Legacy Trust Decreases Stake in Chevron Corporation $CVX

Legacy Trust lowered its position in shares of Chevron Corporation (NYSE:CVX) by 7.8% in the second quarter, according to its most recent 13F filing with the SEC. The firm owned 2,996 shares of the oil and gas company’s stock after selling 254 shares during the quarter. Legacy Trust’s holdings in Chevron were worth $429,000 as of its most recent filing with the SEC.

A number of other institutional investors have also modified their holdings of CVX. Kingstone Capital Partners Texas LLC boosted its holdings in Chevron by 652,139.5% in the 2nd quarter. Kingstone Capital Partners Texas LLC now owns 83,714,936 shares of the oil and gas company’s stock worth $13,214,757,000 after acquiring an additional 83,702,101 shares during the period. Charles Schwab Investment Management Inc. boosted its holdings in Chevron by 4.9% in the 1st quarter. Charles Schwab Investment Management Inc. now owns 33,430,030 shares of the oil and gas company’s stock worth $5,592,263,000 after acquiring an additional 1,574,464 shares during the period. Invesco Ltd. boosted its holdings in Chevron by 5.5% in the 1st quarter. Invesco Ltd. now owns 15,855,325 shares of the oil and gas company’s stock worth $2,652,437,000 after acquiring an additional 827,851 shares during the period. Dimensional Fund Advisors LP boosted its holdings in Chevron by 0.3% in the 1st quarter. Dimensional Fund Advisors LP now owns 12,281,983 shares of the oil and gas company’s stock worth $2,054,513,000 after acquiring an additional 40,758 shares during the period. Finally, GQG Partners LLC purchased a new position in Chevron in the 1st quarter worth approximately $1,466,751,000. Hedge funds and other institutional investors own 72.42% of the company’s stock.

Analyst Ratings Changes

A number of equities analysts have weighed in on the company. Melius started coverage on Chevron in a report on Wednesday, August 20th. They issued a “hold” rating and a $155.00 price target for the company. Melius Research started coverage on Chevron in a research report on Wednesday, August 20th. They issued a “hold” rating and a $155.00 target price on the stock. Piper Sandler upped their target price on Chevron from $164.00 to $168.00 and gave the company an “overweight” rating in a research report on Monday, August 18th. Raymond James Financial reaffirmed an “outperform” rating on shares of Chevron in a research report on Friday, August 1st. Finally, Weiss Ratings reaffirmed a “hold (c)” rating on shares of Chevron in a research report on Saturday, September 27th. Eleven research analysts have rated the stock with a Buy rating, nine have given a Hold rating and three have given a Sell rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and an average target price of $165.05.

Chevron Stock Performance

CVX stock 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 firm has a market cap of $265.40 billion, a P/E ratio of 19.77, a P/E/G ratio of 1.99 and a beta of 0.84. Chevron Corporation has a 12-month low of $132.04 and a 12-month high of $168.96. The stock’s 50 day simple moving average is $156.23 and its 200 day simple moving average is $148.99.

Chevron (NYSE:CVX) last posted its quarterly earnings results on Friday, August 1st. The oil and gas company reported $1.77 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.58 by $0.19. The business had revenue of $44.82 billion for the quarter, compared to analyst estimates of $44.59 billion. Chevron had a return on equity of 9.90% and a net margin of 7.02%.The business’s revenue was down 12.4% compared to the same quarter last year. During the same period in the prior year, the company posted $2.55 EPS. As a group, equities research analysts predict that Chevron Corporation will post 10.79 EPS for the current year.

Chevron Dividend Announcement

The company also recently declared 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. This represents a $6.84 annualized dividend and a dividend yield of 4.5%. The ex-dividend date of this dividend was Tuesday, August 19th. Chevron’s dividend payout ratio is currently 88.03%.

Insider Activity at Chevron

In related news, Director John B. Hess sold 375,000 shares of the company’s 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 in the company, valued at $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 is available through this hyperlink. Also, VP Alana K. Knowles sold 3,978 shares of the company’s stock in a transaction on Friday, August 29th. The stock was sold at an average price of $160.00, for a total value of $636,480.00. Following the transaction, the vice president owned 1,181 shares of the company’s stock, valued at approximately $188,960. The trade was a 77.11% decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate 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.