Adams Asset Advisors LLC Sells 8,738 Shares of Chevron Corporation $CVX

Adams Asset Advisors LLC lowered its stake in Chevron Corporation (NYSE:CVX) by 11.2% during the 2nd quarter, Holdings Channel reports. The firm owned 68,978 shares of the oil and gas company’s stock after selling 8,738 shares during the quarter. Chevron makes up about 1.4% of Adams Asset Advisors LLC’s holdings, making the stock its 23rd biggest position. Adams Asset Advisors LLC’s holdings in Chevron were worth $9,877,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds have also bought and sold shares of the stock. Greenfield Savings Bank lifted its stake in Chevron by 0.6% in the 2nd quarter. Greenfield Savings Bank now owns 11,611 shares of the oil and gas company’s stock worth $1,663,000 after purchasing an additional 68 shares in the last quarter. GDS Wealth Management lifted its stake in Chevron by 4.4% in the 1st quarter. GDS Wealth Management now owns 1,706 shares of the oil and gas company’s stock worth $285,000 after purchasing an additional 72 shares in the last quarter. AIMZ Investment Advisors LLC lifted its stake in Chevron by 4.2% in the 1st quarter. AIMZ Investment Advisors LLC now owns 1,783 shares of the oil and gas company’s stock worth $298,000 after purchasing an additional 72 shares in the last quarter. Garde Capital Inc. lifted its stake in Chevron by 3.2% in the 2nd quarter. Garde Capital Inc. now owns 2,355 shares of the oil and gas company’s stock worth $337,000 after purchasing an additional 72 shares in the last quarter. Finally, Clayton Financial Group LLC lifted its stake in Chevron by 4.6% in the 1st quarter. Clayton Financial Group LLC now owns 1,702 shares of the oil and gas company’s stock worth $285,000 after purchasing an additional 75 shares in the last quarter. Hedge funds and other institutional investors own 72.42% of the company’s stock.

Analysts Set New Price Targets

CVX has been the topic of several research analyst reports. Evercore ISI reiterated an “outperform” rating and issued a $180.00 price target on shares of Chevron in a research note on Thursday, July 31st. TD Cowen upped their target price on shares of Chevron from $150.00 to $155.00 and gave the company a “hold” rating in a research report on Monday, August 4th. Raymond James Financial restated an “outperform” rating on shares of Chevron in a research report on Friday, August 1st. Piper Sandler upped their target price on shares of Chevron from $164.00 to $168.00 and gave the company an “overweight” rating in a research report on Monday, August 18th. Finally, Bank of America upped their target price on shares of Chevron from $170.00 to $185.00 and gave the company a “buy” rating in a research report on Wednesday, September 10th. Eleven investment analysts have rated the stock with a Buy rating, eight have issued a Hold rating and three have given a Sell rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Hold” and an average price target of $164.80.

Insider Buying and Selling

In related news, 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 completion of the sale, the vice president owned 1,181 shares of the company’s stock, valued at $188,960. This represents a 77.11% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, 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 sale, the director directly owned 1,403,045 shares of the company’s stock, valued at $222,102,023.50. The trade was a 21.09% decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 0.20% of the company’s stock.

Chevron Price Performance

NYSE CVX opened at $157.23 on Monday. The company has a debt-to-equity ratio of 0.16, a quick ratio of 0.74 and a current ratio of 1.00. The firm’s 50 day moving average price is $154.67 and its 200-day moving average price is $148.79. Chevron Corporation has a 52-week low of $132.04 and a 52-week high of $168.96. The company has a market cap of $271.69 billion, a PE ratio of 20.24, a P/E/G ratio of 1.98 and a beta of 0.90.

Chevron (NYSE:CVX) last released its quarterly earnings data 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. Chevron had a net margin of 7.02% and a return on equity of 9.90%. The firm had revenue of $44.82 billion for the quarter, compared to the consensus estimate of $44.59 billion. During the same period last year, the firm earned $2.55 earnings per share. The company’s quarterly revenue was down 12.4% on a year-over-year basis. Sell-side analysts forecast that Chevron Corporation will post 10.79 EPS for the current fiscal year.

Chevron Announces Dividend

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 dividend of $1.71 per share. The ex-dividend date of this dividend 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 presently 88.03%.

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.