Freedom Investment Management Inc. Acquires 957 Shares of Chevron Corporation $CVX

Freedom Investment Management Inc. raised its holdings in shares of Chevron Corporation (NYSE:CVX) by 13.1% in the 2nd quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 8,245 shares of the oil and gas company’s stock after acquiring an additional 957 shares during the quarter. Freedom Investment Management Inc.’s holdings in Chevron were worth $1,181,000 at the end of the most recent reporting period.

Several other hedge funds also recently made changes to their positions in the business. Harvest Fund Management Co. Ltd boosted 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 valued at $25,000 after buying an additional 122 shares during the last quarter. Elequin Capital LP acquired a new stake in shares of Chevron in the 1st quarter valued at approximately $31,000. IMG Wealth Management Inc. boosted its holdings in shares of Chevron by 52.3% in the 2nd quarter. IMG Wealth Management Inc. now owns 265 shares of the oil and gas company’s stock valued at $38,000 after buying an additional 91 shares during the last quarter. Cloud Capital Management LLC acquired a new stake in shares of Chevron in the 1st quarter valued at approximately $39,000. Finally, Investment Management Corp VA ADV boosted its holdings in shares of 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 valued at $39,000 after buying an additional 149 shares during the last quarter. 72.42% of the stock is owned by institutional investors.

Insiders Place Their Bets

In other news, VP Alana K. Knowles sold 3,978 shares of Chevron stock in a transaction on 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 owned 1,181 shares of the company’s stock, valued at approximately $188,960. This trade represents a 77.11% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director John B. Hess sold 375,000 shares of Chevron stock in a transaction 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 sale, the director directly owned 1,403,045 shares of the company’s stock, valued at $222,102,023.50. This represents a 21.09% decrease in their position. The disclosure for this sale can be found here. 0.21% of the stock is currently owned by company insiders.

Chevron Trading Up 0.6%

Shares of Chevron stock opened at $156.48 on Friday. The business has a fifty day simple moving average of $156.05 and a two-hundred day simple moving average of $148.25. Chevron Corporation has a 1 year low of $132.04 and a 1 year high of $168.96. The company has a market capitalization of $270.39 billion, a price-to-earnings ratio of 20.14, a P/E/G ratio of 4.42 and a beta of 0.84. The company has a debt-to-equity ratio of 0.16, a current ratio of 1.00 and a quick ratio of 0.74.

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, beating the consensus estimate of $1.58 by $0.19. Chevron had a return on equity of 9.90% and a net margin of 7.02%.The business 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 posted $2.55 EPS. The company’s quarterly revenue was down 12.4% on a year-over-year basis. Research analysts forecast that Chevron Corporation will post 10.79 EPS for the current year.

Chevron Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Wednesday, September 10th. Stockholders of record on Tuesday, August 19th were issued a dividend of $1.71 per share. 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 currently 88.03%.

Analyst Upgrades and Downgrades

Several equities research analysts have recently commented on the company. UBS Group increased their price objective on Chevron from $186.00 to $197.00 and gave the company a “buy” rating in a report on Wednesday, August 20th. Raymond James Financial reissued an “outperform” rating and issued a $160.00 price objective (down previously from $170.00) on shares of Chevron in a report on Friday, October 17th. Melius Research assumed coverage on Chevron in a report on Wednesday, August 20th. They issued a “hold” rating and a $155.00 price objective for the company. Wells Fargo & Company assumed coverage on Chevron in a report on Friday, October 17th. They issued an “overweight” rating and a $190.00 price objective for the company. Finally, Barclays cut their price target on Chevron from $160.00 to $158.00 and set an “equal weight” rating for the company in a report on Tuesday, October 7th. One investment analyst has rated the stock with a Strong Buy rating, ten have issued a Buy rating, nine have given a Hold rating and three have issued a Sell rating to the company. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and an average target price of $165.25.

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.