Grimes & Company Inc. Sells 5,974 Shares of Chevron Co. (NYSE:CVX)

Grimes & Company Inc. cut its holdings in Chevron Co. (NYSE:CVXGet Rating) by 13.8% during the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 37,412 shares of the oil and gas company’s stock after selling 5,974 shares during the period. Grimes & Company Inc.’s holdings in Chevron were worth $6,092,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the business. Clarity Financial LLC grew its stake in shares of Chevron by 2.2% in the first quarter. Clarity Financial LLC now owns 2,790 shares of the oil and gas company’s stock valued at $454,000 after acquiring an additional 61 shares in the last quarter. SYM FINANCIAL Corp raised its holdings in Chevron by 3.4% in the 1st quarter. SYM FINANCIAL Corp now owns 1,895 shares of the oil and gas company’s stock valued at $309,000 after buying an additional 62 shares during the last quarter. LCM Capital Management Inc raised its holdings in Chevron by 0.9% in the 1st quarter. LCM Capital Management Inc now owns 7,306 shares of the oil and gas company’s stock valued at $1,190,000 after buying an additional 63 shares during the last quarter. John G Ullman & Associates Inc. raised its holdings in Chevron by 1.1% during the 1st quarter. John G Ullman & Associates Inc. now owns 6,002 shares of the oil and gas company’s stock worth $977,000 after purchasing an additional 67 shares during the last quarter. Finally, SMH Capital Advisors Inc. raised its holdings in Chevron by 1.7% during the 1st quarter. SMH Capital Advisors Inc. now owns 4,108 shares of the oil and gas company’s stock worth $669,000 after purchasing an additional 68 shares during the last quarter. 65.89% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several research firms have issued reports on CVX. Citigroup lowered their price target on shares of Chevron from $170.00 to $150.00 and set a “neutral” rating for the company in a report on Wednesday, July 13th. Piper Sandler reduced their price objective on shares of Chevron from $213.00 to $189.00 and set an “overweight” rating for the company in a research report on Tuesday, July 19th. Raymond James raised their price objective on shares of Chevron from $173.00 to $191.00 and gave the stock an “outperform” rating in a research report on Monday, April 18th. Wells Fargo & Company raised their price objective on shares of Chevron from $181.00 to $185.00 and gave the stock an “overweight” rating in a research report on Monday, August 1st. Finally, Truist Financial reduced their price objective on shares of Chevron from $170.00 to $166.00 and set a “hold” rating for the company in a research report on Tuesday, July 19th. One research analyst has rated the stock with a sell rating, six have given a hold rating and fifteen have issued a buy rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $173.00.

Insider Transactions at Chevron

In other news, Director Wanda M. Austin sold 11,432 shares of Chevron stock in a transaction on Monday, August 1st. The stock was sold at an average price of $161.45, for a total transaction of $1,845,696.40. Following the sale, the director now directly owns 3,560 shares in the company, valued at approximately $574,762. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In other news, Director Wanda M. Austin sold 11,432 shares of Chevron stock in a transaction on Monday, August 1st. The stock was sold at an average price of $161.45, for a total transaction of $1,845,696.40. Following the sale, the director now directly owns 3,560 shares in the company, valued at approximately $574,762. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Wanda M. Austin sold 12,039 shares of Chevron stock in a transaction on Friday, May 27th. The stock was sold at an average price of $177.29, for a total value of $2,134,394.31. Following the sale, the director now owns 3,543 shares in the company, valued at $628,138.47. The disclosure for this sale can be found here. Insiders have sold 399,043 shares of company stock worth $67,010,843 in the last ninety days. Company insiders own 0.32% of the company’s stock.

Chevron Price Performance

CVX opened at $153.64 on Friday. The company has a debt-to-equity ratio of 0.20, a current ratio of 1.43 and a quick ratio of 1.22. The company has a market capitalization of $301.87 billion, a price-to-earnings ratio of 10.25, a P/E/G ratio of 0.61 and a beta of 1.15. The firm’s fifty day moving average price is $154.37 and its two-hundred day moving average price is $155.35. Chevron Co. has a 1 year low of $92.86 and a 1 year high of $182.40.

Chevron (NYSE:CVXGet Rating) last posted its quarterly earnings data on Friday, July 29th. The oil and gas company reported $5.82 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $4.66 by $1.16. The firm had revenue of $68.76 billion for the quarter, compared to the consensus estimate of $57.69 billion. Chevron had a net margin of 13.45% and a return on equity of 20.19%. The business’s revenue for the quarter was up 82.9% compared to the same quarter last year. During the same period in the previous year, the firm earned $1.71 EPS. As a group, analysts anticipate that Chevron Co. will post 17.51 earnings per share for the current fiscal year.

Chevron Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, September 12th. Shareholders of record on Friday, August 19th will be issued a dividend of $1.42 per share. This represents a $5.68 dividend on an annualized basis and a yield of 3.70%. The ex-dividend date is Thursday, August 18th. Chevron’s dividend payout ratio is 37.89%.

Chevron Company Profile

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Chevron Corporation, through its subsidiaries, engages in integrated energy and chemicals operations worldwide. 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 associated with liquefied natural gas; transportation of crude oil through pipelines; and transportation, storage, and marketing of natural gas, as well as operates a gas-to-liquids plant.

See Also

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Institutional Ownership by Quarter for Chevron (NYSE:CVX)

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