Chevron Corporation $CVX Position Increased by RB Capital Management LLC

RB Capital Management LLC lifted its stake in Chevron Corporation (NYSE:CVX) by 6.3% in the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 31,654 shares of the oil and gas company’s stock after purchasing an additional 1,862 shares during the quarter. Chevron accounts for 1.0% of RB Capital Management LLC’s portfolio, making the stock its 22nd largest position. RB Capital Management LLC’s holdings in Chevron were worth $4,533,000 as of its most recent SEC filing.

A number of other hedge funds have also made changes to their positions in CVX. Harvest Fund Management Co. Ltd lifted its position in shares of 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 worth $25,000 after purchasing an additional 122 shares in the last quarter. 10Elms LLP purchased a new stake in shares of Chevron in the fourth quarter worth approximately $29,000. Elequin Capital LP purchased a new stake in shares of Chevron in the first quarter worth approximately $31,000. IFS Advisors LLC increased its holdings in Chevron by 119.6% in the first quarter. IFS Advisors LLC now owns 213 shares of the oil and gas company’s stock worth $36,000 after buying an additional 116 shares during the last quarter. Finally, Cloud Capital Management LLC acquired a new position in Chevron in the first quarter worth approximately $39,000. 72.42% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of research firms recently commented on CVX. Piper Sandler increased their price objective on Chevron from $164.00 to $168.00 and gave the stock an “overweight” rating in a report on Monday, August 18th. Barclays reiterated an “equal weight” rating on shares of Chevron in a report on Tuesday, July 15th. Wells Fargo & Company reiterated an “overweight” rating and set a $178.00 price target on shares of Chevron in a report on Friday, August 1st. Raymond James Financial reiterated an “outperform” rating on shares of Chevron in a report on Friday, August 1st. Finally, Melius assumed coverage on Chevron in a report on Wednesday, August 20th. They set a “hold” rating and a $155.00 price target on the stock. Eleven equities research analysts have rated the stock with a Buy rating, eight have given a Hold rating and three have assigned a Sell rating to the company. According to data from MarketBeat, Chevron currently has an average rating of “Hold” and a consensus price target of $164.80.

Insider Activity at Chevron

In related news, Director John B. Hess sold 375,000 shares of the firm’s stock in a transaction on 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 completion of the transaction, the director directly owned 1,403,045 shares of the company’s stock, valued at $222,102,023.50. This trade represents a 21.09% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, VP Alana K. Knowles sold 3,978 shares of the firm’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 completion of the transaction, the vice president directly owned 1,181 shares of the company’s stock, valued at approximately $188,960. This trade represents a 77.11% decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.21% of the stock is currently owned by corporate insiders.

Chevron Stock Down 0.6%

CVX opened at $157.23 on Friday. Chevron Corporation has a 1-year low of $132.04 and a 1-year 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. The stock has a market capitalization of $271.69 billion, a price-to-earnings ratio of 20.24, a P/E/G ratio of 2.00 and a beta of 0.90. The business has a 50 day moving average of $154.67 and a 200-day moving average of $148.85.

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

Chevron Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, September 10th. Stockholders of record on Tuesday, August 19th were given a $1.71 dividend. This represents a $6.84 annualized dividend and a dividend yield of 4.4%. The ex-dividend date of this dividend was Tuesday, August 19th. Chevron’s dividend payout ratio is currently 88.03%.

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.