Adams Diversified Equity Fund Inc. Decreases Holdings in Chevron Corporation $CVX

Key Points

• Adams Diversified Equity Fund Inc. decreased its holdings in Chevron Corporation by 3.2% during the 2nd quarter, now owning 133,500 shares valued at approximately $19.1 million.
• Several institutional investors, including Greenfield Savings Bank and Mowery & Schoenfeld Wealth Management LLC, increased their positions in Chevron during the same period, indicating continued institutional interest in the stock.
• Chevron declared a quarterly dividend of $1.71 per share, representing an annualized dividend of $6.84 and a yield of 4.4%.

Adams Diversified Equity Fund Inc. reduced its position in Chevron Corporation (NYSE:CVX - Free Report) by 3.2% in the 2nd quarter, according to its most recent filing with the SEC. The fund owned 133,500 shares of the oil and gas company's stock after selling 4,400 shares during the period. Adams Diversified Equity Fund Inc.'s holdings in Chevron were worth $19,116,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also made changes to their positions in the company. Greenfield Savings Bank lifted its holdings in shares of Chevron by 0.6% in the 2nd quarter. Greenfield Savings Bank now owns 11,611 shares of the oil and gas company's stock valued at $1,663,000 after purchasing an additional 68 shares during the last quarter. Atwater Malick LLC lifted its holdings in shares of Chevron by 2.4% in the 2nd quarter. Atwater Malick LLC now owns 2,886 shares of the oil and gas company's stock valued at $413,000 after purchasing an additional 68 shares during the last quarter. Hubbell Strickland Wealth Management LLC lifted its holdings in shares of Chevron by 0.7% in the 2nd quarter. Hubbell Strickland Wealth Management LLC now owns 10,081 shares of the oil and gas company's stock valued at $1,443,000 after purchasing an additional 68 shares during the last quarter. Mowery & Schoenfeld Wealth Management LLC raised its stake in Chevron by 10.3% during the 2nd quarter. Mowery & Schoenfeld Wealth Management LLC now owns 750 shares of the oil and gas company's stock valued at $107,000 after acquiring an additional 70 shares during the last quarter. Finally, Capital Advisors Ltd. LLC raised its stake in Chevron by 4.1% during the 2nd quarter. Capital Advisors Ltd. LLC now owns 1,815 shares of the oil and gas company's stock valued at $260,000 after acquiring an additional 71 shares during the last quarter. 72.42% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

CVX has been the subject of several analyst reports. UBS Group upped their price objective on Chevron from $186.00 to $197.00 and gave the company a "buy" rating in a research note on Wednesday, August 20th. Jefferies Financial Group reaffirmed a "buy" rating on shares of Chevron in a research note on Friday, July 18th. Bank of America upped their price objective on Chevron from $170.00 to $185.00 and gave the company a "buy" rating in a research note on Wednesday, September 10th. Mizuho reduced their price objective on Chevron from $192.00 to $191.00 and set an "outperform" rating for the company in a research note on Monday, September 15th. Finally, Weiss Ratings reaffirmed a "hold (c)" rating on shares of Chevron in a research note on Wednesday, October 8th. One research analyst has rated the stock with a Strong Buy rating, ten have issued a Buy rating, nine have given a Hold rating and three have given a Sell rating to the stock. According to MarketBeat.com, the company has a consensus rating of "Hold" and a consensus target price of $165.25.

Chevron Stock Performance

NYSE CVX opened at $153.80 on Wednesday. The company has a current ratio of 1.00, a quick ratio of 0.74 and a debt-to-equity ratio of 0.16. The business's 50 day moving average is $156.04 and its two-hundred day moving average is $148.08. Chevron Corporation has a 12-month low of $132.04 and a 12-month high of $168.96. The stock has a market capitalization of $265.76 billion, a price-to-earnings ratio of 19.79, a PEG ratio of 2.06 and a beta of 0.84.

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

Chevron Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Wednesday, September 10th. Investors of record on Tuesday, August 19th were issued a $1.71 dividend. The ex-dividend date was Tuesday, August 19th. This represents a $6.84 dividend on an annualized basis and a dividend yield of 4.4%. Chevron's dividend payout ratio is currently 88.03%.

Insider Buying and Selling

In related news, VP Alana K. Knowles sold 3,978 shares of the company'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 owned 1,181 shares in the company, valued at $188,960. This represents a 77.11% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, Director John B. Hess sold 375,000 shares of the company's stock in a transaction that occurred on 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 owned 1,403,045 shares in the company, valued at approximately $222,102,023.50. This represents a 21.09% decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 0.20% of the company's stock.

Chevron 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.

Want to see what other hedge funds are holding CVX? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Chevron Corporation (NYSE:CVX - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.