Chevron Corporation $CVX Shares Acquired by TI Trust Inc.

TI Trust Inc. lifted its stake in shares of Chevron Corporation (NYSE:CVX) by 6.8% in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 14,807 shares of the oil and gas company’s stock after buying an additional 937 shares during the quarter. Chevron makes up about 1.4% of TI Trust Inc.’s investment portfolio, making the stock its 17th largest holding. TI Trust Inc.’s holdings in Chevron were worth $2,120,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds have also made changes to their positions in the company. Harvest Fund Management Co. Ltd lifted its holdings in shares of Chevron by 420.7% in the 1st quarter. Harvest Fund Management Co. Ltd now owns 151 shares of the oil and gas company’s stock worth $25,000 after purchasing an additional 122 shares during the last quarter. Elequin Capital LP bought a new position in shares of Chevron in the first quarter worth $31,000. Cloud Capital Management LLC bought a new stake in shares of Chevron during the first quarter valued at about $39,000. Investment Management Corp VA ADV lifted its holdings in 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 worth $39,000 after purchasing an additional 149 shares during the period. Finally, Cooksen Wealth LLC bought a new position in Chevron in the 1st quarter valued at about $43,000. Institutional investors and hedge funds own 72.42% of the company’s stock.

Analysts Set New Price Targets

A number of brokerages recently issued reports on CVX. Melius Research began coverage on shares of Chevron in a research report on Wednesday, August 20th. They issued a “hold” rating and a $155.00 target price for the company. Weiss Ratings restated a “hold (c)” rating on shares of Chevron in a research report on Saturday, September 27th. Mizuho reduced their price objective 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. Piper Sandler raised their price objective on shares of Chevron from $164.00 to $168.00 and gave the company an “overweight” rating in a research report on Monday, August 18th. Finally, Melius initiated coverage on shares of Chevron in a report on Wednesday, August 20th. They issued a “hold” rating and a $155.00 target price for the company. Eleven research analysts have rated the stock with a Buy rating, nine have given a Hold rating and three have issued a Sell rating to the company. According to MarketBeat, the stock currently has an average rating of “Hold” and an average target price of $165.15.

Chevron Price Performance

NYSE CVX opened at $154.92 on Wednesday. The company has a 50 day simple moving average of $156.15 and a 200-day simple moving average of $148.84. The company has a debt-to-equity ratio of 0.16, a current ratio of 1.00 and a quick ratio of 0.74. The firm has a market capitalization of $267.70 billion, a price-to-earnings ratio of 19.94, a price-to-earnings-growth ratio of 1.99 and a beta of 0.84. 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 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 firm’s revenue was down 12.4% compared to the same quarter last year. During the same period in the prior year, the firm earned $2.55 earnings per share. Equities research analysts predict that Chevron Corporation will post 10.79 earnings per share for the current fiscal year.

Chevron Announces Dividend

The firm also recently disclosed 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 yield of 4.4%. The ex-dividend date of this dividend was Tuesday, August 19th. Chevron’s dividend payout ratio (DPR) is presently 88.03%.

Insider Activity at Chevron

In related news, Director John B. Hess sold 375,000 shares of the firm’s stock in a transaction that occurred 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 transaction, the director owned 1,403,045 shares of the company’s stock, valued at approximately $222,102,023.50. This trade represents a 21.09% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, VP Alana K. Knowles sold 3,978 shares of the firm’s stock in a transaction that occurred 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 directly owned 1,181 shares in the company, valued at approximately $188,960. The trade was a 77.11% decrease in their position. The disclosure for this sale can be found here. 0.20% of the stock is currently owned by company insiders.

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.