Birmingham Capital Management Co. Inc. AL Lowers Stock Position in Chevron Corporation $CVX

Key Points

• Birmingham Capital Management Co. Inc. AL reduced its stake in Chevron Corporation by 17.8% in the second quarter, resulting in ownership of 39,314 shares valued at approximately $5.63 million.
• Insider transactions showed significant sales, including VP Alana K. Knowles selling 3,978 shares and Director John B. Hess selling 375,000 shares of Chevron stock.
• Equity analysts have mixed outlooks on Chevron with target price adjustments, including UBS raising it to $197.00 and Mizuho lowering it to $191.00, while overall ratings range from Buy to Hold.

Birmingham Capital Management Co. Inc. AL lessened its holdings in Chevron Corporation (NYSE:CVX - Free Report) by 17.8% in the 2nd quarter, according to its most recent filing with the SEC. The firm owned 39,314 shares of the oil and gas company's stock after selling 8,536 shares during the period. Chevron comprises 2.5% of Birmingham Capital Management Co. Inc. AL's holdings, making the stock its 11th biggest position. Birmingham Capital Management Co. Inc. AL's holdings in Chevron were worth $5,629,000 as of its most recent SEC filing.

Several other institutional investors also recently bought and sold shares of the company. Greenfield Savings Bank boosted its stake in Chevron by 0.6% in the second quarter. Greenfield Savings Bank now owns 11,611 shares of the oil and gas company's stock valued at $1,663,000 after acquiring an additional 68 shares in the last quarter. Atwater Malick LLC boosted its stake in Chevron by 2.4% in the second quarter. Atwater Malick LLC now owns 2,886 shares of the oil and gas company's stock valued at $413,000 after acquiring an additional 68 shares in the last quarter. Hubbell Strickland Wealth Management LLC boosted its stake in Chevron by 0.7% in the second quarter. Hubbell Strickland Wealth Management LLC now owns 10,081 shares of the oil and gas company's stock valued at $1,443,000 after acquiring an additional 68 shares in the last quarter. Mowery & Schoenfeld Wealth Management LLC boosted its stake in Chevron by 10.3% in the second quarter. Mowery & Schoenfeld Wealth Management LLC now owns 750 shares of the oil and gas company's stock valued at $107,000 after acquiring an additional 70 shares in the last quarter. Finally, Capital Advisors Ltd. LLC boosted its stake in Chevron by 4.1% in the second quarter. Capital Advisors Ltd. LLC now owns 1,815 shares of the oil and gas company's stock valued at $260,000 after acquiring an additional 71 shares in the last quarter. 72.42% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling at Chevron

In related news, VP Alana K. Knowles sold 3,978 shares of the firm's stock in a transaction 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 sale, the vice president owned 1,181 shares in the company, valued at approximately $188,960. This trade represents a 77.11% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director John B. Hess sold 375,000 shares of Chevron stock in a transaction dated Friday, August 22nd. The shares were sold at an average price of $158.30, for a total transaction 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. This trade represents a 21.09% decrease in their position. The disclosure for this sale can be found here. 0.20% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

Several equities research analysts have weighed in on the stock. Mizuho lowered their target price on shares of Chevron from $192.00 to $191.00 and set an "outperform" rating for the company in a research note on Monday, September 15th. UBS Group raised their price target on shares of Chevron from $186.00 to $197.00 and gave the stock a "buy" rating in a report on Wednesday, August 20th. Wells Fargo & Company began coverage on shares of Chevron in a report on Friday. They issued an "overweight" rating and a $190.00 price target for the company. Piper Sandler raised their price target on shares of Chevron from $164.00 to $168.00 and gave the stock an "overweight" rating in a report on Monday, August 18th. Finally, Scotiabank raised their price target on shares of Chevron from $160.00 to $165.00 and gave the stock a "sector perform" rating in a report on Thursday, October 9th. Eleven investment analysts have rated the stock with a Buy rating, nine have issued a Hold rating and three have given a Sell rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of "Hold" and a consensus price target of $165.25.

Chevron Stock Up 0.9%

CVX stock opened at $153.12 on Monday. The firm has a market cap of $264.58 billion, a PE ratio of 19.71, a P/E/G ratio of 2.02 and a beta of 0.84. 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 firm's fifty day moving average is $156.03 and its 200 day moving average is $147.96. Chevron Corporation has a one year low of $132.04 and a one year high of $168.96.

Chevron (NYSE:CVX - Get Free Report) last released its quarterly earnings results on Friday, August 1st. The oil and gas company reported $1.77 EPS for the quarter, beating the consensus estimate of $1.58 by $0.19. The company had revenue of $44.82 billion for 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%. The firm's revenue was down 12.4% on a year-over-year basis. During the same quarter last year, the business earned $2.55 earnings per share. On average, research analysts forecast that Chevron Corporation will post 10.79 EPS for the current year.

Chevron Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Wednesday, September 10th. Investors of record on Tuesday, August 19th were given a dividend of $1.71 per share. This represents a $6.84 annualized dividend and a yield of 4.5%. The ex-dividend date was Tuesday, August 19th. Chevron's dividend payout ratio (DPR) is currently 88.03%.

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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