Cerro Pacific Wealth Advisors LLC Trims Stake in Chevron Corporation $CVX

Cerro Pacific Wealth Advisors LLC reduced its position in Chevron Corporation (NYSE:CVX) by 9.9% in the 2nd quarter, Holdings Channel reports. The firm owned 24,883 shares of the oil and gas company’s stock after selling 2,741 shares during the period. Chevron makes up 1.0% of Cerro Pacific Wealth Advisors LLC’s holdings, making the stock its 26th biggest holding. Cerro Pacific Wealth Advisors LLC’s holdings in Chevron were worth $3,563,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also made changes to their positions in CVX. Harvest Fund Management Co. Ltd raised its stake in Chevron by 420.7% during the 1st quarter. Harvest Fund Management Co. Ltd now owns 151 shares of the oil and gas company’s stock valued at $25,000 after acquiring an additional 122 shares during the last quarter. Elequin Capital LP purchased a new stake in Chevron during the 1st quarter valued at approximately $31,000. Cloud Capital Management LLC purchased a new stake in Chevron during the 1st quarter valued at approximately $39,000. Investment Management Corp VA ADV raised its stake in Chevron by 171.3% during the 1st quarter. Investment Management Corp VA ADV now owns 236 shares of the oil and gas company’s stock valued at $39,000 after acquiring an additional 149 shares during the last quarter. Finally, GFG Capital LLC purchased a new stake in Chevron during the 2nd quarter valued at approximately $42,000. 72.42% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

CVX has been the subject of several analyst reports. Bank of America upped their price objective on Chevron from $170.00 to $185.00 and gave the company a “buy” rating in a research note on Wednesday, September 10th. Barclays dropped their target price on Chevron from $160.00 to $158.00 and set an “equal weight” rating on the stock in a research report on Tuesday, October 7th. Jefferies Financial Group reiterated a “buy” rating on shares of Chevron in a research report on Friday, July 18th. UBS Group boosted their target price on Chevron from $186.00 to $197.00 and gave the stock a “buy” rating in a research report on Wednesday, August 20th. Finally, Melius Research began coverage on Chevron in a research report on Wednesday, August 20th. They set a “hold” rating and a $155.00 target price on the stock. Eleven research analysts have rated the stock with a Buy rating, nine have given a Hold rating and three have assigned a Sell rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus price target of $165.40.

Chevron Stock Performance

NYSE CVX opened at $149.11 on Friday. The stock has a market capitalization of $257.66 billion, a price-to-earnings ratio of 19.19, a PEG ratio of 1.92 and a beta of 0.84. 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 business’s 50 day moving average is $156.10 and its two-hundred day moving average is $148.54. Chevron Corporation has a 12-month low of $132.04 and a 12-month high of $168.96.

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

Chevron Announces Dividend

The company 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 was Tuesday, August 19th. This represents a $6.84 dividend on an annualized basis and a dividend yield of 4.6%. Chevron’s dividend payout ratio is currently 88.03%.

Insider Buying and Selling

In related news, VP Alana K. Knowles sold 3,978 shares of the company’s stock in a transaction that occurred 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 sale, the vice president owned 1,181 shares in the company, valued at $188,960. This represents a 77.11% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, Director John B. Hess sold 375,000 shares of the company’s stock in a transaction that occurred on Friday, August 22nd. The stock was 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 in the company, 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. Corporate insiders own 0.21% of the company’s stock.

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.