Pegasus Asset Management Inc. Increases Position in Chevron Corporation $CVX

Pegasus Asset Management Inc. increased its stake in Chevron Corporation (NYSE:CVX) by 2.9% during the second quarter, according to its most recent filing with the SEC. The fund owned 30,764 shares of the oil and gas company’s stock after buying an additional 864 shares during the quarter. Chevron accounts for approximately 1.5% of Pegasus Asset Management Inc.’s portfolio, making the stock its 24th largest holding. Pegasus Asset Management Inc.’s holdings in Chevron were worth $4,405,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Harvest Fund Management Co. Ltd boosted its holdings in shares of Chevron by 420.7% in the 1st quarter. Harvest Fund Management Co. Ltd now owns 151 shares of the oil and gas company’s stock worth $25,000 after buying an additional 122 shares during the last quarter. Elequin Capital LP purchased a new position in shares of Chevron in the 1st quarter worth about $31,000. Cloud Capital Management LLC purchased a new position in shares of Chevron in the 1st quarter worth about $39,000. Investment Management Corp VA ADV boosted its holdings in shares of Chevron by 171.3% in the 1st quarter. Investment Management Corp VA ADV now owns 236 shares of the oil and gas company’s stock worth $39,000 after buying an additional 149 shares during the last quarter. Finally, GFG Capital LLC purchased a new position in shares of Chevron in the 2nd quarter worth about $42,000. 72.42% of the stock is owned by hedge funds and other institutional investors.

Chevron Trading Down 1.7%

Shares of CVX opened at $149.11 on Monday. The business’s 50-day moving average price is $156.10 and its 200-day moving average price is $148.41. Chevron Corporation has a twelve month low of $132.04 and a twelve month high of $168.96. The stock has a market cap of $257.66 billion, a PE ratio of 19.19, a P/E/G ratio of 1.93 and a beta of 0.84. The company has a quick ratio of 0.74, a current ratio of 1.00 and a debt-to-equity ratio of 0.16.

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, beating the consensus estimate of $1.58 by $0.19. Chevron had a return on equity of 9.90% and a net margin of 7.02%.The firm had revenue of $44.82 billion for the quarter, compared to analysts’ expectations of $44.59 billion. During the same period in the prior year, the business posted $2.55 earnings per share. The company’s revenue was down 12.4% on a year-over-year basis. On average, equities analysts forecast that Chevron Corporation will post 10.79 EPS for the current fiscal year.

Chevron Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Wednesday, September 10th. Stockholders of record on Tuesday, August 19th were given 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 4.6%. Chevron’s dividend payout ratio is currently 88.03%.

Analyst Ratings Changes

CVX has been the topic of a number of research analyst reports. Evercore ISI reissued an “outperform” rating and issued a $180.00 price target on shares of Chevron in a report on Thursday, July 31st. Jefferies Financial Group reaffirmed a “buy” rating on shares of Chevron in a report on Friday, July 18th. UBS Group lifted their target price on shares of Chevron from $186.00 to $197.00 and gave the stock a “buy” rating in a research note on Wednesday, August 20th. Raymond James Financial restated an “outperform” rating on shares of Chevron in a research note on Friday, August 1st. Finally, Wells Fargo & Company restated an “overweight” rating and set a $178.00 price target on shares of Chevron in a research note on Friday, August 1st. Eleven analysts have rated the stock with a Buy rating, nine have assigned a Hold rating and three have issued a Sell rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus target price of $165.40.

Insider Activity

In other news, Director John B. Hess sold 375,000 shares of the company’s stock in a transaction dated 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 sale, the director directly owned 1,403,045 shares in the company, valued at $222,102,023.50. This represents a 21.09% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this link. Also, VP Alana K. Knowles sold 3,978 shares of the company’s stock in a transaction that occurred 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 completion of the transaction, the vice president owned 1,181 shares in the company, valued at approximately $188,960. This trade represents a 77.11% 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 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.