Beacon Harbor Wealth Advisors Inc. Trims Holdings in Chevron Corporation $CVX

Beacon Harbor Wealth Advisors Inc. decreased its stake in shares of Chevron Corporation (NYSE:CVX) by 5.5% during the second quarter, according to its most recent filing with the SEC. The institutional investor owned 39,404 shares of the oil and gas company’s stock after selling 2,308 shares during the period. Beacon Harbor Wealth Advisors Inc.’s holdings in Chevron were worth $5,642,000 as of its most recent SEC filing.

Other hedge funds have also added to or reduced their stakes in the company. Saturna Capital Corp purchased a new position in Chevron during the first quarter valued at approximately $201,000. Jennison Associates LLC boosted its holdings in Chevron by 138.2% in the 1st quarter. Jennison Associates LLC now owns 1,189,354 shares of the oil and gas company’s stock valued at $198,967,000 after purchasing an additional 690,038 shares during the period. Creekmur Asset Management LLC boosted its holdings in Chevron by 483.6% in the 1st quarter. Creekmur Asset Management LLC now owns 4,634 shares of the oil and gas company’s stock valued at $775,000 after purchasing an additional 3,840 shares during the period. Darden Wealth Group Inc grew its position in shares of Chevron by 3.9% during the 1st quarter. Darden Wealth Group Inc now owns 8,461 shares of the oil and gas company’s stock valued at $1,415,000 after purchasing an additional 320 shares in the last quarter. Finally, Evergreen Wealth Management LLC increased its holdings in shares of Chevron by 12.8% in the first quarter. Evergreen Wealth Management LLC now owns 12,742 shares of the oil and gas company’s stock worth $2,132,000 after purchasing an additional 1,448 shares during the period. Hedge funds and other institutional investors own 72.42% of the company’s stock.

Chevron Stock Performance

NYSE:CVX opened at $157.61 on Friday. The company has a market capitalization of $317.35 billion, a price-to-earnings ratio of 20.28, a PEG ratio of 4.40 and a beta of 0.83. The business has a 50 day moving average of $155.26 and a 200 day moving average of $150.22. 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.

Chevron (NYSE:CVX) last issued its quarterly earnings results on Friday, October 31st. The oil and gas company reported $1.85 EPS for the quarter, beating analysts’ consensus estimates of $1.71 by $0.14. The business had revenue of $48.17 billion for the quarter, compared to analysts’ expectations of $46.99 billion. Chevron had a net margin of 7.02% and a return on equity of 9.90%. The business’s quarterly revenue was down 1.9% on a year-over-year basis. During the same period last year, the business earned $2.48 earnings per share. On average, sell-side analysts predict that Chevron Corporation will post 10.79 earnings per share for the current fiscal year.

Chevron Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, December 10th. Investors of record on Tuesday, November 18th will be given a $1.71 dividend. This represents a $6.84 dividend on an annualized basis and a yield of 4.3%. The ex-dividend date is Tuesday, November 18th. Chevron’s dividend payout ratio (DPR) is presently 96.20%.

Wall Street Analyst Weigh In

Several equities research analysts recently issued reports on CVX shares. UBS Group lifted their price objective on Chevron from $186.00 to $197.00 and gave the company a “buy” rating in a research note on Wednesday, August 20th. Bank of America lifted their price target on Chevron from $170.00 to $185.00 and gave the company a “buy” rating in a research report on Wednesday, September 10th. Melius initiated coverage on Chevron in a report on Wednesday, August 20th. They set a “hold” rating and a $155.00 price objective for the company. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Chevron in a research note on Wednesday, October 8th. Finally, Morgan Stanley boosted their price target on shares of Chevron from $177.00 to $180.00 and gave the stock an “overweight” rating in a research note on Thursday. Eleven analysts have rated the stock with a Buy rating, nine have given a Hold rating and three have issued a Sell rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and an average target price of $166.55.

Insider Buying and Selling at Chevron

In other news, VP Alana K. Knowles sold 3,978 shares of Chevron stock in a transaction dated Friday, August 29th. The stock was 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 in the company, valued at approximately $188,960. The trade was a 77.11% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, 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 value 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. This represents a 21.09% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders own 0.21% of the company’s stock.

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.