Chevron Corporation $CVX Shares Sold by Birmingham Capital Management Co. Inc. AL

Key Points

• Birmingham Capital Management Co. Inc. AL reduced its stake in Chevron Corporation by 5.8%, now holding 47,850 shares valued at approximately $8.01 million.
• Chevron reported $1.77 earnings per share for its last quarter, surpassing analysts' expectations, but saw a 12.4% decrease in revenue year-over-year.
• The company announced a quarterly dividend of $1.71 per share, reflecting an annualized dividend yield of 4.3%.

Birmingham Capital Management Co. Inc. AL lessened its position in Chevron Corporation (NYSE:CVX - Free Report) by 5.8% in the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 47,850 shares of the oil and gas company's stock after selling 2,972 shares during the period. Chevron accounts for about 3.0% of Birmingham Capital Management Co. Inc. AL's portfolio, making the stock its 6th biggest holding. Birmingham Capital Management Co. Inc. AL's holdings in Chevron were worth $8,005,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently made changes to their positions in CVX. GDS Wealth Management raised its holdings in Chevron by 4.4% in the 1st quarter. GDS Wealth Management now owns 1,706 shares of the oil and gas company's stock valued at $285,000 after buying an additional 72 shares during the last quarter. AIMZ Investment Advisors LLC raised its stake in shares of Chevron by 4.2% during the first quarter. AIMZ Investment Advisors LLC now owns 1,783 shares of the oil and gas company's stock valued at $298,000 after acquiring an additional 72 shares during the last quarter. Clayton Financial Group LLC raised its stake in shares of Chevron by 4.6% during the first quarter. Clayton Financial Group LLC now owns 1,702 shares of the oil and gas company's stock valued at $285,000 after acquiring an additional 75 shares during the last quarter. Gill Capital Partners LLC lifted its holdings in shares of Chevron by 4.9% during the first quarter. Gill Capital Partners LLC now owns 1,619 shares of the oil and gas company's stock worth $271,000 after purchasing an additional 75 shares during the period. Finally, GK Wealth Management LLC grew its stake in shares of Chevron by 2.5% in the first quarter. GK Wealth Management LLC now owns 3,074 shares of the oil and gas company's stock worth $514,000 after purchasing an additional 75 shares during the last quarter. 72.42% of the stock is owned by institutional investors and hedge funds.

Chevron Trading Down 0.6%

CVX traded down $1.02 during trading on Friday, hitting $157.23. The company's stock had a trading volume of 5,545,397 shares, compared to its average volume of 7,956,036. The firm has a market capitalization of $271.69 billion, a P/E ratio of 20.24, a PEG ratio of 2.00 and a beta of 0.90. Chevron Corporation has a twelve month low of $132.04 and a twelve month high of $168.96. The stock's fifty day moving average price is $154.67 and its 200-day moving average price is $148.89. The company has a quick ratio of 0.74, a current ratio of 1.00 and a debt-to-equity ratio of 0.16.

Chevron (NYSE:CVX - Get Free Report) last released its quarterly earnings data 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 company had revenue of $44.82 billion during the quarter, compared to analyst estimates of $44.59 billion. Chevron had a net margin of 7.02% and a return on equity of 9.90%. Chevron's revenue for the quarter was down 12.4% compared to the same quarter last year. During the same quarter in the previous year, the business posted $2.55 EPS. Analysts anticipate that Chevron Corporation will post 10.79 EPS for the current year.

Chevron Dividend Announcement

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

Insider Buying and Selling

In other news, VP Alana K. Knowles sold 3,978 shares of the company's stock in a transaction that occurred on Friday, August 29th. The stock was 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 of the company's stock, valued at $188,960. This represents a 77.11% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, 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 stock was 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 in the company, valued at approximately $222,102,023.50. This represents a 21.09% decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.21% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

Several research analysts recently issued reports on the company. Wells Fargo & Company reaffirmed an "overweight" rating and set a $178.00 target price on shares of Chevron in a research report on Friday, August 1st. UBS Group lifted their price objective on Chevron from $186.00 to $197.00 and gave the stock a "buy" rating in a research note on Wednesday, August 20th. Piper Sandler upped 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. Melius began coverage on shares of Chevron in a report on Wednesday, August 20th. They set a "hold" rating and a $155.00 price target for the company. Finally, Raymond James Financial reaffirmed an "outperform" rating on shares of Chevron in a research note on Friday, August 1st. 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 stock. According to data from MarketBeat, the stock presently has an average rating of "Hold" and an average price target of $164.80.

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.