in the third quarter. Victory Capital Management Inc. now owns 723,200 shares of the oil and gas company’s stock worth $74,432,000 after buying an additional 649,895 shares in the last quarter. 62.50% of the stock is currently owned by institutional investors.
Shares of Chevron Co. (NYSE:CVX) traded up 0.13% during midday trading on Friday, hitting $105.02. 4,102,240 shares of the stock were exchanged. The stock’s market cap is $198.81 billion. Chevron Co. has a 52-week low of $97.53 and a 52-week high of $119.00. The firm’s 50 day moving average price is $108.50 and its 200-day moving average price is $110.24. Chevron also saw some unusual options trading on Friday. Stock traders bought 4,483 put options on the company. This represents an increase of 343% compared to the typical volume of 1,013 put options.
Chevron (NYSE:CVX) last released its quarterly earnings results on Friday, January 27th. The oil and gas company reported $0.22 EPS for the quarter, missing analysts’ consensus estimates of $0.64 by $0.42. Chevron had a negative net margin of 0.43% and a positive return on equity of 1.26%. The business earned $31.50 billion during the quarter, compared to analysts’ expectations of $35.24 billion. During the same quarter last year, the business posted ($0.31) earnings per share. The company’s quarterly revenue was up 7.7% compared to the same quarter last year. On average, equities research analysts expect that Chevron Co. will post $4.53 earnings per share for the current fiscal year.
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A number of research analysts recently issued reports on CVX shares. Wells Fargo & Co reiterated a “market perform” rating on shares of Chevron in a research report on Sunday, January 29th. Vetr upgraded shares of Chevron from a “buy” rating to a “strong-buy” rating and set a $120.46 price objective on the stock in a report on Friday, April 14th. Scotiabank set a $114.00 price objective on shares of Chevron and gave the stock a “buy” rating in a report on Monday, March 27th. HSBC Holdings plc downgraded shares of Chevron from a “buy” rating to a “hold” rating and set a $125.00 price objective on the stock. in a report on Tuesday, January 10th. Finally, Royal Bank of Canada restated a “hold” rating and set a $114.00 price objective on shares of Chevron in a report on Thursday, March 23rd. One research analyst has rated the stock with a sell rating, seven have assigned a hold rating, thirteen have given a buy rating and one has issued a strong buy rating to the stock. The stock presently has an average rating of “Buy” and an average target price of $120.15.
In other Chevron news, insider Pierre R. Breber sold 45,000 shares of the stock in a transaction dated Thursday, February 2nd. The stock was sold at an average price of $111.80, for a total value of $5,031,000.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Company insiders own 0.40% of the company’s stock.
Chevron Company Profile
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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