Chevron Corporation $CVX Shares Sold by Red Spruce Capital LLC

Red Spruce Capital LLC cut its holdings in shares of Chevron Corporation (NYSE:CVX) by 1.4% in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 7,694 shares of the oil and gas company’s stock after selling 107 shares during the period. Red Spruce Capital LLC’s holdings in Chevron were worth $1,102,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also added to or reduced their stakes in the business. GK Wealth Management LLC lifted its stake in Chevron by 10.2% during the second quarter. GK Wealth Management LLC now owns 3,405 shares of the oil and gas company’s stock valued at $488,000 after purchasing an additional 315 shares during the last quarter. Wealth Alliance Advisory Group LLC lifted its stake in Chevron by 8.1% during the second quarter. Wealth Alliance Advisory Group LLC now owns 23,454 shares of the oil and gas company’s stock valued at $3,358,000 after purchasing an additional 1,765 shares during the last quarter. Teamwork Financial Advisors LLC lifted its position in shares of Chevron by 7.4% in the 2nd quarter. Teamwork Financial Advisors LLC now owns 3,210 shares of the oil and gas company’s stock valued at $460,000 after acquiring an additional 220 shares in the last quarter. Capital Asset Advisory Services LLC lifted its position in shares of Chevron by 3.4% in the 2nd quarter. Capital Asset Advisory Services LLC now owns 27,633 shares of the oil and gas company’s stock valued at $4,023,000 after acquiring an additional 909 shares in the last quarter. Finally, Wesbanco Bank Inc. lifted its position in shares of Chevron by 20.2% in the 2nd quarter. Wesbanco Bank Inc. now owns 278,071 shares of the oil and gas company’s stock valued at $39,817,000 after acquiring an additional 46,652 shares in the last quarter. 72.42% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several equities research analysts recently commented on the stock. Piper Sandler upped their price target on shares of Chevron from $164.00 to $168.00 and gave the company an “overweight” rating in a research report on Monday, August 18th. Bank of America upped their price target on shares of Chevron from $170.00 to $185.00 and gave the company a “buy” rating in a research report on Wednesday, September 10th. Barclays restated an “equal weight” rating on shares of Chevron in a research report on Tuesday, July 15th. Wells Fargo & Company restated an “overweight” rating and issued a $178.00 price target on shares of Chevron in a research report on Friday, August 1st. Finally, Morgan Stanley assumed coverage on shares of Chevron in a research report on Monday, August 4th. They issued an “overweight” rating and a $174.00 price target for the company. Eleven research analysts have rated the stock with a Buy rating, eight have given a Hold rating and three have given a Sell rating to the stock. According to data from MarketBeat.com, Chevron currently has an average rating of “Hold” and an average target price of $164.80.

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 transaction of $636,480.00. Following the completion of the sale, the vice president directly owned 1,181 shares of the company’s stock, valued at approximately $188,960. This represents a 77.11% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director John B. Hess sold 375,000 shares of the stock in a transaction on Friday, August 22nd. The shares were sold at an average price of $158.30, for a total transaction of $59,362,500.00. Following the completion of the sale, the director directly owned 1,403,045 shares of the company’s stock, valued at approximately $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.

Chevron Stock Down 0.6%

Chevron stock opened at $157.23 on Monday. The firm has a market cap of $271.69 billion, a PE ratio of 20.24, a P/E/G ratio of 1.98 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 firm’s 50 day moving average price is $154.67 and its two-hundred day moving average price is $148.79. Chevron Corporation has a twelve month low of $132.04 and a twelve month high of $168.96.

Chevron (NYSE:CVX) last released 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. The firm had revenue of $44.82 billion for the quarter, compared to analyst estimates of $44.59 billion. Chevron had a net margin of 7.02% and a return on equity of 9.90%. The company’s revenue for the quarter was down 12.4% compared to the same quarter last year. During the same quarter in the prior year, the business earned $2.55 EPS. On average, research analysts predict that Chevron Corporation will post 10.79 EPS for the current fiscal year.

Chevron Announces Dividend

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