Broderick Brian C Reduces Stock Position in Chevron Corporation $CVX

Key Points

• Broderick Brian C reduced its stake in Chevron Corporation ($CVX) by 8.0% in Q2, holding 26,975 shares worth approximately $3.86 million after selling 2,345 shares.
• Chevron's recent quarterly earnings report exceeded analysts' expectations with an EPS of $1.77, while the company's revenue of $44.82 billion was down 12.4% year-over-year.
• The company declared a quarterly dividend of $1.71 per share, representing an annualized yield of 4.4% and a payout ratio of 88.03%.

Broderick Brian C trimmed its holdings in Chevron Corporation (NYSE:CVX - Free Report) by 8.0% in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 26,975 shares of the oil and gas company's stock after selling 2,345 shares during the period. Broderick Brian C's holdings in Chevron were worth $3,863,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors have also bought and sold shares of the business. Kidder Stephen W lifted its position in shares of Chevron by 0.7% during the second quarter. Kidder Stephen W now owns 33,897 shares of the oil and gas company's stock worth $4,854,000 after acquiring an additional 230 shares in the last quarter. Secured Retirement Advisors LLC grew its position in shares of Chevron by 16.6% in the second quarter. Secured Retirement Advisors LLC now owns 12,418 shares of the oil and gas company's stock valued at $1,778,000 after purchasing an additional 1,769 shares in the last quarter. Lakeshore Capital Group Inc. raised its stake in shares of Chevron by 18.5% during the 2nd quarter. Lakeshore Capital Group Inc. now owns 5,140 shares of the oil and gas company's stock valued at $736,000 after purchasing an additional 803 shares during the period. Spectrum Asset Management Inc. NB CA raised its stake in shares of Chevron by 7.4% during the 2nd quarter. Spectrum Asset Management Inc. NB CA now owns 35,244 shares of the oil and gas company's stock valued at $5,047,000 after purchasing an additional 2,422 shares during the period. Finally, REAP Financial Group LLC lifted its holdings in Chevron by 110.1% during the 2nd quarter. REAP Financial Group LLC now owns 704 shares of the oil and gas company's stock worth $101,000 after purchasing an additional 369 shares in the last quarter. Institutional investors own 72.42% of the company's stock.

Insider Activity

In other news, Director John B. Hess sold 375,000 shares of the company's stock in a transaction dated 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 directly owned 1,403,045 shares in the company, valued at approximately $222,102,023.50. This represents a 21.09% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 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 value of $636,480.00. Following the transaction, the vice president owned 1,181 shares in the company, valued at $188,960. This trade represents a 77.11% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 0.20% of the company's stock.

Wall Street Analyst Weigh In

CVX has been the subject of a number of recent analyst reports. Morgan Stanley started coverage on Chevron in a report on Monday, August 4th. They set an "overweight" rating and a $174.00 target price for the company. Scotiabank restated a "sector perform" rating and issued a $160.00 price objective (up from $143.00) on shares of Chevron in a research report on Friday, July 11th. TD Cowen boosted their price objective on shares of Chevron from $150.00 to $155.00 and gave the company a "hold" rating in a research note on Monday, August 4th. Mizuho lowered their target price on shares of Chevron from $192.00 to $191.00 and set an "outperform" rating on the stock in a research note on Monday, September 15th. Finally, Bank of America raised their price target on shares of Chevron from $170.00 to $185.00 and gave the company a "buy" rating in a report on Wednesday, September 10th. Eleven equities research analysts have rated the stock with a Buy rating, nine have given a Hold rating and three have assigned a Sell rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of "Hold" and an average price target of $165.15.

Chevron Trading Up 0.6%

Shares of Chevron stock opened at $154.92 on Wednesday. The company has a debt-to-equity ratio of 0.16, a current ratio of 1.00 and a quick ratio of 0.74. Chevron Corporation has a 1 year low of $132.04 and a 1 year high of $168.96. The firm has a market cap of $267.70 billion, a PE ratio of 19.94, a PEG ratio of 1.99 and a beta of 0.84. The company has a 50 day simple moving average of $156.15 and a two-hundred day simple moving average of $148.84.

Chevron (NYSE:CVX - Get Free Report) last issued its quarterly earnings results on Friday, August 1st. The oil and gas company reported $1.77 EPS for the quarter, topping analysts' consensus estimates of $1.58 by $0.19. Chevron had a net margin of 7.02% and a return on equity of 9.90%. The firm had revenue of $44.82 billion for the quarter, compared to analyst estimates of $44.59 billion. During the same quarter in the prior year, the firm earned $2.55 EPS. The business's revenue for the quarter was down 12.4% compared to the same quarter last year. Analysts expect that Chevron Corporation will post 10.79 earnings per share for the current fiscal year.

Chevron Dividend Announcement

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