1248 Management LLC Lowers Stock Holdings in Chevron Corporation $CVX

Key Points

• 1248 Management LLC reduced its holdings in Chevron Corporation by 38.2%, resulting in ownership of 10,095 shares valued at approximately $1.69 million.
• Several institutional investors have increased their stakes in Chevron, with Harvest Fund Management growing its position by 420.7% in the first quarter.
• Chemical and energy giant Chevron reported earnings of $1.77 per share for the last quarter, surpassing analysts' expectations and indicating a 12.4% decline in year-over-year revenues.

1248 Management LLC reduced its position in Chevron Corporation (NYSE:CVX - Free Report) by 38.2% in the 1st quarter, according to its most recent filing with the SEC. The firm owned 10,095 shares of the oil and gas company's stock after selling 6,235 shares during the period. Chevron comprises approximately 0.7% of 1248 Management LLC's holdings, making the stock its 22nd biggest holding. 1248 Management LLC's holdings in Chevron were worth $1,689,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Harvest Fund Management Co. Ltd grew its stake in 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 acquiring an additional 122 shares during the period. 10Elms LLP purchased a new stake in Chevron in the 4th quarter worth approximately $29,000. Elequin Capital LP purchased a new stake in Chevron in the 1st quarter worth approximately $31,000. IFS Advisors LLC grew its stake in Chevron by 119.6% in the 1st quarter. IFS Advisors LLC now owns 213 shares of the oil and gas company's stock worth $36,000 after acquiring an additional 116 shares during the period. Finally, Cloud Capital Management LLC purchased a new stake in Chevron in the 1st quarter worth approximately $39,000. 72.42% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In related news, 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 transaction of $636,480.00. Following the completion of the sale, the vice president directly owned 1,181 shares of the company's stock, valued at approximately $188,960. This represents a 77.11% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. 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 transaction, 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. 0.21% of the stock is currently owned by corporate insiders.

Chevron Stock Up 0.3%

Shares of Chevron stock opened at $158.26 on Friday. The company has a fifty day moving average price of $154.49 and a 200 day moving average price of $148.88. 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. The stock has a market cap of $273.47 billion, a price-to-earnings ratio of 20.37, a price-to-earnings-growth ratio of 1.99 and a beta of 0.90.

Chevron (NYSE:CVX - Get Free Report) 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 analysts' consensus estimates of $1.58 by $0.19. Chevron had a net margin of 7.02% and a return on equity of 9.90%. The firm had revenue of $44.82 billion during the quarter, compared to analysts' expectations of $44.59 billion. During the same period in the prior year, the company earned $2.55 EPS. The firm's revenue was down 12.4% on a year-over-year basis. Equities research analysts forecast 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 dividend of $1.71 per share. This represents a $6.84 dividend on an annualized basis and a yield of 4.3%. The ex-dividend date of this dividend was Tuesday, August 19th. Chevron's dividend payout ratio is 88.03%.

Analysts Set New Price Targets

Several research firms have commented on CVX. Barclays reaffirmed an "equal weight" rating on shares of Chevron in a research note on Tuesday, July 15th. Scotiabank reissued a "sector perform" rating and set a $160.00 price objective (up from $143.00) on shares of Chevron in a research note on Friday, July 11th. Wells Fargo & Company reissued an "overweight" rating and set a $178.00 price objective on shares of Chevron in a research note on Friday, August 1st. Melius Research assumed coverage on shares of Chevron in a research note on Wednesday, August 20th. They set a "hold" rating and a $155.00 price objective for the company. Finally, Bank of America boosted their price objective on shares of Chevron from $170.00 to $185.00 and gave the company a "buy" rating in a research note on Wednesday. Eleven investment analysts have rated the stock with a Buy rating, eight have given a Hold rating and three have assigned a Sell rating to the company's stock. According to MarketBeat, the stock currently has an average rating of "Hold" and an average target price of $164.80.

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.

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