Motco Raises Position in Chevron Corporation $CVX

Motco increased its holdings in Chevron Corporation (NYSE:CVX) by 2.6% during the second quarter, Holdings Channel.com reports. The firm owned 64,036 shares of the oil and gas company’s stock after acquiring an additional 1,611 shares during the quarter. Motco’s holdings in Chevron were worth $9,710,000 at the end of the most recent quarter.

A number of other large investors also recently added to or reduced their stakes in the business. Harvest Fund Management Co. Ltd grew 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 acquiring an additional 122 shares during the last quarter. Elequin Capital LP bought a new stake in Chevron in the 1st quarter worth $31,000. IMG Wealth Management Inc. grew its holdings in Chevron by 52.3% in the 2nd quarter. IMG Wealth Management Inc. now owns 265 shares of the oil and gas company’s stock worth $38,000 after acquiring an additional 91 shares during the last quarter. Cloud Capital Management LLC bought a new stake in Chevron in the 1st quarter worth $39,000. Finally, Investment Management Corp VA ADV grew 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 acquiring an additional 149 shares during the last quarter. Hedge funds and other institutional investors own 72.42% of the company’s stock.

Chevron Trading Down 0.7%

NYSE:CVX opened at $154.16 on Wednesday. Chevron Corporation has a one year low of $132.04 and a one year high of $168.96. 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 company’s 50-day simple moving average is $156.07 and its 200 day simple moving average is $148.68. The firm has a market capitalization of $266.39 billion, a P/E ratio of 19.84, a PEG ratio of 4.41 and a beta of 0.84.

Chevron (NYSE:CVX) last posted its quarterly earnings data on Friday, August 1st. The oil and gas company reported $1.77 EPS for the quarter, topping the consensus estimate 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 in the previous year, the firm posted $2.55 earnings per share. Chevron’s quarterly revenue was down 12.4% on a year-over-year basis. As a group, analysts forecast that Chevron Corporation will post 10.79 EPS 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 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 yield of 4.4%. Chevron’s payout ratio is presently 88.03%.

Wall Street Analysts Forecast Growth

CVX has been the topic of a number of recent analyst reports. Evercore ISI reissued an “outperform” rating and issued a $180.00 price target on shares of Chevron in a report on Thursday, July 31st. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Chevron in a research note on Wednesday, October 8th. Wells Fargo & Company started coverage on shares of Chevron in a research note on Friday, October 17th. They set an “overweight” rating and a $190.00 target price on the stock. Jefferies Financial Group reaffirmed a “buy” rating on shares of Chevron in a research note on Friday, July 18th. Finally, Melius started coverage on shares of Chevron in a research note on Wednesday, August 20th. They set a “hold” rating and a $155.00 target price on the stock. One analyst has rated the stock with a Strong Buy rating, ten have assigned a Buy rating, nine have assigned a Hold rating and three have issued a Sell rating to the stock. Based on data from MarketBeat, Chevron presently has a consensus rating of “Hold” and a consensus price target of $165.25.

Insider Activity

In related news, 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 sale, the director owned 1,403,045 shares of the company’s stock, valued at $222,102,023.50. The trade was a 21.09% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, VP Alana K. Knowles sold 3,978 shares of the business’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 sale, the vice president directly owned 1,181 shares in the company, valued at $188,960. The trade was a 77.11% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders own 0.20% of the company’s stock.

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.