Today, Summit Financial Wealth Advisors LLC decides to keep it stake in Chevron Corp. (CVX) to the level of $2,930,000

Today, Summit Financial Wealth Advisors LLC decides to keep it stake in Chevron Corp. (CVX) to the level of $2,930,000
Summit Financial Wealth Advisors LLC reduced its stake in Chevron Corp. (NYSE:CVX) by 8.7% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 28,466 shares of the company’s stock after selling 2,703 shares during the period. Chevron Corp. accounts for about 1.3% of Summit Financial Wealth Advisors LLC’s portfolio, making the stock its 27th largest position. Summit Financial Wealth Advisors LLC’s holdings in Chevron Corp. were worth $2,930,000 as of its most recent SEC filing.

A number of other hedge funds have also recently made changes to their positions in the company. Thomaspartners Inc. increased its stake in shares of Chevron Corp. by 5.8% in the first quarter. Thomaspartners Inc. now owns 1,653,697 shares of the company’s stock valued at $157,763,000 after buying an additional 90,811 shares during the last quarter. Hancock Holding Co. raised its position in shares of Chevron Corp. by 21.2% in the first quarter. Hancock Holding Co. now owns 27,740 shares of the company’s stock worth $2,646,000 after buying an additional 4,855 shares during the period. Simmons Bank bought a new position in shares of Chevron Corp. during the first quarter worth approximately $3,022,000. Geode Capital Management LLC raised its position in shares of Chevron Corp. by 2.2% in the first quarter. Geode Capital Management LLC now owns 15,718,173 shares of the company’s stock worth $1,496,560,000 after buying an additional 334,885 shares during the period. Finally, Kimelman & Baird LLC raised its position in shares of Chevron Corp. by 3.6% in the first quarter. Kimelman & Baird LLC now owns 75,079 shares of the company’s stock worth $7,163,000 after buying an additional 2,620 shares during the period. 62.30% of the stock is owned by institutional investors and hedge funds.

Chevron Corp. (NYSE:CVX) remained flat at $111.00 during mid-day trading on Friday. The stock had a trading volume of 3,238,554 shares. Chevron Corp. has a 52 week low of $75.33 and a 52 week high of $111.47. The stock has a 50 day moving average of $105.01 and a 200-day moving average of $102.70. The stock’s market capitalization is $209.54 billion.

Chevron Corp. (NYSE:CVX) last issued its earnings results on Friday, October 28th. The company reported $0.68 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.39 by $0.29. The business had revenue of $30.14 billion for the quarter, compared to the consensus estimate of $29.71 billion. Chevron Corp. had a negative net margin of 1.34% and a positive return on equity of 0.59%. The business’s quarterly revenue was down 12.2% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $1.09 earnings per share. Equities research analysts expect that Chevron Corp. will post $1.34 earnings per share for the current year.

The company also recently announced a quarterly dividend, which will be paid on Monday, December 12th. Stockholders of record on Friday, November 18th will be issued a $1.08 dividend. This is an increase from Chevron Corp.’s previous quarterly dividend of $1.07. The ex-dividend date is Wednesday, November 16th. This represents a $4.32 annualized dividend and a dividend yield of 3.89%. Chevron Corp.’s payout ratio is presently -540.00%.

CVX has been the topic of a number of research reports. Zacks Investment Research lowered shares of Chevron Corp. from a “buy” rating to a “hold” rating in a research report on Wednesday, August 3rd. Jefferies Group reaffirmed a “buy” rating on shares of Chevron Corp. in a research report on Friday, August 5th. Piper Jaffray Cos. raised shares of Chevron Corp. from a “neutral” rating to an “overweight” rating and raised their target price for the stock from $110.00 to $117.00 in a research report on Tuesday, August 9th. Simmons raised shares of Chevron Corp. from a “neutral” rating to an “overweight” rating and raised their target price for the stock from $110.00 to $117.00 in a research report on Tuesday, August 9th. Finally, Vetr raised shares of Chevron Corp. from a “hold” rating to a “buy” rating and set a $107.24 target price on the stock in a research report on Tuesday, August 9th. Eleven equities research analysts have rated the stock with a hold rating and twenty have issued a buy rating to the company’s stock. The company currently has an average rating of “Buy” and a consensus price target of $108.61.

In other news, Director Linnet F. Deily sold 5,637 shares of Chevron Corp. stock in a transaction dated Thursday, November 3rd. The shares were sold at an average price of $105.27, for a total value of $593,406.99. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, insider Pierre R. Breber sold 10,000 shares of Chevron Corp. stock in a transaction dated Thursday, November 17th. The shares were sold at an average price of $110.00, for a total transaction of $1,100,000.00. Following the completion of the sale, the insider now directly owns 28,911 shares in the company, valued at approximately $3,180,210. The disclosure for this sale can be found here. 0.40% of the stock is currently owned by insiders.

About Chevron Corp.

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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