Firestone Capital Management Decreases Stock Position in Chevron Corporation $CVX

Firestone Capital Management lessened its holdings in shares of Chevron Corporation (NYSE:CVX) by 12.0% during the 2nd quarter, HoldingsChannel reports. The firm owned 7,989 shares of the oil and gas company’s stock after selling 1,088 shares during the period. Firestone Capital Management’s holdings in Chevron were worth $1,144,000 at the end of the most recent reporting period.

A number of other hedge funds have also modified their holdings of CVX. Kingsview Wealth Management LLC lifted its stake in shares of Chevron by 17.1% in the second quarter. Kingsview Wealth Management LLC now owns 121,273 shares of the oil and gas company’s stock worth $17,365,000 after buying an additional 17,729 shares in the last quarter. Cornerstone Advisors LLC raised its holdings in Chevron by 45.8% in the 2nd quarter. Cornerstone Advisors LLC now owns 117,200 shares of the oil and gas company’s stock valued at $16,782,000 after acquiring an additional 36,800 shares during the last quarter. Citizens Financial Group Inc. RI lifted its stake in Chevron by 14.6% in the 2nd quarter. Citizens Financial Group Inc. RI now owns 71,612 shares of the oil and gas company’s stock worth $10,254,000 after purchasing an additional 9,125 shares in the last quarter. Avantax Advisory Services Inc. boosted its holdings in shares of Chevron by 18.3% during the 2nd quarter. Avantax Advisory Services Inc. now owns 306,855 shares of the oil and gas company’s stock worth $43,939,000 after purchasing an additional 47,502 shares during the last quarter. Finally, Intech Investment Management LLC grew its position in shares of Chevron by 8.5% in the second quarter. Intech Investment Management LLC now owns 50,395 shares of the oil and gas company’s stock valued at $7,216,000 after purchasing an additional 3,950 shares in the last quarter. 72.42% of the stock is currently owned by institutional investors and hedge funds.

Insiders Place Their Bets

In related news, VP Alana K. Knowles sold 3,978 shares of the business’s stock in a transaction on Friday, August 29th. The stock was sold at an average price of $160.00, for a total value of $636,480.00. Following the sale, the vice president owned 1,181 shares in the company, valued at approximately $188,960. The trade was a 77.11% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director John B. Hess sold 375,000 shares of the stock in a transaction dated Friday, August 22nd. The stock was sold at an average price of $158.30, for a total value of $59,362,500.00. Following the transaction, the director directly owned 1,403,045 shares in the company, valued at approximately $222,102,023.50. The trade was a 21.09% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders own 0.21% of the company’s stock.

Analyst Upgrades and Downgrades

CVX has been the topic of a number of analyst reports. Mizuho lifted their price objective on Chevron from $191.00 to $204.00 and gave the stock an “outperform” rating in a research report on Thursday. Weiss Ratings reiterated a “hold (c)” rating on shares of Chevron in a report on Wednesday, October 8th. Evercore ISI reissued an “outperform” rating and set a $180.00 price target on shares of Chevron in a research report on Thursday, July 31st. Melius started coverage on shares of Chevron in a report on Wednesday, August 20th. They issued a “hold” rating and a $155.00 price objective for the company. Finally, Melius Research assumed 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. Eleven analysts have rated the stock with a Buy rating, nine have issued a Hold rating and three have assigned a Sell rating to the stock. According to MarketBeat.com, Chevron has an average rating of “Hold” and an average target price of $166.55.

Chevron Trading Up 1.3%

Shares of CVX stock opened at $157.61 on Friday. Chevron Corporation has a 1-year low of $132.04 and a 1-year high of $168.96. The firm has a market cap of $317.35 billion, a PE ratio of 20.28, a price-to-earnings-growth ratio of 4.40 and a beta of 0.83. The company has a 50-day moving average of $155.26 and a two-hundred day moving average of $150.30. 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 released its quarterly earnings results on Friday, October 31st. The oil and gas company reported $1.85 earnings per share (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 the consensus estimate of $46.99 billion. Chevron had a net margin of 7.02% and a return on equity of 9.90%. The business’s revenue was down 1.9% on a year-over-year basis. During the same period in the previous year, the firm earned $2.48 EPS. On average, analysts predict that Chevron Corporation will post 10.79 EPS for the current year.

Chevron Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Wednesday, December 10th. Stockholders of record on Tuesday, November 18th will be given a dividend of $1.71 per share. This represents a $6.84 annualized dividend and a dividend yield of 4.3%. The ex-dividend date is Tuesday, November 18th. Chevron’s dividend payout ratio (DPR) is currently 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.