Somerville Kurt F Trims Stake in Chevron Corporation $CVX

Somerville Kurt F trimmed its stake in Chevron Corporation (NYSE:CVX) by 1.8% in the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 41,240 shares of the oil and gas company’s stock after selling 748 shares during the period. Chevron accounts for approximately 1.0% of Somerville Kurt F’s holdings, making the stock its 28th largest position. Somerville Kurt F’s holdings in Chevron were worth $5,905,000 as of its most recent SEC filing.

Other hedge funds also recently bought and sold shares of the company. Harvest Fund Management Co. Ltd boosted its holdings in 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 buying an additional 122 shares during the period. Elequin Capital LP bought a new position in Chevron in the 1st quarter worth $31,000. Cloud Capital Management LLC bought a new position in Chevron in the 1st quarter worth $39,000. Investment Management Corp VA ADV boosted its holdings in Chevron by 171.3% in the 1st quarter. Investment Management Corp VA ADV now owns 236 shares of the oil and gas company’s stock worth $39,000 after buying an additional 149 shares during the period. Finally, 1 North Wealth Services LLC bought a new position in Chevron in the 1st quarter worth $45,000. Institutional investors own 72.42% of the company’s stock.

Chevron Stock Up 0.6%

Shares of NYSE:CVX opened at $154.92 on Wednesday. The company has a current ratio of 1.00, a quick ratio of 0.74 and a debt-to-equity ratio of 0.16. Chevron Corporation has a 12 month low of $132.04 and a 12 month high of $168.96. The company has a 50-day moving average price of $156.15 and a 200 day moving average price of $148.84. The company has a market cap of $267.70 billion, a price-to-earnings ratio of 19.94, a PEG ratio of 1.99 and a beta of 0.84.

Chevron (NYSE:CVX) last announced its quarterly earnings results on Friday, August 1st. The oil and gas company reported $1.77 EPS for the quarter, beating 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 firm had revenue of $44.82 billion during the quarter, compared to the consensus estimate of $44.59 billion. During the same quarter last year, the firm earned $2.55 EPS. The firm’s revenue for the quarter was down 12.4% compared to the same quarter last year. As a group, equities research analysts predict that Chevron Corporation will post 10.79 earnings per share for the current year.

Chevron Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Wednesday, September 10th. Investors of record on Tuesday, August 19th were issued a $1.71 dividend. The ex-dividend date of this dividend was Tuesday, August 19th. This represents a $6.84 dividend on an annualized basis and a dividend yield of 4.4%. Chevron’s dividend payout ratio (DPR) is presently 88.03%.

Analysts Set New Price Targets

Several research firms have commented on CVX. Scotiabank reissued a “sector perform” rating and set a $160.00 price objective (up previously from $143.00) on shares of Chevron in a report on Friday, July 11th. Jefferies Financial Group reiterated a “buy” rating on shares of Chevron in a research report on Friday, July 18th. 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. Evercore ISI reiterated an “outperform” rating and issued a $180.00 target price on shares of Chevron in a research report on Thursday, July 31st. Finally, Raymond James Financial reiterated an “outperform” rating on shares of Chevron in a research report on Friday, August 1st. Eleven research analysts have rated the stock with a Buy rating, nine have issued a Hold rating and three have given a Sell rating to the company’s stock. According to data from MarketBeat, Chevron has an average rating of “Hold” and an average target price of $165.15.

Insider Transactions at Chevron

In other Chevron news, Director John B. Hess sold 375,000 shares of the firm’s stock in a transaction dated 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 owned 1,403,045 shares of the company’s stock, valued at $222,102,023.50. This trade represents a 21.09% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, VP Alana K. Knowles sold 3,978 shares of the firm’s stock in a transaction dated Friday, August 29th. The stock was sold at an average price of $160.00, for a total transaction of $636,480.00. Following the completion of the sale, 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 disclosure for this sale can be found here. 0.20% of the stock is currently owned by company insiders.

Chevron Company 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.