Guinness Asset Management LTD Sells 17,848 Shares of Chevron Co. (NYSE:CVX)

Guinness Asset Management LTD trimmed its position in Chevron Co. (NYSE:CVX - Free Report) by 13.3% in the fourth quarter, according to its most recent filing with the SEC. The institutional investor owned 116,571 shares of the oil and gas company's stock after selling 17,848 shares during the period. Guinness Asset Management LTD's holdings in Chevron were worth $16,833,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. International Assets Investment Management LLC boosted its holdings in shares of Chevron by 19,404.1% in the 3rd quarter. International Assets Investment Management LLC now owns 4,901,390 shares of the oil and gas company's stock worth $7,218,280,000 after buying an additional 4,876,260 shares during the last quarter. Pathway Financial Advisers LLC raised its position in Chevron by 15,750.1% in the third quarter. Pathway Financial Advisers LLC now owns 3,901,345 shares of the oil and gas company's stock worth $574,551,000 after acquiring an additional 3,876,731 shares during the period. Pacer Advisors Inc. boosted its stake in Chevron by 949.6% in the third quarter. Pacer Advisors Inc. now owns 3,819,963 shares of the oil and gas company's stock valued at $562,566,000 after acquiring an additional 3,456,008 shares during the last quarter. Charles Schwab Investment Management Inc. grew its position in shares of Chevron by 11.5% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 31,108,760 shares of the oil and gas company's stock valued at $4,581,137,000 after acquiring an additional 3,203,899 shares during the period. Finally, State Street Corp increased its stake in shares of Chevron by 0.6% during the 3rd quarter. State Street Corp now owns 159,105,244 shares of the oil and gas company's stock worth $23,431,429,000 after purchasing an additional 874,962 shares during the last quarter. Hedge funds and other institutional investors own 72.42% of the company's stock.

Insider Activity

In other Chevron news, CEO Michael K. Wirth sold 164,600 shares of the company's stock in a transaction that occurred on Thursday, November 14th. The stock was sold at an average price of $160.13, for a total value of $26,357,398.00. Following the completion of the sale, the chief executive officer now owns 4,280 shares of the company's stock, valued at $685,356.40. This represents a 97.47 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Corporate insiders own 0.20% of the company's stock.

Analyst Upgrades and Downgrades

CVX has been the subject of several research reports. DZ Bank raised Chevron from a "hold" rating to a "buy" rating and set a $170.00 price objective for the company in a report on Tuesday, November 5th. Royal Bank of Canada increased their price target on Chevron from $170.00 to $175.00 and gave the stock an "outperform" rating in a research note on Monday, November 4th. UBS Group lifted their price objective on Chevron from $194.00 to $195.00 and gave the stock a "buy" rating in a report on Tuesday, December 3rd. Citigroup raised shares of Chevron from a "neutral" rating to a "buy" rating and upped their price objective for the company from $145.00 to $185.00 in a report on Tuesday, November 26th. Finally, Raymond James lifted their target price on shares of Chevron from $175.00 to $180.00 and gave the stock an "outperform" rating in a research note on Friday. Four analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company's stock. According to data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $175.27.

Chevron Price Performance

Shares of Chevron stock traded down $3.31 during trading on Tuesday, hitting $158.16. The stock had a trading volume of 10,127,118 shares, compared to its average volume of 8,066,192. The firm has a market cap of $284.23 billion, a price-to-earnings ratio of 17.38, a P/E/G ratio of 1.46 and a beta of 1.12. Chevron Co. has a 12 month low of $135.37 and a 12 month high of $167.11. The business's 50-day moving average is $154.03 and its 200 day moving average is $151.04. The company has a current ratio of 1.07, a quick ratio of 0.80 and a debt-to-equity ratio of 0.13.

Chevron (NYSE:CVX - Get Free Report) last released its quarterly earnings results on Friday, November 1st. The oil and gas company reported $2.51 earnings per share for the quarter, beating the consensus estimate of $2.47 by $0.04. Chevron had a return on equity of 13.15% and a net margin of 8.44%. The firm had revenue of $50.67 billion for the quarter, compared to analysts' expectations of $48.86 billion. During the same quarter last year, the firm posted $3.05 EPS. The company's revenue was down 6.3% compared to the same quarter last year. As a group, sell-side analysts anticipate that Chevron Co. will post 10.21 earnings per share for the current year.

Chevron Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, December 10th. Stockholders of record on Monday, November 18th were issued a $1.63 dividend. This represents a $6.52 dividend on an annualized basis and a dividend yield of 4.12%. The ex-dividend date was Monday, November 18th. Chevron's payout ratio is 71.65%.

About Chevron

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