Chevron Corporation $CVX Stock Position Lessened by Verity Asset Management Inc.

Verity Asset Management Inc. reduced its stake in Chevron Corporation (NYSE:CVX) by 51.8% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 3,521 shares of the oil and gas company’s stock after selling 3,787 shares during the period. Verity Asset Management Inc.’s holdings in Chevron were worth $504,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds have also made changes to their positions in the company. Harvest Fund Management Co. Ltd increased its stake in shares of Chevron by 420.7% during 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 during the period. Elequin Capital LP acquired a new position in shares of Chevron during the 1st quarter valued at $31,000. Quaker Wealth Management LLC increased its position in shares of Chevron by 197.7% during the 2nd quarter. Quaker Wealth Management LLC now owns 217 shares of the oil and gas company’s stock valued at $31,000 after purchasing an additional 439 shares during the period. IMG Wealth Management Inc. increased its position in shares of Chevron by 52.3% during the 2nd quarter. IMG Wealth Management Inc. now owns 265 shares of the oil and gas company’s stock valued at $38,000 after purchasing an additional 91 shares during the period. Finally, Cloud Capital Management LLC acquired a new position in shares of Chevron during the 1st quarter valued at $39,000. 72.42% of the stock is currently owned by institutional investors.

Insiders Place Their Bets

In other news, VP Alana K. Knowles sold 3,978 shares of Chevron stock in a transaction on Friday, August 29th. The stock was sold at an average price of $160.00, for a total transaction of $636,480.00. Following the transaction, the vice president 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 sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director John B. Hess sold 375,000 shares of Chevron stock in a transaction on 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 transaction, the director owned 1,403,045 shares in the company, valued at $222,102,023.50. This represents a 21.09% decrease in their position. The SEC filing for this sale provides additional information. Insiders own 0.21% of the company’s stock.

Chevron Stock Up 2.6%

Shares of NYSE:CVX opened at $157.58 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. The company has a market cap of $272.30 billion, a PE ratio of 20.28, a price-to-earnings-growth ratio of 4.40 and a beta of 0.84. Chevron Corporation has a 52 week low of $132.04 and a 52 week high of $168.96. The firm has a 50 day simple moving average of $156.07 and a 200 day simple moving average of $149.20.

Chevron (NYSE:CVX) last posted its quarterly earnings data on Friday, October 31st. The oil and gas company reported $1.85 earnings per share for the quarter, topping the consensus estimate of $1.71 by $0.14. Chevron had a net margin of 7.02% and a return on equity of 9.90%. The firm had revenue of $49.73 billion for the quarter, compared to analysts’ expectations of $46.99 billion. During the same period in the previous year, the company posted $2.48 EPS. The company’s quarterly revenue was down 1.9% compared to the same quarter last year. As a group, research analysts expect that Chevron Corporation will post 10.79 earnings per share for the current year.

Chevron Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, December 10th. Stockholders of record on Tuesday, November 18th will be issued a dividend of $1.71 per share. The ex-dividend date is Tuesday, November 18th. This represents a $6.84 dividend on an annualized basis and a dividend yield of 4.3%. Chevron’s payout ratio is currently 88.03%.

Analyst Upgrades and Downgrades

CVX has been the topic of several research analyst reports. Scotiabank lifted their price target on Chevron from $160.00 to $165.00 and gave the company a “sector perform” rating in a research report on Thursday, October 9th. Raymond James Financial reiterated an “outperform” rating and set a $160.00 price target (down from $170.00) on shares of Chevron in a research report on Friday, October 17th. Morgan Stanley initiated coverage on Chevron in a research report on Monday, August 4th. They set an “overweight” rating and a $174.00 price target on the stock. Jefferies Financial Group reiterated a “buy” rating on shares of Chevron in a research report on Friday, July 18th. Finally, Weiss Ratings reiterated a “hold (c)” rating on shares of Chevron in a research report on Wednesday, October 8th. One research analyst has rated the stock with a Strong Buy rating, ten have issued a Buy rating, nine have assigned a Hold rating and three have issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, Chevron currently has an average rating of “Hold” and a consensus target price of $165.25.

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.