IFP Advisors Inc Reduces Holdings in Chevron Corporation $CVX

IFP Advisors Inc decreased its holdings in Chevron Corporation (NYSE:CVX) by 12.3% during the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 54,793 shares of the oil and gas company’s stock after selling 7,716 shares during the quarter. IFP Advisors Inc’s holdings in Chevron were worth $7,846,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently made changes to their positions in CVX. GAMMA Investing LLC boosted its holdings in shares of Chevron by 27.3% in the first quarter. GAMMA Investing LLC now owns 32,329 shares of the oil and gas company’s stock worth $5,408,000 after buying an additional 6,928 shares during the last quarter. Zhang Financial LLC boosted its holdings in shares of Chevron by 58.4% in the first quarter. Zhang Financial LLC now owns 5,507 shares of the oil and gas company’s stock worth $921,000 after buying an additional 2,030 shares during the last quarter. Simon Quick Advisors LLC raised its stake in Chevron by 45.2% during the 1st quarter. Simon Quick Advisors LLC now owns 11,184 shares of the oil and gas company’s stock worth $1,871,000 after acquiring an additional 3,481 shares during the period. Greenwood Capital Associates LLC raised its stake in Chevron by 6.6% during the 1st quarter. Greenwood Capital Associates LLC now owns 15,471 shares of the oil and gas company’s stock worth $2,588,000 after acquiring an additional 959 shares during the period. Finally, apricus wealth LLC raised its stake in Chevron by 2.8% during the 1st quarter. apricus wealth LLC now owns 32,500 shares of the oil and gas company’s stock worth $5,437,000 after acquiring an additional 875 shares during the period. Hedge funds and other institutional investors own 72.42% of the company’s stock.

Chevron Trading Down 1.4%

Shares of CVX opened at $151.63 on Friday. The company’s fifty day moving average is $156.15 and its 200 day moving average is $148.79. Chevron Corporation has a fifty-two week low of $132.04 and a fifty-two week high of $168.96. The stock has a market capitalization of $262.02 billion, a PE ratio of 19.51, a P/E/G ratio of 1.98 and a beta of 0.84. The company has a debt-to-equity ratio of 0.16, a quick ratio of 0.74 and a current ratio of 1.00.

Chevron (NYSE:CVX) last announced its quarterly earnings results on Friday, August 1st. The oil and gas company reported $1.77 earnings per share for the quarter, topping the consensus estimate of $1.58 by $0.19. Chevron had a net margin of 7.02% and a return on equity of 9.90%. The company 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 business posted $2.55 earnings per share. Chevron’s quarterly revenue was down 12.4% on a year-over-year basis. Sell-side analysts expect that Chevron Corporation will post 10.79 earnings per share for the current fiscal year.

Chevron Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Wednesday, September 10th. Investors of record on Tuesday, August 19th were given a $1.71 dividend. This represents a $6.84 annualized dividend and a yield of 4.5%. The ex-dividend date was Tuesday, August 19th. Chevron’s payout ratio is currently 88.03%.

Analysts Set New Price Targets

CVX has been the topic of a number of recent analyst reports. Melius Research initiated coverage on shares of Chevron in a research note on Wednesday, August 20th. They set a “hold” rating and a $155.00 target price on the stock. Jefferies Financial Group restated a “buy” rating on shares of Chevron in a research note on Friday, July 18th. Mizuho decreased their target price on shares of Chevron from $192.00 to $191.00 and set an “outperform” rating on the stock in a research note on Monday, September 15th. Bank of America raised their target price on shares of Chevron from $170.00 to $185.00 and gave the stock a “buy” rating in a research note on Wednesday, September 10th. Finally, Weiss Ratings reiterated a “hold (c)” rating on shares of Chevron in a research report on Wednesday. Eleven investment analysts have rated the stock with a Buy rating, nine have assigned a Hold rating and three have assigned a Sell rating to the company. Based on data from MarketBeat.com, Chevron has a consensus rating of “Hold” and a consensus target price of $165.40.

Insider Buying and Selling at Chevron

In related news, VP Alana K. Knowles sold 3,978 shares of the business’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 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 document filed with the SEC, which is accessible through this hyperlink. Also, Director John B. Hess sold 375,000 shares of the business’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 owned 1,403,045 shares in the company, valued at $222,102,023.50. This represents a 21.09% decrease in their position. The disclosure for this sale can be found here. Insiders own 0.21% of the company’s stock.

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.