Ridgecrest Wealth Partners LLC Sells 4,115 Shares of Chevron Corporation $CVX

Ridgecrest Wealth Partners LLC decreased its position in shares of Chevron Corporation (NYSE:CVX) by 12.3% during the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 29,361 shares of the oil and gas company’s stock after selling 4,115 shares during the quarter. Chevron accounts for 2.2% of Ridgecrest Wealth Partners LLC’s portfolio, making the stock its 11th largest position. Ridgecrest Wealth Partners LLC’s holdings in Chevron were worth $4,204,000 at the end of the most recent quarter.

Other hedge funds also recently added to or reduced their stakes in the company. Sage Capital Advisors llc lifted its holdings in shares of Chevron by 2.2% during the first quarter. Sage Capital Advisors llc now owns 42,421 shares of the oil and gas company’s stock valued at $7,097,000 after purchasing an additional 919 shares in the last quarter. CCG Wealth Management LLC increased its holdings in Chevron by 2.3% in the 1st quarter. CCG Wealth Management LLC now owns 6,334 shares of the oil and gas company’s stock worth $1,060,000 after buying an additional 145 shares in the last quarter. Ignite Planners LLC raised its position in Chevron by 14.1% in the 1st quarter. Ignite Planners LLC now owns 12,316 shares of the oil and gas company’s stock worth $2,060,000 after buying an additional 1,519 shares during the last quarter. Vista Capital Partners Inc. lifted its stake in Chevron by 9.1% during the 1st quarter. Vista Capital Partners Inc. now owns 5,938 shares of the oil and gas company’s stock valued at $993,000 after acquiring an additional 495 shares during the period. Finally, Oregon Public Employees Retirement Fund boosted its holdings in shares of Chevron by 0.5% during the 1st quarter. Oregon Public Employees Retirement Fund now owns 143,914 shares of the oil and gas company’s stock valued at $24,075,000 after acquiring an additional 675 shares during the last quarter. 72.42% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

CVX has been the subject of a number of research analyst reports. Melius initiated coverage on shares of Chevron in a research note on Wednesday, August 20th. They issued a “hold” rating and a $155.00 price target for the company. Mizuho cut their target price on shares of Chevron from $192.00 to $191.00 and set an “outperform” rating for the company in a research report on Monday, September 15th. Raymond James Financial reissued an “outperform” rating on shares of Chevron in a report on Friday, August 1st. Melius Research initiated coverage on Chevron in a research note on Wednesday, August 20th. They issued a “hold” rating and a $155.00 price target on the stock. Finally, Morgan Stanley started coverage on Chevron in a research report on Monday, August 4th. They set an “overweight” rating and a $174.00 price objective for the company. Eleven investment analysts have rated the stock with a Buy rating, eight have given a Hold rating and three have issued a Sell rating to the stock. Based on data from MarketBeat, Chevron has an average rating of “Hold” and an average target price of $165.05.

Chevron Stock Performance

NYSE:CVX opened at $157.29 on Wednesday. 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 stock has a 50-day simple moving average of $155.46 and a two-hundred day simple moving average of $149.02. The firm has a market capitalization of $271.80 billion, a PE ratio of 20.24, a P/E/G ratio of 1.96 and a beta of 0.90. Chevron Corporation has a 52-week low of $132.04 and a 52-week high of $168.96.

Chevron (NYSE:CVX) last posted 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 firm had revenue of $44.82 billion for 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 quarterly revenue was down 12.4% on a year-over-year basis. During the same period in the previous year, the firm earned $2.55 EPS. Analysts forecast that Chevron Corporation will post 10.79 EPS for the current year.

Chevron Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Wednesday, September 10th. Shareholders of record on Tuesday, August 19th were given a $1.71 dividend. This represents a $6.84 dividend on an annualized basis and a dividend yield of 4.3%. The ex-dividend date was Tuesday, August 19th. Chevron’s dividend payout ratio is presently 88.03%.

Insiders Place Their Bets

In other news, Director John B. Hess sold 375,000 shares of the stock in a transaction on Friday, August 22nd. The shares were 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 ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, VP Alana K. Knowles sold 3,978 shares of Chevron stock in a transaction 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. Corporate insiders own 0.20% of the company’s stock.

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.