Chevron Corporation $CVX Shares Purchased by Bell Bank

Key Points

• Bell Bank has increased its stake in Chevron Corporation by 36.8%, owning a total of 75,260 shares valued at approximately $10.78 million as of the latest quarter.
• Chevron recently reported earnings of $1.77 per share, exceeding analysts' expectations, although revenue showed a 12.4% year-over-year decline.
• The company declared a quarterly dividend of $1.71 per share, reflecting an annualized yield of 4.4% with a payout ratio of 88.03%.

Bell Bank grew its position in Chevron Corporation (NYSE:CVX - Free Report) by 36.8% during the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 75,260 shares of the oil and gas company's stock after acquiring an additional 20,243 shares during the quarter. Chevron comprises 0.5% of Bell Bank's holdings, making the stock its 25th largest position. Bell Bank's holdings in Chevron were worth $10,776,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Harvest Fund Management Co. Ltd lifted its position 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 position in shares of Chevron in the first quarter valued at approximately $31,000. IFS Advisors LLC lifted its position in Chevron by 119.6% during the first quarter. IFS Advisors LLC now owns 213 shares of the oil and gas company's stock worth $36,000 after buying an additional 116 shares in the last quarter. Cloud Capital Management LLC purchased a new position in Chevron during the first quarter worth approximately $39,000. Finally, Investment Management Corp VA ADV lifted its position in Chevron by 171.3% during the first quarter. Investment Management Corp VA ADV now owns 236 shares of the oil and gas company's stock worth $39,000 after buying an additional 149 shares in the last quarter. Hedge funds and other institutional investors own 72.42% of the company's stock.

Insiders Place Their Bets

In other news, Director John B. Hess sold 375,000 shares of Chevron stock in a transaction 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 directly owned 1,403,045 shares of the company's stock, 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 SEC, which can be accessed through this hyperlink. Also, VP Alana K. Knowles sold 3,978 shares of Chevron stock in a transaction 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 directly owned 1,181 shares of the company's stock, valued at $188,960. The trade was a 77.11% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 0.21% of the company's stock.

Wall Street Analysts Forecast Growth

A number of equities analysts recently commented on CVX shares. Mizuho reduced their price objective on Chevron from $192.00 to $191.00 and set an "outperform" rating on the stock in a research report on Monday, September 15th. Evercore ISI reiterated an "outperform" rating and set a $180.00 price objective on shares of Chevron in a research report on Thursday, July 31st. Scotiabank reiterated a "sector perform" rating and set a $160.00 price objective (up previously from $143.00) on shares of Chevron in a research report on Friday, July 11th. UBS Group lifted their price objective on Chevron from $186.00 to $197.00 and gave the stock a "buy" rating in a research report on Wednesday, August 20th. Finally, Barclays reiterated an "equal weight" rating on shares of Chevron in a research report on Tuesday, July 15th. Eleven analysts have rated the stock with a Buy rating, eight have given a Hold rating and three have issued a Sell rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of "Hold" and an average target price of $165.05.

Chevron Trading Up 0.0%

Shares of NYSE CVX traded up $0.05 during trading on Monday, reaching $156.26. The stock had a trading volume of 3,255,090 shares, compared to its average volume of 9,181,667. Chevron Corporation has a fifty-two week low of $132.04 and a fifty-two week high of $168.96. The company has a debt-to-equity ratio of 0.16, a quick ratio of 0.74 and a current ratio of 1.00. The business's 50-day moving average price is $155.24 and its 200-day moving average price is $148.96. The company has a market cap of $270.02 billion, a P/E ratio of 20.11, a PEG ratio of 1.96 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 business had revenue of $44.82 billion during the quarter, compared to analysts' expectations of $44.59 billion. During the same period in the previous year, the firm posted $2.55 earnings per share. The company's revenue was down 12.4% on a year-over-year basis. On average, equities 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 paid a $1.71 dividend. The ex-dividend date of this dividend was Tuesday, August 19th. This represents a $6.84 dividend on an annualized basis and a dividend yield of 4.4%. Chevron's payout ratio is presently 88.03%.

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.