New Century Financial Group LLC Cuts Position in Chevron Corporation $CVX

New Century Financial Group LLC decreased its holdings in Chevron Corporation (NYSE:CVX) by 88.3% during the 2nd quarter, according to its most recent disclosure with the SEC. The firm owned 1,872 shares of the oil and gas company’s stock after selling 14,147 shares during the period. New Century Financial Group LLC’s holdings in Chevron were worth $268,000 at the end of the most recent reporting period.

Several other hedge funds have also recently bought and sold shares of the business. Empirical Financial Services LLC d.b.a. Empirical Wealth Management raised its holdings in Chevron by 5.0% in the second quarter. Empirical Financial Services LLC d.b.a. Empirical Wealth Management now owns 49,955 shares of the oil and gas company’s stock valued at $7,153,000 after buying an additional 2,396 shares during the period. HighMark Wealth Management LLC raised its holdings in Chevron by 1,026.8% in the second quarter. HighMark Wealth Management LLC now owns 631 shares of the oil and gas company’s stock valued at $90,000 after buying an additional 575 shares during the period. DHJJ Financial Advisors Ltd. raised its stake in shares of Chevron by 160.0% during the second quarter. DHJJ Financial Advisors Ltd. now owns 1,058 shares of the oil and gas company’s stock valued at $151,000 after purchasing an additional 651 shares during the period. Abundance Wealth Counselors raised its stake in shares of Chevron by 1.0% during the second quarter. Abundance Wealth Counselors now owns 16,168 shares of the oil and gas company’s stock valued at $2,340,000 after purchasing an additional 154 shares during the period. Finally, Atwater Malick LLC raised its stake in shares of Chevron by 2.4% during the second quarter. Atwater Malick LLC now owns 2,886 shares of the oil and gas company’s stock valued at $413,000 after purchasing an additional 68 shares during the period. Hedge funds and other institutional investors own 72.42% of the company’s stock.

Analysts Set New Price Targets

A number of analysts have recently issued reports on the stock. TD Cowen lifted their price objective on shares of Chevron from $150.00 to $155.00 and gave the company a “hold” rating in a research note on Monday, August 4th. UBS Group lifted their price objective on shares of Chevron from $186.00 to $197.00 and gave the company a “buy” rating in a research note on Wednesday, August 20th. Jefferies Financial Group reiterated a “buy” rating on shares of Chevron in a research note on Friday, July 18th. Mizuho dropped their price objective on shares of Chevron from $192.00 to $191.00 and set an “outperform” rating on the stock in a research note on Monday, September 15th. Finally, Evercore ISI reiterated an “outperform” rating and set a $180.00 price objective on shares of Chevron in a research note on Thursday, July 31st. Eleven equities research analysts have rated the stock with a Buy rating, nine have issued a Hold rating and three have issued a Sell rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus price target of $165.05.

Chevron Stock Up 0.1%

Shares of NYSE:CVX opened at $153.59 on Friday. The company has a current ratio of 1.00, a quick ratio of 0.74 and a debt-to-equity ratio of 0.16. The company has a fifty day simple moving average of $156.23 and a 200 day simple moving average of $149.09. The firm has a market cap of $265.40 billion, a PE ratio of 19.77, a price-to-earnings-growth ratio of 1.98 and a beta of 0.84. Chevron Corporation has a 12-month low of $132.04 and a 12-month high of $168.96.

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, topping analysts’ consensus estimates of $1.58 by $0.19. The business had revenue of $44.82 billion during the quarter, compared to analyst estimates of $44.59 billion. Chevron had a net margin of 7.02% and a return on equity of 9.90%. The business’s revenue was down 12.4% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $2.55 earnings per share. On average, equities research analysts anticipate that Chevron Corporation will post 10.79 EPS for the current fiscal year.

Chevron Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, September 10th. Shareholders of record on Tuesday, August 19th were issued a $1.71 dividend. This represents a $6.84 dividend on an annualized basis and a yield of 4.5%. The ex-dividend date of this dividend was Tuesday, August 19th. Chevron’s payout ratio is currently 88.03%.

Insiders Place Their Bets

In other Chevron news, 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 value of $636,480.00. Following the completion of the transaction, the vice president owned 1,181 shares of the company’s stock, valued at $188,960. The trade was a 77.11% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this link. Also, Director John B. Hess sold 375,000 shares of Chevron stock in a transaction on Friday, August 22nd. The stock was 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 directly owned 1,403,045 shares of the company’s stock, valued at approximately $222,102,023.50. This represents a 21.09% decrease in their position. The disclosure for this sale can be found here. Insiders own 0.21% of the company’s stock.

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.