Hoey Investments Inc. Sells 193 Shares of Chevron Corporation $CVX

Hoey Investments Inc. reduced its holdings in shares of Chevron Corporation (NYSE:CVX) by 8.9% during the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 1,984 shares of the oil and gas company’s stock after selling 193 shares during the quarter. Hoey Investments Inc.’s holdings in Chevron were worth $284,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors also recently modified their holdings of CVX. Bank Pictet & Cie Europe AG grew its stake in shares of Chevron by 7.9% in the fourth quarter. Bank Pictet & Cie Europe AG now owns 35,985 shares of the oil and gas company’s stock worth $5,212,000 after acquiring an additional 2,641 shares during the period. Two Sigma Investments LP lifted its position in Chevron by 84.5% during the fourth quarter. Two Sigma Investments LP now owns 35,171 shares of the oil and gas company’s stock valued at $5,094,000 after purchasing an additional 16,104 shares during the period. Toronto Dominion Bank boosted its holdings in Chevron by 12.3% in the fourth quarter. Toronto Dominion Bank now owns 791,870 shares of the oil and gas company’s stock worth $114,694,000 after purchasing an additional 86,719 shares during the last quarter. Armis Advisers LLC bought a new stake in Chevron in the 4th quarter worth approximately $397,000. Finally, Virtue Capital Management LLC grew its position in Chevron by 10.8% in the 4th quarter. Virtue Capital Management LLC now owns 3,223 shares of the oil and gas company’s stock worth $467,000 after purchasing an additional 314 shares during the period. 72.42% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other Chevron news, Director John B. Hess sold 375,000 shares of the company’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 approximately $222,102,023.50. This represents a 21.09% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, VP Alana K. Knowles sold 3,978 shares of the stock in a transaction dated 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 transaction, 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. 0.20% of the stock is currently owned by corporate insiders.

Chevron Stock Performance

CVX stock opened at $156.16 on Tuesday. Chevron Corporation has a 1-year low of $132.04 and a 1-year high of $168.96. The business has a 50-day moving average price of $155.33 and a 200 day moving average price of $148.96. The company has a market capitalization of $269.84 billion, a P/E ratio of 20.10, a PEG ratio of 1.96 and a beta of 0.90. The company has a debt-to-equity ratio of 0.16, a current ratio of 1.00 and a quick ratio of 0.74.

Chevron (NYSE:CVX) last issued its quarterly 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. Chevron had a net margin of 7.02% and a return on equity of 9.90%. The business had revenue of $44.82 billion for the quarter, compared to analyst estimates of $44.59 billion. During the same quarter in the prior year, the business posted $2.55 EPS. Chevron’s revenue for the quarter was down 12.4% compared to the same quarter last year. As a group, equities research analysts forecast that Chevron Corporation will post 10.79 EPS for the current fiscal year.

Chevron Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, September 10th. Stockholders of record on Tuesday, August 19th were paid 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 payout ratio is presently 88.03%.

Wall Street Analyst Weigh In

Several equities analysts have recently weighed in on the company. Jefferies Financial Group reissued a “buy” rating on shares of Chevron in a report on Friday, July 18th. UBS Group upped their price objective on Chevron from $186.00 to $197.00 and gave the company a “buy” rating in a research report on Wednesday, August 20th. Morgan Stanley began coverage on Chevron in a report on Monday, August 4th. They issued an “overweight” rating and a $174.00 target price on the stock. Bank of America boosted their price target on Chevron from $170.00 to $185.00 and gave the company a “buy” rating in a research note on Wednesday, September 10th. Finally, Evercore ISI reaffirmed an “outperform” rating and set a $180.00 price target on shares of Chevron in a research report on Thursday, July 31st. Eleven research analysts have rated the stock with a Buy rating, eight have given a Hold rating and three have given a Sell rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average 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.