Meriwether Wealth & Planning LLC Decreases Stake in Chevron Corporation $CVX

Meriwether Wealth & Planning LLC reduced its position in Chevron Corporation (NYSE:CVX) by 21.4% in the second quarter, HoldingsChannel.com reports. The institutional investor owned 8,098 shares of the oil and gas company’s stock after selling 2,200 shares during the period. Chevron makes up approximately 0.7% of Meriwether Wealth & Planning LLC’s investment portfolio, making the stock its 25th biggest position. Meriwether Wealth & Planning LLC’s holdings in Chevron were worth $1,160,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Harvest Fund Management Co. Ltd raised its stake in Chevron by 420.7% during the first quarter. Harvest Fund Management Co. Ltd now owns 151 shares of the oil and gas company’s stock worth $25,000 after acquiring an additional 122 shares during the period. Elequin Capital LP acquired a new stake in shares of Chevron in the first quarter valued at approximately $31,000. IFS Advisors LLC boosted its holdings in shares of Chevron by 119.6% in the first quarter. IFS Advisors LLC now owns 213 shares of the oil and gas company’s stock valued at $36,000 after acquiring an additional 116 shares in the last quarter. Cloud Capital Management LLC bought a new position in shares of Chevron in the first quarter valued at approximately $39,000. Finally, Investment Management Corp VA ADV boosted its holdings in shares of Chevron by 171.3% in the first quarter. Investment Management Corp VA ADV now owns 236 shares of the oil and gas company’s stock valued at $39,000 after acquiring an additional 149 shares in the last quarter. 72.42% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

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

Chevron Stock Down 1.7%

Chevron stock opened at $156.11 on Friday. The company has a market capitalization of $269.76 billion, a P/E ratio of 20.09, a P/E/G ratio of 1.96 and a beta of 0.90. The firm’s fifty day simple moving average is $155.24 and its 200-day simple moving average is $148.99. The company has a current ratio of 1.00, a quick ratio of 0.74 and a debt-to-equity ratio of 0.16. Chevron Corporation has a 1-year low of $132.04 and a 1-year high of $168.96.

Chevron (NYSE:CVX) last released its quarterly earnings results 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 business 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%. Chevron’s revenue for the quarter was down 12.4% on a year-over-year basis. During the same quarter last year, the firm earned $2.55 EPS. Sell-side analysts forecast that Chevron Corporation will post 10.79 earnings per share 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 paid a $1.71 dividend. 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 (DPR) is presently 88.03%.

Wall Street Analyst Weigh In

CVX has been the subject of several recent analyst reports. Jefferies Financial Group reiterated a “buy” rating on shares of Chevron in a report on Friday, July 18th. Raymond James Financial restated an “outperform” rating on shares of Chevron in a report on Friday, August 1st. Wells Fargo & Company restated an “overweight” rating and set a $178.00 target price on shares of Chevron in a report on Friday, August 1st. Melius began coverage on shares of Chevron in a report on Wednesday, August 20th. They set a “hold” rating and a $155.00 target price for the company. Finally, Bank of America raised their target price on shares of Chevron from $170.00 to $185.00 and gave the stock a “buy” rating in a 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. According to MarketBeat, Chevron currently has a consensus rating of “Hold” and a consensus price target of $165.05.

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.