King Luther Capital Management Corp Sells 39,851 Shares of Chevron Corporation $CVX

King Luther Capital Management Corp decreased its holdings in shares of Chevron Corporation (NYSE:CVX) by 3.4% in the 2nd quarter, Holdings Channel reports. The fund owned 1,138,345 shares of the oil and gas company’s stock after selling 39,851 shares during the period. King Luther Capital Management Corp’s holdings in Chevron were worth $163,000,000 at the end of the most recent reporting period.

Other hedge funds also recently made changes to their positions in the company. Harvest Fund Management Co. Ltd boosted its position in Chevron by 420.7% in the first 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 in the last quarter. Elequin Capital LP acquired a new position in shares of Chevron during the first quarter worth $31,000. Quaker Wealth Management LLC lifted its stake in shares of Chevron by 197.7% in the 2nd quarter. Quaker Wealth Management LLC now owns 217 shares of the oil and gas company’s stock valued at $31,000 after acquiring an additional 439 shares during the last quarter. IMG Wealth Management Inc. boosted its holdings in shares of Chevron by 52.3% during the 2nd quarter. IMG Wealth Management Inc. now owns 265 shares of the oil and gas company’s stock valued at $38,000 after acquiring an additional 91 shares in the last quarter. Finally, Investment Management Corp VA ADV grew its position 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 worth $39,000 after acquiring an additional 149 shares during the last quarter. 72.42% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity

In other news, Director John B. Hess sold 375,000 shares of the 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 transaction, the director 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 transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, VP Alana K. Knowles sold 3,978 shares of the business’s stock in a transaction dated Friday, August 29th. The shares were sold at an average price of $160.00, for a total value of $636,480.00. Following the completion of the sale, the vice president directly owned 1,181 shares of the company’s stock, valued at $188,960. The trade was a 77.11% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. 0.21% of the stock is currently owned by corporate insiders.

Chevron Stock Up 1.4%

Shares of Chevron stock opened at $155.10 on Friday. The stock’s 50-day moving average is $155.55 and its 200 day moving average is $149.71. Chevron Corporation has a one year low of $132.04 and a one year high of $168.96. The firm has a market cap of $268.01 billion, a price-to-earnings ratio of 19.96, a PEG ratio of 4.40 and a beta of 0.83. 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 issued its earnings results on Friday, October 31st. The oil and gas company reported $1.85 earnings per share for the quarter, topping analysts’ consensus estimates of $1.71 by $0.14. The business had revenue of $48.17 billion during the quarter, compared to the consensus estimate of $46.99 billion. Chevron had a return on equity of 9.90% and a net margin of 7.02%.The firm’s revenue for the quarter was down 1.9% on a year-over-year basis. During the same period in the previous year, the company posted $2.48 earnings per share. Equities research analysts anticipate 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. Shareholders of record on Tuesday, November 18th will be paid a $1.71 dividend. This represents a $6.84 annualized dividend and a yield of 4.4%. The ex-dividend date of this dividend is Tuesday, November 18th. Chevron’s payout ratio is 96.20%.

Wall Street Analyst Weigh In

Several equities analysts have commented on CVX shares. Morgan Stanley increased their target price on Chevron from $174.00 to $177.00 and gave the company an “overweight” rating in a research report on Monday, November 3rd. Jefferies Financial Group restated a “buy” rating on shares of Chevron in a research report on Friday, July 18th. Mizuho cut their price target on shares of Chevron from $192.00 to $191.00 and set an “outperform” rating on the stock in a report on Monday, September 15th. Wall Street Zen upgraded Chevron from a “sell” rating to a “hold” rating in a report on Saturday. Finally, Barclays cut their target price on Chevron from $160.00 to $158.00 and set an “equal weight” rating on the stock in a report on Tuesday, October 7th. One research analyst has rated the stock with a Strong Buy rating, ten have issued a Buy rating, nine have issued a Hold rating and three have assigned a Sell rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Hold” and an average target price of $165.40.

Chevron Company 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.