Channel Wealth LLC Trims Holdings in Chevron Corporation $CVX

Channel Wealth LLC lessened its holdings in shares of Chevron Corporation (NYSE:CVX) by 13.2% during the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 4,406 shares of the oil and gas company’s stock after selling 668 shares during the period. Channel Wealth LLC’s holdings in Chevron were worth $631,000 at the end of the most recent reporting period.

Several other large investors have also bought and sold shares of CVX. GQG Partners LLC bought a new stake in Chevron during the 1st quarter valued at approximately $1,466,751,000. Nuveen LLC bought a new stake in shares of Chevron in the 1st quarter worth approximately $1,362,232,000. GAMMA Investing LLC boosted its position in shares of Chevron by 21,191.5% in the 1st quarter. GAMMA Investing LLC now owns 5,408,248 shares of the oil and gas company’s stock worth $904,746,000 after purchasing an additional 5,382,847 shares in the last quarter. Charles Schwab Investment Management Inc. boosted its position in shares of Chevron by 4.9% in the 1st quarter. Charles Schwab Investment Management Inc. now owns 33,430,030 shares of the oil and gas company’s stock worth $5,592,263,000 after purchasing an additional 1,574,464 shares in the last quarter. Finally, Canada Pension Plan Investment Board boosted its position in shares of Chevron by 141.2% in the 1st quarter. Canada Pension Plan Investment Board now owns 1,891,824 shares of the oil and gas company’s stock worth $316,483,000 after purchasing an additional 1,107,628 shares in the last quarter. 72.42% of the stock is owned by institutional investors.

Insider Buying and Selling at Chevron

In related news, VP Alana K. Knowles sold 3,978 shares of the company’s stock in a transaction 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 completion of the transaction, the vice president owned 1,181 shares of the company’s stock, valued at approximately $188,960. This represents a 77.11% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, Director John B. Hess sold 375,000 shares of the company’s stock in a transaction on Friday, August 22nd. The stock was sold at an average price of $158.30, for a total transaction of $59,362,500.00. Following the completion of the transaction, the director directly 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 disclosure for this sale can be found here. Corporate insiders own 0.20% of the company’s stock.

Analyst Ratings Changes

A number of analysts have recently commented on CVX shares. Barclays reissued an “equal weight” rating on shares of Chevron in a research report on Tuesday, July 15th. Morgan Stanley started coverage on Chevron in a research report on Monday, August 4th. They issued an “overweight” rating and a $174.00 price target on the stock. Piper Sandler boosted their price target on Chevron from $164.00 to $168.00 and gave the stock an “overweight” rating in a research report on Monday, August 18th. Scotiabank reissued a “sector perform” rating and issued a $160.00 price target (up from $143.00) on shares of Chevron in a research report on Friday, July 11th. Finally, Wells Fargo & Company reissued an “overweight” rating and issued a $178.00 price target on shares of Chevron in a research report on Friday, August 1st. Eleven analysts have rated the stock with a Buy rating, eight have assigned a Hold rating and three have assigned a Sell rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Hold” and an average price target of $165.05.

Chevron Trading Up 1.4%

Shares of Chevron stock opened at $159.56 on Wednesday. The company has a market capitalization of $275.72 billion, a P/E ratio of 20.54, a P/E/G ratio of 1.97 and a beta of 0.90. The company has a debt-to-equity ratio of 0.16, a quick ratio of 0.74 and a current ratio of 1.00. The company has a fifty day moving average of $155.00 and a 200 day moving average of $148.86. Chevron Corporation has a fifty-two week low of $132.04 and a fifty-two week high of $168.96.

Chevron (NYSE:CVX) last issued its earnings results on Friday, August 1st. The oil and gas company reported $1.77 earnings per share for the quarter, topping the consensus estimate of $1.58 by $0.19. The company had revenue of $44.82 billion during the quarter, compared to the consensus estimate of $44.59 billion. Chevron had a net margin of 7.02% and a return on equity of 9.90%. Chevron’s quarterly revenue was down 12.4% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $2.55 EPS. On average, sell-side analysts anticipate that Chevron Corporation will post 10.79 earnings per share for the current fiscal year.

Chevron Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Wednesday, September 10th. Investors of record on Tuesday, August 19th were issued a $1.71 dividend. The ex-dividend date of this dividend was Tuesday, August 19th. This represents a $6.84 annualized dividend and a yield of 4.3%. Chevron’s dividend payout ratio is currently 88.03%.

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.