Contravisory Investment Management Inc. Buys Shares of 47,209 Chevron Corporation $CVX

Key Points

• Contravisory Investment Management Inc. has purchased 47,209 shares of Chevron Corporation (NYSE:CVX), valued at approximately $6,760,000, during the 2nd quarter.
• Chevron's recent earnings report showed an EPS of $1.77, exceeding estimates, with a total revenue of $44.82 billion although down 12.4% year-over-year.
• The company announced a quarterly dividend of $1.71 per share, resulting in an annualized dividend yield of 4.3%.

Contravisory Investment Management Inc. acquired a new position in shares of Chevron Corporation (NYSE:CVX - Free Report) during the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm acquired 47,209 shares of the oil and gas company's stock, valued at approximately $6,760,000.

Other hedge funds also recently made changes to their positions in the company. Sage Capital Advisors llc grew its holdings in shares of Chevron by 2.2% during the first quarter. Sage Capital Advisors llc now owns 42,421 shares of the oil and gas company's stock worth $7,097,000 after purchasing an additional 919 shares during the last quarter. CCG Wealth Management LLC grew its holdings in shares of Chevron by 2.3% during the first quarter. CCG Wealth Management LLC now owns 6,334 shares of the oil and gas company's stock worth $1,060,000 after purchasing an additional 145 shares during the last quarter. Ignite Planners LLC grew its holdings in shares of Chevron by 14.1% during the first quarter. Ignite Planners LLC now owns 12,316 shares of the oil and gas company's stock worth $2,060,000 after purchasing an additional 1,519 shares during the last quarter. Vista Capital Partners Inc. boosted its stake in shares of Chevron by 9.1% during the first quarter. Vista Capital Partners Inc. now owns 5,938 shares of the oil and gas company's stock worth $993,000 after buying an additional 495 shares during the period. Finally, Oregon Public Employees Retirement Fund boosted its stake in shares of Chevron by 0.5% during the first quarter. Oregon Public Employees Retirement Fund now owns 143,914 shares of the oil and gas company's stock worth $24,075,000 after buying an additional 675 shares during the period. Hedge funds and other institutional investors own 72.42% of the company's stock.

Insider Transactions at Chevron

In other Chevron news, VP Alana K. Knowles sold 3,978 shares of the stock in a transaction dated 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 directly owned 1,181 shares of the company's stock, valued at approximately $188,960. This trade represents a 77.11% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, 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 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 trade represents a 21.09% decrease in their ownership of the stock. The disclosure for this sale can be found here. Company insiders own 0.21% of the company's stock.

Chevron Stock Performance

NYSE:CVX traded down $1.22 during mid-day trading on Thursday, reaching $158.87. The stock had a trading volume of 6,238,010 shares, compared to its average volume of 7,350,513. The company has a debt-to-equity ratio of 0.16, a quick ratio of 0.74 and a current ratio of 1.00. The firm has a market capitalization of $274.52 billion, a price-to-earnings ratio of 20.45, a PEG ratio of 2.01 and a beta of 0.90. Chevron Corporation has a twelve month low of $132.04 and a twelve month high of $168.96. The business has a 50 day simple moving average of $155.23 and a 200 day simple moving average of $148.98.

Chevron (NYSE:CVX - Get Free Report) last announced its quarterly earnings data on Friday, August 1st. The oil and gas company reported $1.77 EPS for the quarter, beating 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% compared to the same quarter last year. During the same quarter last year, the firm earned $2.55 earnings per share. On average, analysts expect that Chevron Corporation will post 10.79 earnings per share for the current fiscal year.

Chevron Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Wednesday, September 10th. Shareholders of record on Tuesday, August 19th were issued a $1.71 dividend. The ex-dividend date of this dividend was Tuesday, August 19th. This represents a $6.84 dividend on an annualized basis and a yield of 4.3%. Chevron's dividend payout ratio (DPR) is 88.03%.

Wall Street Analysts Forecast Growth

CVX has been the subject of several recent research reports. UBS Group increased 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 reiterated an "outperform" rating on shares of Chevron in a research note on Friday, August 1st. Melius Research initiated coverage on shares of Chevron in a research note on Wednesday, August 20th. They set a "hold" rating and a $155.00 target price for the company. Bank of America increased their target price on shares of Chevron from $170.00 to $185.00 and gave the stock a "buy" rating in a research note on Wednesday, September 10th. Finally, Barclays reiterated an "equal weight" rating on shares of Chevron in a research note on Tuesday, July 15th. Eleven investment 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's stock. According to data from MarketBeat, the company currently has a consensus rating of "Hold" and an average target price of $165.05.

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.