Chevron Corporation $CVX Shares Sold by iA Global Asset Management Inc.

iA Global Asset Management Inc. lessened its stake in shares of Chevron Corporation (NYSE:CVX) by 43.7% in the 2nd quarter, Holdings Channel reports. The firm owned 2,370 shares of the oil and gas company’s stock after selling 1,840 shares during the period. iA Global Asset Management Inc.’s holdings in Chevron were worth $339,000 at the end of the most recent reporting period.

Other hedge funds have also recently modified their holdings of the company. Harvest Fund Management Co. Ltd raised its position in shares of 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 worth $25,000 after purchasing an additional 122 shares during the last quarter. Elequin Capital LP acquired a new position in Chevron during the first quarter worth about $31,000. Quaker Wealth Management LLC boosted its position in Chevron by 197.7% during the second quarter. Quaker Wealth Management LLC now owns 217 shares of the oil and gas company’s stock worth $31,000 after acquiring an additional 439 shares during the last quarter. Investment Management Corp VA ADV boosted its position in Chevron by 171.3% during the first 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. Finally, IMG Wealth Management Inc. boosted its position in Chevron by 52.3% during the second 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. Institutional investors and hedge funds own 72.42% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities analysts recently weighed in on CVX shares. Wells Fargo & Company started coverage on shares of Chevron in a research report on Friday, October 17th. They set an “overweight” rating and a $190.00 price target on the stock. Barclays lowered their price target on shares of Chevron from $160.00 to $158.00 and set an “equal weight” rating on the stock in a research report on Tuesday, October 7th. Morgan Stanley boosted their price target on shares of Chevron from $174.00 to $177.00 and gave the stock an “overweight” rating in a research report on Monday. TD Cowen boosted their price target on shares of Chevron from $150.00 to $155.00 and gave the stock a “hold” rating in a research report on Monday, August 4th. Finally, Melius Research assumed coverage on shares of Chevron in a research report on Wednesday, August 20th. They set a “hold” rating and a $155.00 price target on the stock. One investment 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 data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average target price of $165.40.

Insider Buying and Selling

In other news, 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 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 transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director John B. Hess sold 375,000 shares of the business’s stock in a transaction that occurred on 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 completion of the sale, the director directly owned 1,403,045 shares in the company, valued at $222,102,023.50. This trade represents a 21.09% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. 0.21% of the stock is currently owned by insiders.

Chevron Stock Performance

Chevron stock opened at $153.36 on Wednesday. The firm has a 50 day simple moving average of $155.91 and a 200-day simple moving average of $149.43. Chevron Corporation has a 1-year low of $132.04 and a 1-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 stock has a market cap of $265.00 billion, a price-to-earnings ratio of 19.74, a price-to-earnings-growth ratio of 4.40 and a beta of 0.84.

Chevron (NYSE:CVX) last posted its quarterly earnings results on Friday, October 31st. The oil and gas company reported $1.85 earnings per share for the quarter, beating the consensus estimate of $1.71 by $0.14. Chevron had a net margin of 7.02% and a return on equity of 9.90%. The business had revenue of $49.73 billion during the quarter, compared to analysts’ expectations of $46.99 billion. During the same quarter in the prior year, the company posted $2.48 EPS. The business’s revenue for the quarter was down 1.9% on a year-over-year basis. On average, analysts expect that Chevron Corporation will post 10.79 EPS for the current year.

Chevron Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Wednesday, December 10th. Stockholders of record on Tuesday, November 18th will be paid a $1.71 dividend. This represents a $6.84 dividend on an annualized basis and a dividend yield of 4.5%. The ex-dividend date of this dividend is Tuesday, November 18th. Chevron’s payout ratio is 96.20%.

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.