Capital Market Strategies LLC Cuts Position in Chevron Corporation $CVX

Capital Market Strategies LLC lessened its holdings in Chevron Corporation (NYSE:CVX) by 3.6% during the second quarter, according to the company in its most recent disclosure with the SEC. The firm owned 2,302 shares of the oil and gas company’s stock after selling 87 shares during the quarter. Capital Market Strategies LLC’s holdings in Chevron were worth $330,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Sage Capital Advisors llc grew its holdings in Chevron by 2.2% in the first quarter. Sage Capital Advisors llc now owns 42,421 shares of the oil and gas company’s stock worth $7,097,000 after purchasing an additional 919 shares during the period. CCG Wealth Management LLC grew its holdings in Chevron by 2.3% in the first quarter. CCG Wealth Management LLC now owns 6,334 shares of the oil and gas company’s stock worth $1,060,000 after purchasing an additional 145 shares during the period. Ignite Planners LLC grew its holdings in Chevron by 14.1% in the first quarter. Ignite Planners LLC now owns 12,316 shares of the oil and gas company’s stock worth $2,060,000 after purchasing an additional 1,519 shares during the period. Vista Capital Partners Inc. grew its holdings in Chevron by 9.1% in the first quarter. Vista Capital Partners Inc. now owns 5,938 shares of the oil and gas company’s stock worth $993,000 after purchasing an additional 495 shares during the period. Finally, Oregon Public Employees Retirement Fund grew its holdings in Chevron by 0.5% in the first quarter. Oregon Public Employees Retirement Fund now owns 143,914 shares of the oil and gas company’s stock worth $24,075,000 after purchasing an additional 675 shares during the period. Hedge funds and other institutional investors own 72.42% of the company’s stock.

Chevron Stock Down 0.6%

Shares of Chevron stock opened at $157.23 on Friday. The company has a market cap of $271.69 billion, a price-to-earnings ratio of 20.24, a price-to-earnings-growth ratio of 2.00 and a beta of 0.90. The company’s 50 day moving average is $154.67 and its 200 day moving average is $148.89. Chevron Corporation has a twelve month low of $132.04 and a twelve month high of $168.96. The company has a quick ratio of 0.74, a current ratio of 1.00 and a debt-to-equity ratio of 0.16.

Chevron (NYSE:CVX) last issued its quarterly earnings data on Friday, August 1st. The oil and gas company reported $1.77 earnings per share for the quarter, beating analysts’ consensus estimates of $1.58 by $0.19. The company had revenue of $44.82 billion for the quarter, compared to the consensus estimate of $44.59 billion. Chevron had a net margin of 7.02% and a return on equity of 9.90%. The firm’s revenue for the quarter was down 12.4% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $2.55 earnings per share. Research analysts anticipate that Chevron Corporation will post 10.79 EPS for the current year.

Chevron Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, September 10th. Investors of record on Tuesday, August 19th were given a dividend of $1.71 per share. The ex-dividend date was Tuesday, August 19th. This represents a $6.84 dividend on an annualized basis and a yield of 4.4%. Chevron’s dividend payout ratio is 88.03%.

Insider Buying and Selling

In related news, Director John B. Hess sold 375,000 shares of the stock in a transaction that occurred on Friday, August 22nd. The shares were sold at an average price of $158.30, for a total transaction of $59,362,500.00. Following the transaction, the director owned 1,403,045 shares in the company, valued at $222,102,023.50. This represents a 21.09% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, VP Alana K. Knowles sold 3,978 shares of the stock in a transaction that occurred on Friday, August 29th. The shares were sold at an average price of $160.00, for a total transaction of $636,480.00. Following the transaction, the vice president owned 1,181 shares in the company, valued at approximately $188,960. This trade represents a 77.11% decrease in their position. The disclosure for this sale can be found here. 0.21% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

CVX has been the topic of a number of recent research reports. Raymond James Financial restated an “outperform” rating on shares of Chevron in a report on Friday, August 1st. Scotiabank reiterated a “sector perform” rating and set a $160.00 price target (up previously from $143.00) on shares of Chevron in a report on Friday, July 11th. Morgan Stanley started coverage on shares of Chevron in a report on Monday, August 4th. They set an “overweight” rating and a $174.00 price target on the stock. Piper Sandler increased their price target on shares of Chevron from $164.00 to $168.00 and gave the company an “overweight” rating in a report on Monday, August 18th. Finally, Bank of America increased their price target on shares of Chevron from $170.00 to $185.00 and gave the company a “buy” rating in a report on Wednesday. Eleven investment analysts have rated the stock with a Buy rating, eight have assigned a Hold rating and three have given a Sell rating to the stock. According to data from MarketBeat, the stock has an average rating of “Hold” and an average price target of $164.80.

Chevron Company Profile

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.