Aaron Wealth Advisors LLC Sells 1,968 Shares of Chevron Corporation $CVX

Key Points

• Aaron Wealth Advisors LLC sold 1,968 shares of Chevron Corporation, reducing its stake by 21.3% to 7,255 shares, valued at $1,039,000.
• Chevron's latest quarterly earnings showed an EPS of $1.77, exceeding analysts' expectations, and the company announced a quarterly dividend of $1.71 per share, yielding 4.3%.
• Institutional investors and hedge funds hold approximately 72.42% of Chevron's stock, indicating substantial institutional backing.

Aaron Wealth Advisors LLC reduced its position in shares of Chevron Corporation (NYSE:CVX - Free Report) by 21.3% in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 7,255 shares of the oil and gas company's stock after selling 1,968 shares during the period. Aaron Wealth Advisors LLC's holdings in Chevron were worth $1,039,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently modified their holdings of CVX. Harvest Fund Management Co. Ltd boosted its position in Chevron by 420.7% during 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 purchasing an additional 122 shares during the last quarter. 10Elms LLP acquired a new position in Chevron during the fourth quarter valued at approximately $29,000. Elequin Capital LP acquired a new position in Chevron during the first quarter valued at approximately $31,000. IFS Advisors LLC boosted its position in Chevron by 119.6% during the first quarter. IFS Advisors LLC now owns 213 shares of the oil and gas company's stock valued at $36,000 after purchasing an additional 116 shares during the last quarter. Finally, Cloud Capital Management LLC acquired a new position in Chevron during the first quarter valued at approximately $39,000. 72.42% of the stock is owned by institutional investors and hedge funds.

Insider Transactions at Chevron

In related news, Director John B. Hess sold 375,000 shares of the business's stock in a transaction dated Friday, August 22nd. The stock was 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. The trade was a 21.09% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, VP Alana K. Knowles sold 3,978 shares of the business's stock in a transaction that occurred on Friday, August 29th. The stock was sold at an average price of $160.00, for a total value of $636,480.00. Following the sale, the vice president directly owned 1,181 shares of the company's stock, valued at $188,960. This represents a 77.11% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 0.20% of the company's stock.

Analysts Set New Price Targets

Several research analysts recently commented on CVX shares. Barclays reissued an "equal weight" rating on shares of Chevron in a research report on Tuesday, July 15th. Raymond James Financial reissued an "outperform" rating on shares of Chevron in a research report on Friday, August 1st. Wells Fargo & Company reissued an "overweight" rating and set a $178.00 price target on shares of Chevron in a research report on Friday, August 1st. Melius Research started coverage on Chevron in a research report on Wednesday, August 20th. They issued a "hold" rating and a $155.00 price objective for the company. Finally, Piper Sandler raised their price objective on Chevron from $164.00 to $168.00 and gave the company an "overweight" rating in a research report on Monday, August 18th. Eleven equities research 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 data from MarketBeat.com, Chevron currently has a consensus rating of "Hold" and an average target price of $165.05.

Chevron Trading Up 1.4%

NYSE CVX opened at $159.56 on Wednesday. The company has a market cap of $275.72 billion, a price-to-earnings ratio of 20.54, a price-to-earnings-growth ratio of 1.97 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's fifty day moving average is $155.00 and its 200 day moving average is $148.86. The company has a quick ratio of 0.74, a current ratio of 1.00 and a debt-to-equity ratio of 0.16.

Chevron (NYSE:CVX - Get Free Report) last announced its earnings results on Friday, August 1st. The oil and gas company reported $1.77 EPS for the quarter, topping the consensus estimate of $1.58 by $0.19. The firm had revenue of $44.82 billion for 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% compared to the same quarter last year. During the same period in the previous year, the business earned $2.55 EPS. As a group, sell-side analysts expect that Chevron Corporation will post 10.79 EPS for the current fiscal year.

Chevron Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Wednesday, September 10th. Investors of record on Tuesday, August 19th were given a $1.71 dividend. 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 payout ratio is presently 88.03%.

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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