Toronto Dominion Bank Reduces Stake in Chevron Co. (NYSE:CVX)

Toronto Dominion Bank reduced its position in Chevron Co. (NYSE:CVX) by 5.8% in the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 965,205 shares of the oil and gas company’s stock after selling 58,945 shares during the period. Toronto Dominion Bank owned about 0.05% of Chevron worth $86,129,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in CVX. Bourgeon Capital Management LLC increased its stake in Chevron by 18.4% in the 1st quarter. Bourgeon Capital Management LLC now owns 27,181 shares of the oil and gas company’s stock valued at $1,970,000 after purchasing an additional 4,233 shares in the last quarter. Bell Rock Capital LLC increased its stake in Chevron by 13.6% in the 1st quarter. Bell Rock Capital LLC now owns 2,910 shares of the oil and gas company’s stock valued at $211,000 after purchasing an additional 348 shares in the last quarter. Townsend Asset Management Corp NC ADV increased its stake in Chevron by 4.7% in the 1st quarter. Townsend Asset Management Corp NC ADV now owns 4,733 shares of the oil and gas company’s stock valued at $343,000 after purchasing an additional 213 shares in the last quarter. Blume Capital Management Inc. increased its stake in Chevron by 6.0% in the 1st quarter. Blume Capital Management Inc. now owns 5,288 shares of the oil and gas company’s stock valued at $383,000 after purchasing an additional 300 shares in the last quarter. Finally, Page Arthur B increased its position in Chevron by 10.2% during the first quarter. Page Arthur B now owns 21,864 shares of the oil and gas company’s stock worth $1,584,000 after buying an additional 2,021 shares in the last quarter. 64.01% of the stock is owned by hedge funds and other institutional investors.

In other Chevron news, insider David A. Inchausti sold 5,750 shares of the firm’s stock in a transaction dated Tuesday, August 11th. The stock was sold at an average price of $92.00, for a total value of $529,000.00. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Company insiders own 0.28% of the company’s stock.

Several equities analysts have weighed in on CVX shares. Raymond James raised their price target on Chevron from $95.00 to $100.00 and gave the stock an “outperform” rating in a research report on Monday, July 20th. SunTrust Banks started coverage on Chevron in a research report on Thursday, July 23rd. They set a “buy” rating and a $120.00 price target for the company. downgraded Chevron from a “buy” rating to a “neutral” rating in a research report on Tuesday, June 9th. Bank of America downgraded Chevron from a “buy” rating to a “neutral” rating in a research report on Tuesday, June 9th. Finally, Piper Sandler downgraded Chevron from an “overweight” rating to a “neutral” rating and set a $108.00 price target for the company. in a research report on Monday, August 17th. One research analyst has rated the stock with a sell rating, nine have given a hold rating, fourteen have issued a buy rating and one has given a strong buy rating to the stock. Chevron presently has an average rating of “Buy” and a consensus price target of $107.14.

Chevron stock traded down $0.94 during midday trading on Tuesday, reaching $76.35. The stock had a trading volume of 11,720,375 shares, compared to its average volume of 11,101,875. Chevron Co. has a twelve month low of $51.60 and a twelve month high of $125.27. The stock has a market capitalization of $144.32 billion, a PE ratio of -16.62, a price-to-earnings-growth ratio of 158.55 and a beta of 1.21. The company has a debt-to-equity ratio of 0.23, a quick ratio of 0.87 and a current ratio of 1.14. The stock’s 50-day simple moving average is $85.44 and its 200 day simple moving average is $86.56.

Chevron (NYSE:CVX) last released its quarterly earnings data on Friday, July 31st. The oil and gas company reported ($1.59) EPS for the quarter, missing the consensus estimate of ($0.93) by ($0.66). Chevron had a negative net margin of 7.41% and a positive return on equity of 3.61%. The company had revenue of $13.95 billion during the quarter, compared to analysts’ expectations of $21.71 billion. During the same period last year, the business earned $1.77 earnings per share. The company’s revenue for the quarter was down 64.1% compared to the same quarter last year. Equities analysts predict that Chevron Co. will post 0.1 earnings per share for the current fiscal year.

The business also recently disclosed a quarterly dividend, which was paid on Thursday, September 10th. Shareholders of record on Wednesday, August 19th were given a $1.29 dividend. This represents a $5.16 annualized dividend and a yield of 6.76%. The ex-dividend date of this dividend was Tuesday, August 18th. Chevron’s dividend payout ratio (DPR) is presently 82.30%.

Chevron Profile

Chevron Corporation, through its subsidiaries, engages in integrated energy, chemicals, and petroleum operations worldwide. The company operates in two segments, Upstream and Downstream. The Upstream segment is involved in the exploration, development, and production of crude oil and natural gas; processing, liquefaction, transportation, and regasification associated with liquefied natural gas; transportation of crude oil through pipelines; and transportation, storage, and marketing of natural gas, as well as operates a gas-to-liquids plant.

Further Reading: Systematic Risk and Investors

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Institutional Ownership by Quarter for Chevron (NYSE:CVX)

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