Portfolio Design Labs LLC Cuts Position in Chevron Corporation $CVX

Portfolio Design Labs LLC trimmed its position in shares of Chevron Corporation (NYSE:CVX) by 7.5% during the second quarter, Holdings Channel reports. The firm owned 14,875 shares of the oil and gas company’s stock after selling 1,201 shares during the quarter. Portfolio Design Labs LLC’s holdings in Chevron were worth $2,130,000 at the end of the most recent quarter.

A number of other institutional investors have also modified their holdings of the company. Kingstone Capital Partners Texas LLC boosted its holdings in Chevron by 652,139.5% during the 2nd 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. Norges Bank purchased a new stake in Chevron during the second quarter worth about $2,721,477,000. GQG Partners LLC acquired a new stake in shares of Chevron during the first quarter worth about $1,466,751,000. Nuveen LLC purchased a new position in shares of Chevron in the first quarter valued at approximately $1,362,232,000. Finally, Laurel Wealth Advisors LLC boosted its stake in shares of Chevron by 14,194.2% in the second quarter. Laurel Wealth Advisors LLC now owns 3,722,217 shares of the oil and gas company’s stock valued at $532,984,000 after purchasing an additional 3,696,177 shares during the period. 72.42% of the stock is owned by institutional investors and hedge funds.

Chevron Price Performance

Shares of CVX opened at $152.53 on Tuesday. The firm has a market capitalization of $307.12 billion, a price-to-earnings ratio of 19.63, a PEG ratio of 4.40 and a beta of 0.83. The firm’s fifty day simple moving average is $153.90 and its 200-day simple moving average is $151.37. Chevron Corporation has a twelve month low of $132.04 and a twelve month high of $168.96. The company has a current ratio of 1.00, a quick ratio of 0.74 and a debt-to-equity ratio of 0.16.

Chevron (NYSE:CVX) last issued its earnings results on Friday, October 31st. The oil and gas company reported $1.85 EPS for the quarter, topping analysts’ consensus estimates of $1.71 by $0.14. Chevron had a net margin of 7.02% and a return on equity of 9.90%. The firm had revenue of $48.17 billion during the quarter, compared to the consensus estimate of $46.99 billion. During the same quarter in the previous year, the firm posted $2.48 earnings per share. The company’s revenue was down 1.9% compared to the same quarter last year. Equities analysts forecast that Chevron Corporation will post 10.79 EPS for the current fiscal year.

Chevron Dividend Announcement

The firm also recently announced 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 4.5%. The ex-dividend date of this dividend is Tuesday, November 18th. Chevron’s dividend payout ratio (DPR) is 96.20%.

Insider Buying and Selling at Chevron

In related news, Director John B. Hess sold 275,000 shares of the business’s stock in a transaction that occurred on Thursday, November 20th. The stock was sold at an average price of $150.75, for a total transaction of $41,456,250.00. Following the completion of the sale, the director owned 1,128,045 shares in the company, valued at $170,052,783.75. The trade was a 19.60% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Company insiders own 0.21% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities research analysts recently weighed in on CVX shares. Morgan Stanley upped their target price on shares of Chevron from $177.00 to $180.00 and gave the stock an “overweight” rating in a research note on Thursday, November 13th. Zacks Research downgraded shares of Chevron from a “hold” rating to a “strong sell” rating in a research note on Monday, November 24th. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Chevron in a research report on Wednesday, October 8th. Melius started coverage on Chevron in a report on Wednesday, August 20th. They issued a “hold” rating and a $155.00 target price for the company. Finally, Barclays lowered their target price on Chevron from $160.00 to $158.00 and set an “equal weight” rating for the company in a research note on Tuesday, October 7th. One investment analyst has rated the stock with a Strong Buy rating, eleven have given a Buy rating, seven have given a Hold rating and four have issued a Sell rating to the company. According to MarketBeat.com, Chevron has a consensus rating of “Hold” and an average price target of $166.16.

Chevron 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.