Arvest Investments Inc. Lowers Stake in Chevron Corporation $CVX

Key Points

• Arvest Investments Inc. reduced its stake in Chevron Corporation (NYSE: CVX) by 31.0% in the second quarter, holding 8,366 shares valued at approximately $1.2 million after selling 3,751 shares.
• Chevron's recent financial report showed earnings per share (EPS) of $1.77, beating estimates, while revenues totaled $44.82 billion, a decrease of 12.4% year-over-year.
• The company has announced a quarterly dividend of $1.71 per share, representing a 4.4% dividend yield with a payout ratio of approximately 88.03%.

Arvest Investments Inc. decreased its position in Chevron Corporation (NYSE:CVX - Free Report) by 31.0% during the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 8,366 shares of the oil and gas company's stock after selling 3,751 shares during the period. Arvest Investments Inc.'s holdings in Chevron were worth $1,198,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Harvest Fund Management Co. Ltd boosted 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 acquiring 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 boosted 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 acquiring 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.

Chevron Stock Performance

Shares of CVX opened at $157.23 on Friday. 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 stock has a market cap of $271.69 billion, a P/E ratio of 20.24, a PEG ratio of 2.00 and a beta of 0.90. The company has a 50-day moving average of $154.67 and a two-hundred day moving average of $148.85. Chevron Corporation has a 12-month low of $132.04 and a 12-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 (EPS) for the quarter, topping analysts' consensus estimates of $1.58 by $0.19. The company had revenue of $44.82 billion during the quarter, compared to analysts' expectations of $44.59 billion. Chevron had a net margin of 7.02% and a return on equity of 9.90%. The firm's quarterly revenue was down 12.4% compared to the same quarter last year. During the same quarter in the previous year, the business posted $2.55 earnings per share. As a group, research analysts predict that Chevron Corporation will post 10.79 EPS for the current fiscal year.

Chevron Announces Dividend

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

Analysts Set New Price Targets

Several analysts have recently weighed in on the stock. Melius Research assumed coverage on shares of Chevron in a report on Wednesday, August 20th. They issued a "hold" rating and a $155.00 target price on the stock. Piper Sandler boosted their price objective on shares of Chevron from $164.00 to $168.00 and gave the stock an "overweight" rating in a report on Monday, August 18th. Wells Fargo & Company reissued an "overweight" rating and set a $178.00 price objective on shares of Chevron in a report on Friday, August 1st. Jefferies Financial Group reissued a "buy" rating on shares of Chevron in a report on Friday, July 18th. Finally, Melius began coverage on shares of Chevron in a report on Wednesday, August 20th. They set a "hold" rating and a $155.00 price objective on the stock. Eleven equities research analysts have rated the stock with a Buy rating, eight have issued a Hold rating and three have given a Sell rating to the company. Based on data from MarketBeat, Chevron has an average rating of "Hold" and a consensus price target of $164.80.

Insider Buying and Selling

In other news, Director John B. Hess sold 375,000 shares of the business's stock in a transaction that occurred on Friday, August 22nd. The shares were sold at an average price of $158.30, for a total value of $59,362,500.00. Following the completion of the transaction, the director 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 ownership of the stock. The transaction 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 shares were sold at an average price of $160.00, for a total transaction 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 represents a 77.11% decrease in their position. The disclosure for this sale can be found here. Insiders own 0.21% of the company's stock.

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.

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