Chevron Corporation $CVX Shares Sold by PFG Investments LLC

PFG Investments LLC cut its holdings in shares of Chevron Corporation (NYSE:CVX) by 2.6% during the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 47,344 shares of the oil and gas company’s stock after selling 1,280 shares during the quarter. PFG Investments LLC’s holdings in Chevron were worth $6,779,000 as of its most recent SEC filing.

Other hedge funds also recently added to or reduced their stakes in the company. Harvest Fund Management Co. Ltd raised its stake 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 valued at $25,000 after acquiring an additional 122 shares in the last quarter. Elequin Capital LP acquired a new stake in Chevron in the 1st quarter valued at about $31,000. IFS Advisors LLC raised its position in Chevron by 119.6% in the 1st quarter. IFS Advisors LLC now owns 213 shares of the oil and gas company’s stock valued at $36,000 after purchasing an additional 116 shares in the last quarter. Cloud Capital Management LLC acquired a new stake in Chevron in the 1st quarter valued at about $39,000. Finally, Investment Management Corp VA ADV raised its position in 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. 72.42% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several analysts recently weighed in on the stock. Mizuho reduced their target price on shares of Chevron from $192.00 to $191.00 and set an “outperform” rating on the stock in a report on Monday, September 15th. Morgan Stanley began coverage on shares of Chevron in a report on Monday, August 4th. They issued an “overweight” rating and a $174.00 target price on the stock. Barclays restated an “equal weight” rating on shares of Chevron in a report on Tuesday, July 15th. Raymond James Financial restated an “outperform” rating on shares of Chevron in a report on Friday, August 1st. Finally, UBS Group raised their price objective on shares of Chevron from $186.00 to $197.00 and gave the company a “buy” rating in a report on Wednesday, August 20th. Eleven investment analysts have rated the stock with a Buy rating, eight have given a Hold rating and three have issued a Sell rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Hold” and a consensus target price of $165.05.

Insiders Place Their Bets

In other Chevron news, VP Alana K. Knowles sold 3,978 shares of Chevron 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 transaction, the vice president directly owned 1,181 shares in the company, valued at approximately $188,960. The trade was a 77.11% decrease in their ownership of the stock. The transaction 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 the business’s stock in a transaction dated Friday, August 22nd. The shares were 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 in the company, valued at $222,102,023.50. This trade represents a 21.09% decrease in their position. The disclosure for this sale can be found here. Insiders own 0.20% of the company’s stock.

Chevron Price Performance

Shares of NYSE:CVX opened at $155.38 on Wednesday. The company’s fifty day moving average price is $156.27 and its 200 day moving average price is $149.14. 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 Corporation has a 12 month low of $132.04 and a 12 month high of $168.96. The firm has a market capitalization of $268.50 billion, a P/E ratio of 20.00, a P/E/G ratio of 1.95 and a beta of 0.90.

Chevron (NYSE:CVX) last posted its earnings results on Friday, August 1st. The oil and gas company reported $1.77 EPS for the quarter, topping 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 business had revenue of $44.82 billion for the quarter, compared to analysts’ expectations of $44.59 billion. During the same quarter in the previous year, the firm earned $2.55 earnings per share. The business’s revenue was down 12.4% compared to the same quarter last year. As a group, sell-side analysts predict that Chevron Corporation will post 10.79 earnings per share for the current fiscal year.

Chevron Dividend Announcement

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