Apella Capital LLC Grows Position in Chevron Corporation $CVX

Key Points

• Apella Capital LLC increased its holdings in Chevron Corporation (CVX) by 40.1% during the second quarter, now owning 14,680 shares valued at approximately $2,164,000.
• Chevron reported $1.77 earnings per share in its most recent quarter, exceeding analysts' expectations of $1.58, despite a 12.4% year-over-year revenue decline.
• The company announced a quarterly dividend of $1.71, which translates to an annualized yield of 4.3% and a payout ratio of 88.03%.

Apella Capital LLC lifted its holdings in shares of Chevron Corporation (NYSE:CVX - Free Report) by 40.1% in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 14,680 shares of the oil and gas company's stock after purchasing an additional 4,203 shares during the quarter. Apella Capital LLC's holdings in Chevron were worth $2,164,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds have also modified their holdings of the company. Harvest Fund Management Co. Ltd grew its holdings in shares of Chevron by 420.7% during the 1st quarter. Harvest Fund Management Co. Ltd now owns 151 shares of the oil and gas company's stock worth $25,000 after purchasing an additional 122 shares during the period. Elequin Capital LP purchased a new position in Chevron during the 1st quarter valued at about $31,000. 10Elms LLP purchased a new position in Chevron during the 4th quarter valued at about $29,000. IFS Advisors LLC boosted its holdings in Chevron by 119.6% during the 1st 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 during the period. Finally, Cloud Capital Management LLC purchased a new position in Chevron during the 1st quarter valued at about $39,000. 72.42% of the stock is currently owned by hedge funds and other institutional investors.

Chevron Price Performance

Shares of NYSE CVX opened at $157.46 on Tuesday. The company has a debt-to-equity ratio of 0.16, a quick ratio of 0.74 and a current ratio of 1.00. Chevron Corporation has a fifty-two week low of $132.04 and a fifty-two week high of $168.96. The stock's 50-day simple moving average is $154.87 and its 200-day simple moving average is $148.78. The firm has a market capitalization of $272.09 billion, a PE ratio of 20.27, a price-to-earnings-growth ratio of 1.98 and a beta of 0.90.

Chevron (NYSE:CVX - Get Free Report) last issued its quarterly earnings data 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. Chevron had a return on equity of 9.90% and a net margin of 7.02%.The company had revenue of $44.82 billion during the quarter, compared to analysts' expectations of $44.59 billion. During the same quarter in the previous year, the business earned $2.55 earnings per share. The firm's revenue for the quarter was down 12.4% on a year-over-year basis. As a group, equities research analysts forecast that Chevron Corporation will post 10.79 EPS for the current fiscal year.

Chevron Dividend Announcement

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

Insider Buying and Selling

In other Chevron news, Director John B. Hess sold 375,000 shares of the business'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. The trade was a 21.09% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, VP Alana K. Knowles sold 3,978 shares of the business's stock in a transaction that occurred on 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 sale, the vice president owned 1,181 shares of the company's stock, valued at approximately $188,960. This represents a 77.11% decrease in their position. The disclosure for this sale can be found here. 0.20% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

A number of equities analysts recently commented on the company. Melius assumed coverage on Chevron in a report on Wednesday, August 20th. They set a "hold" rating and a $155.00 target price for the company. Evercore ISI restated an "outperform" rating and set a $180.00 target price on shares of Chevron in a report on Thursday, July 31st. Barclays restated an "equal weight" rating on shares of Chevron in a report on Tuesday, July 15th. Raymond James Financial restated an "outperform" rating on shares of Chevron in a report on Friday, August 1st. Finally, Piper Sandler raised their target price on Chevron from $164.00 to $168.00 and gave the company an "overweight" rating in a report on Monday, August 18th. Eleven research analysts have rated the stock with a Buy rating, eight have assigned a Hold rating and three have given a Sell rating to the stock. According to data from MarketBeat.com, Chevron presently has a consensus rating of "Hold" and an average price target of $165.05.

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.

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