Pure Portfolios Holdings LLC Sells 581 Shares of Chevron Corporation $CVX

Pure Portfolios Holdings LLC reduced its stake in Chevron Corporation (NYSE:CVX) by 15.0% during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 3,291 shares of the oil and gas company’s stock after selling 581 shares during the quarter. Pure Portfolios Holdings LLC’s holdings in Chevron were worth $471,000 as of its most recent SEC filing.

Other institutional investors also recently modified their holdings of the company. Lakeshore Capital Group Inc. raised its holdings in shares of Chevron by 18.5% in the 2nd quarter. Lakeshore Capital Group Inc. now owns 5,140 shares of the oil and gas company’s stock valued at $736,000 after purchasing an additional 803 shares during the period. Spectrum Asset Management Inc. NB CA grew its stake in shares of Chevron by 7.4% during the second quarter. Spectrum Asset Management Inc. NB CA now owns 35,244 shares of the oil and gas company’s stock worth $5,047,000 after buying an additional 2,422 shares during the last quarter. REAP Financial Group LLC grew its position in Chevron by 110.1% during the 2nd quarter. REAP Financial Group LLC now owns 704 shares of the oil and gas company’s stock worth $101,000 after acquiring an additional 369 shares during the last quarter. Sax Wealth Advisors LLC grew its position in Chevron by 9.1% during the 2nd quarter. Sax Wealth Advisors LLC now owns 9,940 shares of the oil and gas company’s stock worth $1,423,000 after acquiring an additional 832 shares during the last quarter. Finally, Venturi Wealth Management LLC grew its position in Chevron by 2.7% during the 2nd quarter. Venturi Wealth Management LLC now owns 38,489 shares of the oil and gas company’s stock worth $5,511,000 after acquiring an additional 1,005 shares during the last quarter. 72.42% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

A number of equities research analysts have commented on the company. Scotiabank reiterated a “sector perform” rating and issued a $160.00 price target (up previously from $143.00) on shares of Chevron in a research report on Friday, July 11th. Jefferies Financial Group restated a “buy” rating on shares of Chevron in a research note on Friday, July 18th. Weiss Ratings reiterated a “hold (c)” rating on shares of Chevron in a research note on Saturday, September 27th. Melius Research assumed coverage on shares of Chevron in a report on Wednesday, August 20th. They issued a “hold” rating and a $155.00 price target on the stock. Finally, Piper Sandler upped their price objective on shares of Chevron from $164.00 to $168.00 and gave the stock an “overweight” rating in a research report on Monday, August 18th. Eleven investment analysts have rated the stock with a Buy rating, nine have assigned a Hold rating and three have issued a Sell rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus target price of $165.15.

Chevron Stock Up 0.6%

Shares of Chevron stock opened at $154.92 on Wednesday. The stock has a market capitalization of $267.70 billion, a price-to-earnings ratio of 19.94, a P/E/G 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. 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 company’s 50 day moving average price is $156.15 and its 200-day moving average price is $148.84.

Chevron (NYSE:CVX) last announced 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. 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 last year, the firm earned $2.55 EPS. The company’s revenue was down 12.4% on a year-over-year basis. Equities research analysts forecast that Chevron Corporation will post 10.79 EPS for the current year.

Chevron Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Wednesday, September 10th. Stockholders of record on Tuesday, August 19th were paid a dividend of $1.71 per share. The ex-dividend date of this dividend was Tuesday, August 19th. This represents a $6.84 annualized dividend and a dividend yield of 4.4%. Chevron’s payout ratio is 88.03%.

Insiders Place Their Bets

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

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.