Beacon Financial Advisory LLC Has $1.29 Million Stock Position in Chevron Corporation $CVX

Key Points

• Beacon Financial Advisory LLC significantly increased its stake in Chevron Corporation by 572.5% in the second quarter, owning a total of 9,032 shares valued at approximately $1.29 million.
• Chevron's Director, John B. Hess, sold 375,000 shares of the company's stock for $59.36 million, resulting in a 21.09% decrease in his ownership.
• The company declared a quarterly dividend of $1.71 per share, which reflects an annualized yield of 4.5% and a payout ratio of 88.03%.

Beacon Financial Advisory LLC boosted its position in Chevron Corporation (NYSE:CVX - Free Report) by 572.5% in the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 9,032 shares of the oil and gas company's stock after buying an additional 7,689 shares during the period. Beacon Financial Advisory LLC's holdings in Chevron were worth $1,293,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Harvest Fund Management Co. Ltd increased its position in Chevron by 420.7% in the 1st quarter. Harvest Fund Management Co. Ltd now owns 151 shares of the oil and gas company's stock valued at $25,000 after buying an additional 122 shares in the last quarter. Elequin Capital LP bought a new stake in Chevron in the 1st quarter valued at about $31,000. Cloud Capital Management LLC bought a new stake in Chevron in the 1st quarter valued at about $39,000. Investment Management Corp VA ADV increased its position in Chevron by 171.3% in the 1st quarter. Investment Management Corp VA ADV now owns 236 shares of the oil and gas company's stock valued at $39,000 after buying an additional 149 shares in the last quarter. Finally, 1 North Wealth Services LLC bought a new stake in Chevron in the 1st quarter valued at about $45,000. 72.42% of the stock is owned by institutional investors.

Insider Activity at Chevron

In related news, 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 transaction, 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 ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, VP Alana K. Knowles sold 3,978 shares of the company'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 transaction, the vice president owned 1,181 shares in the company, valued at approximately $188,960. The trade was a 77.11% decrease in their position. The disclosure for this sale can be found here. 0.21% of the stock is currently owned by corporate insiders.

Chevron Stock Performance

CVX stock opened at $153.59 on Friday. The firm has a market cap of $265.40 billion, a PE ratio of 19.77, a P/E/G ratio of 1.99 and a beta of 0.84. The company has a quick ratio of 0.74, a current ratio of 1.00 and a debt-to-equity ratio of 0.16. The business has a 50 day moving average of $156.23 and a 200-day moving average of $148.99. 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 released its earnings results on Friday, August 1st. The oil and gas company reported $1.77 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.58 by $0.19. The company had revenue of $44.82 billion during the quarter, compared to analyst estimates of $44.59 billion. Chevron had a return on equity of 9.90% and a net margin of 7.02%.Chevron's quarterly revenue was down 12.4% on a year-over-year basis. During the same period in the prior year, the company posted $2.55 earnings per share. As a group, sell-side analysts expect that Chevron Corporation will post 10.79 earnings per share for the current year.

Chevron Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, September 10th. Investors 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 annualized dividend and a yield of 4.5%. Chevron's dividend payout ratio is presently 88.03%.

Analyst Ratings Changes

A number of brokerages recently commented on CVX. TD Cowen boosted their target price on Chevron from $150.00 to $155.00 and gave the company a "hold" rating in a research report on Monday, August 4th. Piper Sandler boosted their price objective on Chevron from $164.00 to $168.00 and gave the stock an "overweight" rating in a report on Monday, August 18th. Mizuho decreased their price objective on Chevron from $192.00 to $191.00 and set an "outperform" rating for the company in a report on Monday, September 15th. Morgan Stanley began coverage on Chevron in a report on Monday, August 4th. They set an "overweight" rating and a $174.00 price objective for the company. Finally, Melius began coverage on Chevron in a report on Wednesday, August 20th. They set a "hold" rating and a $155.00 price objective for the company. Eleven research analysts have rated the stock with a Buy rating, nine have given a Hold rating and three have given a Sell rating to the company's stock. Based on data from MarketBeat, Chevron has an average rating of "Hold" and a consensus price target 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.

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