1834 Investment Advisors Co. Cuts Position in Chevron Corporation $CVX

Key Points

• 1834 Investment Advisors Co. reduced its stake in Chevron Corporation by 10.5% during Q2, owning 17,807 shares worth approximately $2.55 million post-sale.
• Chevron reported $1.77 earnings per share in its latest earnings call, surpassing analysts' expectations of $1.58 despite a 12.4% decline in quarterly revenue year-over-year.
• The company announced a quarterly dividend of $1.71 per share, yielding 4.3%, with a payout ratio of 88.03% as of the last report.

1834 Investment Advisors Co. trimmed its holdings in shares of Chevron Corporation (NYSE:CVX - Free Report) by 10.5% during the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 17,807 shares of the oil and gas company's stock after selling 2,088 shares during the period. 1834 Investment Advisors Co.'s holdings in Chevron were worth $2,550,000 at the end of the most recent reporting period.

Several other large investors also recently made changes to their positions in the business. Harvest Fund Management Co. Ltd grew its stake in shares of Chevron by 420.7% in the first quarter. Harvest Fund Management Co. Ltd now owns 151 shares of the oil and gas company's stock valued at $25,000 after buying an additional 122 shares in the last quarter. Elequin Capital LP purchased a new position in Chevron in the 1st quarter worth approximately $31,000. IFS Advisors LLC grew its position in Chevron by 119.6% in the first quarter. IFS Advisors LLC now owns 213 shares of the oil and gas company's stock valued at $36,000 after acquiring an additional 116 shares in the last quarter. Cloud Capital Management LLC purchased a new stake in shares of Chevron during the first quarter valued at approximately $39,000. Finally, Investment Management Corp VA ADV lifted its position in shares of Chevron by 171.3% during the first quarter. Investment Management Corp VA ADV now owns 236 shares of the oil and gas company's stock worth $39,000 after purchasing an additional 149 shares in the last quarter. Institutional investors and hedge funds own 72.42% of the company's stock.

Chevron Trading Down 0.4%

Shares of NYSE CVX opened at $160.13 on Friday. The company has a quick ratio of 0.74, a current ratio of 1.00 and a debt-to-equity ratio of 0.16. The stock's 50 day moving average price is $156.04 and its two-hundred day moving average price is $149.15. Chevron Corporation has a 52-week low of $132.04 and a 52-week high of $168.96. The stock has a market capitalization of $276.70 billion, a P/E ratio of 20.61, a PEG ratio of 2.01 and a beta of 0.90.

Chevron (NYSE:CVX - Get Free Report) last issued its quarterly earnings results on Friday, August 1st. The oil and gas company reported $1.77 earnings per share for the quarter, beating analysts' consensus estimates of $1.58 by $0.19. The business had revenue of $44.82 billion during the quarter, compared to the consensus estimate of $44.59 billion. Chevron had a return on equity of 9.90% and a net margin of 7.02%.The business's quarterly revenue was down 12.4% on a year-over-year basis. During the same period in the previous year, the business earned $2.55 EPS. On average, analysts anticipate that Chevron Corporation will post 10.79 earnings per share for the current fiscal year.

Chevron Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Wednesday, September 10th. Shareholders of record on Tuesday, August 19th were paid a dividend of $1.71 per share. The ex-dividend date was Tuesday, August 19th. This represents a $6.84 annualized dividend and a yield of 4.3%. Chevron's payout ratio is presently 88.03%.

Analyst Upgrades and Downgrades

A number of equities research analysts recently weighed in on CVX shares. Melius Research assumed coverage on shares of Chevron in a report on Wednesday, August 20th. They set a "hold" rating and a $155.00 price target for the company. Bank of America upped 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. Wells Fargo & Company restated an "overweight" rating and set a $178.00 target price on shares of Chevron in a research note on Friday, August 1st. Piper Sandler lifted their target price on Chevron from $164.00 to $168.00 and gave the stock an "overweight" rating in a research report on Monday, August 18th. Finally, Jefferies Financial Group reissued a "buy" rating on shares of Chevron in a report on Friday, July 18th. Eleven research analysts have rated the stock with a Buy rating, eight have issued 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 $165.05.

Insiders Place Their Bets

In related news, Director John B. Hess sold 375,000 shares of the stock in a transaction dated Friday, August 22nd. The shares were sold at an average price of $158.30, for a total transaction of $59,362,500.00. Following 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 ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, VP Alana K. Knowles sold 3,978 shares of the firm's stock in a transaction dated 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 directly owned 1,181 shares in the company, valued at $188,960. This represents a 77.11% decrease in their position. The disclosure for this sale can be found here. 0.21% of the stock is currently owned by corporate insiders.

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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