Chevron Corporation $CVX Shares Sold by Berger Financial Group Inc

Berger Financial Group Inc lowered its stake in shares of Chevron Corporation (NYSE:CVX) by 9.9% in the second quarter, HoldingsChannel reports. The fund owned 3,980 shares of the oil and gas company’s stock after selling 439 shares during the quarter. Berger Financial Group Inc’s holdings in Chevron were worth $570,000 at the end of the most recent quarter.

Several other hedge funds have also modified their holdings of CVX. Harvest Fund Management Co. Ltd raised its position in shares of Chevron by 420.7% in the 1st quarter. Harvest Fund Management Co. Ltd now owns 151 shares of the oil and gas company’s stock worth $25,000 after buying an additional 122 shares during the period. Elequin Capital LP acquired a new stake in Chevron during the first quarter worth about $31,000. Cloud Capital Management LLC purchased a new position in shares of Chevron in the 1st quarter worth about $39,000. Investment Management Corp VA ADV lifted its stake in shares of Chevron by 171.3% in the 1st quarter. Investment Management Corp VA ADV now owns 236 shares of the oil and gas company’s stock valued at $39,000 after purchasing an additional 149 shares in the last quarter. Finally, 1 North Wealth Services LLC purchased a new stake in shares of Chevron during the 1st quarter worth about $45,000. 72.42% of the stock is owned by institutional investors and hedge funds.

Chevron Stock Up 0.1%

Shares of NYSE CVX opened at $153.59 on Monday. The company has a debt-to-equity ratio of 0.16, a quick ratio of 0.74 and a current ratio of 1.00. Chevron Corporation has a 1 year low of $132.04 and a 1 year high of $168.96. The stock’s 50-day simple moving average is $156.23 and its 200-day simple moving average is $148.87. The firm has a market cap of $265.40 billion, a price-to-earnings ratio of 19.77, a PEG ratio of 1.99 and a beta of 0.84.

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

Chevron Dividend Announcement

The business also recently declared 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 4.5%. Chevron’s dividend payout ratio is currently 88.03%.

Insiders Place Their Bets

In other news, VP Alana K. Knowles sold 3,978 shares of the company’s stock in a transaction dated Friday, August 29th. The shares were 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. This represents a 77.11% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director John B. Hess sold 375,000 shares of Chevron 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 completion of the transaction, the director 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 disclosure for this sale can be found here. Corporate insiders own 0.20% of the company’s stock.

Analyst Upgrades and Downgrades

Several research firms recently commented on CVX. Jefferies Financial Group restated a “buy” rating on shares of Chevron in a report on Friday, July 18th. Piper Sandler lifted their target price on shares of Chevron from $164.00 to $168.00 and gave the company an “overweight” rating in a report on Monday, August 18th. Raymond James Financial reiterated an “outperform” rating on shares of Chevron in a report on Friday, August 1st. Barclays restated an “equal weight” rating on shares of Chevron in a research note on Tuesday, July 15th. Finally, Evercore ISI reiterated an “outperform” rating and issued a $180.00 target price on shares of Chevron in a research note on Thursday, July 31st. Eleven analysts have rated the stock with a Buy rating, nine have assigned a Hold rating and three have issued a Sell rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus target price of $165.05.

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.