Bleakley Financial Group LLC Has $8.59 Million Stock Holdings in Chevron Corporation $CVX

Key Points

• Bleakley Financial Group LLC has reduced its shares in Chevron Corporation by 3.3%, now holding 60,018 shares valued at approximately $8.59 million.
• Institutional investors collectively own 72.42% of Chevron's stock, with Kingstone Capital Partners increasing its position significantly during the second quarter.
• Chevron recently reported an EPS of $1.77 for the quarter, surpassing estimates, but noted a 12.4% decline in quarterly revenue compared to the previous year.

Bleakley Financial Group LLC reduced its position in shares of Chevron Corporation (NYSE:CVX - Free Report) by 3.3% during the second quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 60,018 shares of the oil and gas company's stock after selling 2,062 shares during the quarter. Bleakley Financial Group LLC's holdings in Chevron were worth $8,594,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also added to or reduced their stakes in CVX. Kingstone Capital Partners Texas LLC raised its position in shares of Chevron by 652,139.5% during the second quarter. Kingstone Capital Partners Texas LLC now owns 83,714,936 shares of the oil and gas company's stock worth $13,214,757,000 after purchasing an additional 83,702,101 shares during the period. Charles Schwab Investment Management Inc. grew its position in Chevron by 4.9% in the 1st quarter. Charles Schwab Investment Management Inc. now owns 33,430,030 shares of the oil and gas company's stock valued at $5,592,263,000 after purchasing an additional 1,574,464 shares during the period. Invesco Ltd. increased its stake in Chevron by 5.5% during the 1st quarter. Invesco Ltd. now owns 15,855,325 shares of the oil and gas company's stock valued at $2,652,437,000 after purchasing an additional 827,851 shares in the last quarter. Dimensional Fund Advisors LP increased its stake in Chevron by 0.3% during the 1st quarter. Dimensional Fund Advisors LP now owns 12,281,983 shares of the oil and gas company's stock valued at $2,054,513,000 after purchasing an additional 40,758 shares in the last quarter. Finally, GQG Partners LLC acquired a new position in Chevron during the first quarter worth $1,466,751,000. Institutional investors own 72.42% of the company's stock.

Analyst Upgrades and Downgrades

A number of research analysts have recently issued reports on CVX shares. Scotiabank lifted their price objective on shares of Chevron from $160.00 to $165.00 and gave the company a "sector perform" rating in a report on Thursday, October 9th. Evercore ISI reaffirmed an "outperform" rating and issued a $180.00 price target on shares of Chevron in a research report on Thursday, July 31st. Morgan Stanley initiated coverage on Chevron in a research note on Monday, August 4th. They set an "overweight" rating and a $174.00 price target for the company. Bank of America boosted their price objective on Chevron from $170.00 to $185.00 and gave the stock a "buy" rating in a report on Wednesday, September 10th. Finally, UBS Group raised their target price on Chevron from $186.00 to $197.00 and gave the company a "buy" rating in a report on Wednesday, August 20th. One research analyst has rated the stock with a Strong Buy rating, ten have issued a Buy rating, nine have issued a Hold rating and three have issued a Sell rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Hold" and a consensus target price of $165.25.

Chevron Trading Up 1.1%

Shares of CVX stock opened at $155.45 on Thursday. 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 company has a market capitalization of $268.61 billion, a price-to-earnings ratio of 20.01, a PEG ratio of 2.05 and a beta of 0.84. Chevron Corporation has a 52-week low of $132.04 and a 52-week high of $168.96. The company has a 50-day simple moving average of $156.03 and a two-hundred day simple moving average of $148.13.

Chevron (NYSE:CVX - Get Free Report) last posted its earnings results on Friday, August 1st. The oil and gas company reported $1.77 EPS for the quarter, topping the consensus estimate of $1.58 by $0.19. The firm had revenue of $44.82 billion for 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 company's quarterly revenue was down 12.4% compared to the same quarter last year. During the same quarter last year, the firm earned $2.55 EPS. Research analysts anticipate that Chevron Corporation will post 10.79 EPS for the current fiscal year.

Chevron Dividend Announcement

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

Insider Buying and Selling at Chevron

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 transaction of $59,362,500.00. Following the sale, the director directly owned 1,403,045 shares in the company, valued at $222,102,023.50. The trade was a 21.09% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, VP Alana K. Knowles sold 3,978 shares of the stock in a transaction dated Friday, August 29th. The shares were sold at an average price of $160.00, for a total transaction of $636,480.00. Following the transaction, the vice president owned 1,181 shares of the company's stock, 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 insiders.

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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