Tranquility Partners LLC Cuts Position in Chevron Corporation $CVX

Tranquility Partners LLC decreased its holdings in Chevron Corporation (NYSE:CVX) by 10.3% during the 2nd quarter, HoldingsChannel reports. The institutional investor owned 2,910 shares of the oil and gas company’s stock after selling 333 shares during the quarter. Tranquility Partners LLC’s holdings in Chevron were worth $417,000 at the end of the most recent quarter.

Several other hedge funds have also recently bought and sold shares of the business. CCG Wealth Management LLC grew its position in Chevron by 2.3% in the first quarter. CCG Wealth Management LLC now owns 6,334 shares of the oil and gas company’s stock valued at $1,060,000 after acquiring an additional 145 shares in the last quarter. Ignite Planners LLC grew its position in Chevron by 14.1% in the first quarter. Ignite Planners LLC now owns 12,316 shares of the oil and gas company’s stock valued at $2,060,000 after acquiring an additional 1,519 shares in the last quarter. Vista Capital Partners Inc. grew its position in Chevron by 9.1% in the first quarter. Vista Capital Partners Inc. now owns 5,938 shares of the oil and gas company’s stock valued at $993,000 after acquiring an additional 495 shares in the last quarter. Oregon Public Employees Retirement Fund grew its position in Chevron by 0.5% in the first quarter. Oregon Public Employees Retirement Fund now owns 143,914 shares of the oil and gas company’s stock valued at $24,075,000 after acquiring an additional 675 shares in the last quarter. Finally, Capital Advisors Inc. OK grew its position in Chevron by 0.3% in the first quarter. Capital Advisors Inc. OK now owns 569,258 shares of the oil and gas company’s stock valued at $95,231,000 after acquiring an additional 1,755 shares in the last quarter. Hedge funds and other institutional investors own 72.42% of the company’s stock.

Chevron Stock Down 1.7%

CVX stock opened at $149.11 on Friday. The company has a market capitalization of $257.66 billion, a P/E ratio of 19.19, a PEG ratio of 1.92 and a beta of 0.84. The firm has a 50 day simple moving average of $156.10 and a 200-day simple moving average of $148.54. The company has a current ratio of 1.00, a quick ratio of 0.74 and a debt-to-equity ratio of 0.16. Chevron Corporation has a twelve month low of $132.04 and a twelve month high of $168.96.

Chevron (NYSE:CVX) last released its quarterly earnings data on Friday, August 1st. The oil and gas company reported $1.77 EPS for the quarter, topping analysts’ consensus estimates of $1.58 by $0.19. The firm had revenue of $44.82 billion during the quarter, compared to the consensus estimate of $44.59 billion. Chevron had a net margin of 7.02% and a return on equity of 9.90%. The firm’s revenue was down 12.4% on a year-over-year basis. During the same quarter in the previous year, the company posted $2.55 earnings per share. On average, equities research analysts predict that Chevron Corporation will post 10.79 earnings per share for the current fiscal year.

Chevron Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, September 10th. Shareholders of record on Tuesday, August 19th were issued a $1.71 dividend. This represents a $6.84 dividend on an annualized basis and a yield of 4.6%. The ex-dividend date of this dividend was Tuesday, August 19th. Chevron’s payout ratio is currently 88.03%.

Wall Street Analysts Forecast Growth

Several brokerages have issued reports on CVX. Piper Sandler increased their price objective on shares of Chevron from $164.00 to $168.00 and gave the company an “overweight” rating in a research report on Monday, August 18th. TD Cowen increased their price objective on shares of Chevron from $150.00 to $155.00 and gave the company a “hold” rating in a research report on Monday, August 4th. Evercore ISI reaffirmed an “outperform” rating and issued a $180.00 price objective on shares of Chevron in a research report on Thursday, July 31st. Scotiabank increased their price objective on shares of Chevron from $160.00 to $165.00 and gave the company a “sector perform” rating in a research report on Thursday. Finally, Bank of America increased their price objective on shares of Chevron from $170.00 to $185.00 and gave the company a “buy” rating in a research report on Wednesday, September 10th. Eleven investment analysts have rated the stock with a Buy rating, nine have issued a Hold rating and three have given a Sell rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Hold” and an average target price of $165.40.

Insiders Place Their Bets

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

Chevron Company 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.