Adell Harriman & Carpenter Inc. Sells 1,187 Shares of Chevron Corporation $CVX

Adell Harriman & Carpenter Inc. cut its holdings in shares of Chevron Corporation (NYSE:CVX) by 1.8% during the second quarter, Holdings Channel.com reports. The fund owned 65,638 shares of the oil and gas company’s stock after selling 1,187 shares during the period. Adell Harriman & Carpenter Inc.’s holdings in Chevron were worth $9,399,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also bought and sold shares of CVX. Kingstone Capital Partners Texas LLC raised its holdings in Chevron by 652,139.5% during the second quarter. Kingstone Capital Partners Texas LLC now owns 83,714,936 shares of the oil and gas company’s stock valued at $13,214,757,000 after acquiring an additional 83,702,101 shares during the period. GQG Partners LLC bought a new stake in Chevron during the first quarter valued at about $1,466,751,000. Nuveen LLC bought a new stake in Chevron during the first quarter valued at about $1,362,232,000. Charles Schwab Investment Management Inc. raised its holdings in Chevron by 4.9% during the first quarter. Charles Schwab Investment Management Inc. now owns 33,430,030 shares of the oil and gas company’s stock valued at $5,592,263,000 after acquiring an additional 1,574,464 shares during the period. Finally, Canada Pension Plan Investment Board raised its holdings in Chevron by 141.2% during the first quarter. Canada Pension Plan Investment Board now owns 1,891,824 shares of the oil and gas company’s stock valued at $316,483,000 after acquiring an additional 1,107,628 shares during the period. 72.42% of the stock is owned by institutional investors.

Insider Activity at Chevron

In other Chevron news, Director John B. Hess sold 375,000 shares of the business’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 transaction of $59,362,500.00. Following the completion of the transaction, the director owned 1,403,045 shares in the company, valued at $222,102,023.50. The trade was a 21.09% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, VP Alana K. Knowles sold 3,978 shares of the business’s stock in a transaction that occurred on Friday, August 29th. The shares were sold at an average price of $160.00, for a total value of $636,480.00. Following the transaction, the vice president owned 1,181 shares of the company’s stock, valued at $188,960. This trade represents a 77.11% decrease in their position. The disclosure for this sale is available in the SEC filing. 0.21% of the stock is owned by insiders.

Analysts Set New Price Targets

CVX has been the topic of several research reports. Scotiabank lifted their target price on Chevron from $160.00 to $165.00 and gave the stock a “sector perform” rating in a report on Thursday, October 9th. Jefferies Financial Group restated a “buy” rating on shares of Chevron in a report on Friday, July 18th. Melius Research assumed coverage on Chevron in a report on Wednesday, August 20th. They set a “hold” rating and a $155.00 price target for the company. Morgan Stanley assumed coverage on Chevron in a report on Monday, August 4th. They set an “overweight” rating and a $174.00 price target for the company. Finally, Wells Fargo & Company assumed coverage on Chevron in a report on Friday, October 17th. They set an “overweight” rating and a $190.00 price target for the company. One analyst has rated the stock with a Strong Buy rating, ten have assigned a Buy rating, nine have given a Hold rating and three have assigned a Sell rating to the company’s stock. According to MarketBeat.com, Chevron presently has an average rating of “Hold” and a consensus target price of $165.25.

Chevron Trading Up 0.5%

Shares of NYSE CVX opened at $154.92 on Thursday. The business’s 50 day moving average is $156.11 and its two-hundred day moving average is $148.82. 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 Corporation has a 1-year low of $132.04 and a 1-year high of $168.96. The stock has a market capitalization of $267.69 billion, a P/E ratio of 19.94, a PEG ratio of 4.38 and a beta of 0.84.

Chevron (NYSE:CVX) last issued its quarterly earnings data on Friday, August 1st. The oil and gas company reported $1.77 earnings per share for the quarter, topping 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 company had revenue of $44.82 billion for the quarter, compared to analysts’ expectations of $44.59 billion. During the same period in the previous year, the firm posted $2.55 earnings per share. The firm’s revenue for the quarter was down 12.4% on a year-over-year basis. As a group, research analysts expect 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. Shareholders of record on Tuesday, August 19th were given a dividend of $1.71 per share. This represents a $6.84 annualized dividend and a dividend yield of 4.4%. The ex-dividend date was Tuesday, August 19th. Chevron’s payout ratio is 88.03%.

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.