Hedges Asset Management LLC Has $1.59 Million Stock Holdings in Chevron Corporation $CVX

Hedges Asset Management LLC lessened its position in Chevron Corporation (NYSE:CVX) by 11.9% during the second quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 11,100 shares of the oil and gas company’s stock after selling 1,500 shares during the quarter. Chevron makes up about 1.3% of Hedges Asset Management LLC’s portfolio, making the stock its 25th biggest position. Hedges Asset Management LLC’s holdings in Chevron were worth $1,589,000 at the end of the most recent reporting period.

Several other institutional investors have also recently made changes to their positions in CVX. GQG Partners LLC acquired a new position in shares of Chevron during the 1st quarter worth approximately $1,466,751,000. Nuveen LLC acquired a new position in shares of Chevron during the 1st quarter worth approximately $1,362,232,000. GAMMA Investing LLC increased its position in shares of Chevron by 21,191.5% during the 1st quarter. GAMMA Investing LLC now owns 5,408,248 shares of the oil and gas company’s stock worth $904,746,000 after purchasing an additional 5,382,847 shares during the last quarter. Charles Schwab Investment Management Inc. increased its position in shares of Chevron by 4.9% during the 1st quarter. Charles Schwab Investment Management Inc. now owns 33,430,030 shares of the oil and gas company’s stock worth $5,592,263,000 after purchasing an additional 1,574,464 shares during the last quarter. Finally, Canada Pension Plan Investment Board increased its position in shares of Chevron by 141.2% during the 1st quarter. Canada Pension Plan Investment Board now owns 1,891,824 shares of the oil and gas company’s stock worth $316,483,000 after purchasing an additional 1,107,628 shares during the last quarter. Institutional investors and hedge funds own 72.42% of the company’s stock.

Analyst Ratings Changes

Several research firms have weighed in on CVX. Bank of America boosted their price target on Chevron from $170.00 to $185.00 and gave the stock a “buy” rating in a research report on Wednesday. Evercore ISI reissued an “outperform” rating and set a $180.00 target price on shares of Chevron in a report on Thursday, July 31st. Melius assumed coverage on Chevron in a report on Wednesday, August 20th. They set a “hold” rating and a $155.00 target price on the stock. Wells Fargo & Company reissued an “overweight” rating and set a $178.00 target price on shares of Chevron in a report on Friday, August 1st. Finally, TD Cowen boosted their target price on Chevron from $150.00 to $155.00 and gave the stock a “hold” rating in a report on Monday, August 4th. Eleven analysts have rated the stock with a Buy rating, eight have given a Hold rating and three have given a Sell rating to the company’s stock. Based on data from MarketBeat.com, Chevron presently has a consensus rating of “Hold” and an average target price of $164.80.

Chevron Stock Performance

CVX opened at $157.23 on Friday. The business has a fifty day simple moving average of $154.67 and a 200 day simple moving average of $148.85. The company has a market capitalization of $271.69 billion, a PE ratio of 20.24, a price-to-earnings-growth ratio of 2.00 and a beta of 0.90. Chevron Corporation has a 1 year low of $132.04 and a 1 year high of $168.96. 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 (NYSE:CVX) last released its quarterly earnings results on Friday, August 1st. The oil and gas company reported $1.77 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.58 by $0.19. The business had revenue of $44.82 billion during the quarter, compared to the consensus estimate of $44.59 billion. Chevron had a return on equity of 9.90% and a net margin of 7.02%.The firm’s quarterly revenue was down 12.4% on a year-over-year basis. During the same period in the previous year, the company posted $2.55 EPS. Research analysts expect that Chevron Corporation will post 10.79 EPS for the current year.

Chevron Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Wednesday, September 10th. Investors of record on Tuesday, August 19th were paid a $1.71 dividend. The ex-dividend date was Tuesday, August 19th. This represents a $6.84 annualized dividend and a yield of 4.4%. Chevron’s payout ratio is 88.03%.

Insiders Place Their Bets

In other news, Director John B. Hess sold 375,000 shares of the company’s stock in a transaction on Friday, August 22nd. The stock was 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 in the company, valued at approximately $222,102,023.50. This represents a 21.09% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, 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 value of $636,480.00. Following the sale, the vice president owned 1,181 shares of the company’s stock, valued at approximately $188,960. The trade was a 77.11% decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 0.21% of the company’s stock.

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.