Affinity Capital Advisors LLC Decreases Stock Holdings in Chevron Corporation $CVX

Key Points

• Affinity Capital Advisors LLC has reduced its stock holdings in Cheron Corporation by 40.2%, owning 2,869 shares worth approximately $411,000 after selling 1,930 shares.
• Corporate insiders, including VP Alana K. Knowles and Director John B. Hess, have also decreased their holdings significantly, with Hess selling 375,000 shares for over $59 million.
• Chevron's recent financial performance includes a quarterly EPS of $1.77, beating expectations, despite a 12.4% revenue decline from the previous year.

Affinity Capital Advisors LLC lowered its stake in shares of Chevron Corporation (NYSE:CVX - Free Report) by 40.2% during the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 2,869 shares of the oil and gas company's stock after selling 1,930 shares during the period. Affinity Capital Advisors LLC's holdings in Chevron were worth $411,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors have also recently added to or reduced their stakes in CVX. Harvest Fund Management Co. Ltd lifted its holdings 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 purchasing an additional 122 shares in the last quarter. Elequin Capital LP purchased a new stake in shares of Chevron in the first quarter valued at about $31,000. 10Elms LLP purchased a new stake in shares of Chevron in the fourth quarter valued at about $29,000. IFS Advisors LLC lifted its holdings in shares of 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 purchasing an additional 116 shares in the last quarter. Finally, Cloud Capital Management LLC purchased a new stake in shares of Chevron in the first quarter valued at about $39,000. Hedge funds and other institutional investors own 72.42% of the company's stock.

Insiders Place Their Bets

In other Chevron news, VP Alana K. Knowles sold 3,978 shares of the 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 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 transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, Director John B. Hess sold 375,000 shares of the stock in a transaction on 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 transaction, the director owned 1,403,045 shares in the company, valued at $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. Corporate insiders own 0.20% of the company's stock.

Chevron Price Performance

Shares of CVX stock opened at $159.56 on Wednesday. The company has a market capitalization of $275.72 billion, a PE ratio of 20.54, a price-to-earnings-growth ratio of 1.97 and a beta of 0.90. The firm has a fifty day simple moving average of $155.00 and a 200-day simple moving average of $148.86. 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.

Chevron (NYSE:CVX - Get Free Report) last announced its earnings results on Friday, August 1st. The oil and gas company reported $1.77 earnings per share for the quarter, beating the consensus estimate 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 net margin of 7.02% and a return on equity of 9.90%. The business's quarterly revenue was down 12.4% compared to the same quarter last year. During the same period in the prior year, the firm earned $2.55 earnings per share. Equities research analysts anticipate that Chevron Corporation will post 10.79 earnings per share for the current fiscal year.

Chevron Announces Dividend

The business also recently disclosed 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. This represents a $6.84 dividend on an annualized basis and a yield of 4.3%. The ex-dividend date was Tuesday, August 19th. Chevron's dividend payout ratio is 88.03%.

Analyst Upgrades and Downgrades

Several analysts have issued reports on CVX shares. Morgan Stanley started coverage on shares of Chevron in a report on Monday, August 4th. They issued an "overweight" rating and a $174.00 price target on the stock. Raymond James Financial reissued an "outperform" rating on shares of Chevron in a research report on Friday, August 1st. Jefferies Financial Group reissued a "buy" rating on shares of Chevron in a research report on Friday, July 18th. Mizuho cut their price objective on shares of Chevron from $192.00 to $191.00 and set an "outperform" rating for the company in a research report on Monday. Finally, Scotiabank reissued a "sector perform" rating and issued a $160.00 price objective (up previously from $143.00) on shares of Chevron in a research report on Friday, July 11th. Eleven research analysts have rated the stock with a Buy rating, eight have assigned a Hold rating and three have assigned a Sell rating to the company. Based on data from MarketBeat, the stock presently has an average rating of "Hold" and an average target price of $165.05.

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.

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.