Hodges Capital Management Inc. Cuts Stock Position in Chevron Corporation $CVX

Hodges Capital Management Inc. lessened its position in Chevron Corporation (NYSE:CVX) by 23.2% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 5,939 shares of the oil and gas company’s stock after selling 1,792 shares during the quarter. Hodges Capital Management Inc.’s holdings in Chevron were worth $993,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently modified their holdings of CVX. Harvest Fund Management Co. Ltd raised its holdings in shares of Chevron by 420.7% in the 1st quarter. Harvest Fund Management Co. Ltd now owns 151 shares of the oil and gas company’s stock valued at $25,000 after buying an additional 122 shares during the period. 10Elms LLP acquired a new position in Chevron during the 4th quarter worth $29,000. Elequin Capital LP acquired a new position in Chevron during the 1st quarter worth $31,000. IFS Advisors LLC grew its stake in Chevron by 119.6% during the 1st quarter. IFS Advisors LLC now owns 213 shares of the oil and gas company’s stock worth $36,000 after purchasing an additional 116 shares in the last quarter. Finally, Cloud Capital Management LLC acquired a new position in Chevron during the 1st quarter worth $39,000. Hedge funds and other institutional investors own 72.42% of the company’s stock.

Insider Transactions at Chevron

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

Analyst Upgrades and Downgrades

Several research analysts recently commented on the company. Melius assumed coverage on Chevron in a research note on Wednesday, August 20th. They set a “hold” rating and a $155.00 target price for the company. Melius Research assumed coverage on Chevron in a research note on Wednesday, August 20th. They set a “hold” rating and a $155.00 target price for the company. TD Cowen boosted their target price on Chevron from $150.00 to $155.00 and gave the stock a “hold” rating in a research note on Monday, August 4th. Evercore ISI reaffirmed an “outperform” rating and set a $180.00 price objective on shares of Chevron in a research report on Thursday, July 31st. Finally, Barclays reaffirmed an “equal weight” rating on shares of Chevron in a research report on Tuesday, July 15th. Eleven equities research analysts have rated the stock with a Buy rating, eight have issued a Hold rating and three have assigned a Sell rating to the stock. Based on data from MarketBeat, Chevron presently has a consensus rating of “Hold” and a consensus target price of $164.80.

Chevron Stock Down 0.6%

Shares of NYSE CVX opened at $157.23 on Friday. The stock has a market cap of $271.69 billion, a PE ratio of 20.24, a price-to-earnings-growth ratio of 2.00 and a beta of 0.90. 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 Corporation has a 52-week low of $132.04 and a 52-week high of $168.96. The business has a 50-day moving average price of $154.67 and a 200 day moving average price of $148.89.

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

Chevron Dividend Announcement

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

Chevron 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.