Tufton Capital Management Sells 2,432 Shares of Chevron Corporation $CVX

Tufton Capital Management reduced its stake in Chevron Corporation (NYSE:CVX) by 3.5% during the 2nd quarter, Holdings Channel reports. The firm owned 66,540 shares of the oil and gas company’s stock after selling 2,432 shares during the period. Chevron makes up 1.8% of Tufton Capital Management’s holdings, making the stock its 18th biggest holding. Tufton Capital Management’s holdings in Chevron were worth $9,527,000 at the end of the most recent quarter.

Other hedge funds have also added to or reduced their stakes in the company. Kingstone Capital Partners Texas LLC grew its holdings in Chevron by 652,139.5% during the second quarter. Kingstone Capital Partners Texas LLC now owns 83,714,936 shares of the oil and gas company’s stock worth $13,214,757,000 after purchasing an additional 83,702,101 shares during the period. Charles Schwab Investment Management Inc. raised its holdings 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 buying an additional 1,574,464 shares in the last quarter. Invesco Ltd. increased its holdings in shares of Chevron by 5.5% during the first quarter. Invesco Ltd. now owns 15,855,325 shares of the oil and gas company’s stock worth $2,652,437,000 after buying an additional 827,851 shares in the last quarter. Dimensional Fund Advisors LP grew its stake in shares of Chevron by 0.3% in the first quarter. Dimensional Fund Advisors LP now owns 12,281,983 shares of the oil and gas company’s stock worth $2,054,513,000 after purchasing an additional 40,758 shares during the last quarter. Finally, GQG Partners LLC bought a new stake in Chevron during the first quarter valued at $1,466,751,000. Institutional investors and hedge funds own 72.42% of the company’s stock.

Insiders Place Their Bets

In other news, Director John B. Hess sold 375,000 shares of the stock in a transaction on Friday, August 22nd. The shares were sold at an average price of $158.30, for a total value of $59,362,500.00. Following the completion of the sale, the director directly owned 1,403,045 shares of the company’s stock, valued at $222,102,023.50. This represents a 21.09% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, VP Alana K. Knowles sold 3,978 shares of the firm’s stock in a transaction on Friday, August 29th. The shares were sold at an average price of $160.00, for a total transaction of $636,480.00. Following the transaction, the vice president directly 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. Additional details regarding this sale are available in the official SEC disclosure. Corporate insiders own 0.21% of the company’s stock.

Analysts Set New Price Targets

Several equities research analysts have commented on the stock. Mizuho decreased their price objective on shares of Chevron from $192.00 to $191.00 and set an “outperform” rating for the company in a research note on Monday, September 15th. TD Cowen lifted their price objective on shares of Chevron from $150.00 to $155.00 and gave the company a “hold” rating in a research note on Monday, August 4th. Barclays cut their price target on shares of Chevron from $160.00 to $158.00 and set an “equal weight” rating for the company in a report on Tuesday, October 7th. Bank of America lifted their price objective on shares of Chevron from $170.00 to $185.00 and gave the stock a “buy” rating in a report on Wednesday, September 10th. Finally, UBS Group boosted their price target 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. One analyst has rated the stock with a Strong Buy rating, ten have assigned a Buy rating, nine have issued a Hold rating and three have given a Sell rating to the company’s stock. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus price target of $165.40.

Chevron Stock Down 2.3%

CVX opened at $154.13 on Tuesday. 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 1-year low of $132.04 and a 1-year high of $168.96. The company has a market capitalization of $266.34 billion, a PE ratio of 19.84, a PEG ratio of 4.40 and a beta of 0.84. The firm’s 50 day simple moving average is $155.99 and its two-hundred day simple moving average is $149.32.

Chevron (NYSE:CVX) last released its quarterly earnings results on Friday, October 31st. The oil and gas company reported $1.85 earnings per share for the quarter, topping the consensus estimate of $1.71 by $0.14. The business had revenue of $49.73 billion for the quarter, compared to the consensus estimate of $46.99 billion. Chevron had a net margin of 7.02% and a return on equity of 9.90%. The company’s quarterly revenue was down 1.9% on a year-over-year basis. During the same period last year, the firm earned $2.48 earnings per share. As a group, equities analysts forecast that Chevron Corporation will post 10.79 EPS for the current year.

Chevron Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, December 10th. Stockholders of record on Tuesday, November 18th will be paid a $1.71 dividend. The ex-dividend date of this dividend is Tuesday, November 18th. This represents a $6.84 dividend on an annualized basis and a dividend yield of 4.4%. Chevron’s dividend payout ratio is 96.20%.

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.