Burns J W & Co. Inc. NY Sells 9,096 Shares of Chevron Corporation $CVX

Key Points

• Burns J W & Co. Inc. NY reduced its stake in Chevron Corporation by 11.4%, selling 9,096 shares and now holds 70,545 shares valued at approximately $10.1 million.
• Chevron's quarterly earnings showed an EPS of $1.77, surpassing estimates, although revenue declined 12.4% year-over-year.
• The company announced a quarterly dividend of $1.71, translating to an annualized dividend of $6.84 and a yield of 4.3%.

Burns J W & Co. Inc. NY lessened its position in shares of Chevron Corporation (NYSE:CVX - Free Report) by 11.4% in the 2nd quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 70,545 shares of the oil and gas company's stock after selling 9,096 shares during the quarter. Chevron makes up about 1.2% of Burns J W & Co. Inc. NY's holdings, making the stock its 21st largest position. Burns J W & Co. Inc. NY's holdings in Chevron were worth $10,101,000 at the end of the most recent quarter.

Several other institutional investors have also recently added to or reduced their stakes in the company. Sage Capital Advisors llc grew its holdings in shares of Chevron by 2.2% during the 1st quarter. Sage Capital Advisors llc now owns 42,421 shares of the oil and gas company's stock worth $7,097,000 after purchasing an additional 919 shares during the period. CCG Wealth Management LLC grew its holdings in shares of Chevron by 2.3% during the 1st quarter. CCG Wealth Management LLC now owns 6,334 shares of the oil and gas company's stock worth $1,060,000 after purchasing an additional 145 shares during the period. Ignite Planners LLC grew its holdings in shares of Chevron by 14.1% during the 1st quarter. Ignite Planners LLC now owns 12,316 shares of the oil and gas company's stock worth $2,060,000 after purchasing an additional 1,519 shares during the period. Vista Capital Partners Inc. grew its holdings in shares of Chevron by 9.1% during the 1st quarter. Vista Capital Partners Inc. now owns 5,938 shares of the oil and gas company's stock worth $993,000 after purchasing an additional 495 shares during the period. Finally, Oregon Public Employees Retirement Fund boosted its holdings in Chevron by 0.5% in the 1st quarter. Oregon Public Employees Retirement Fund now owns 143,914 shares of the oil and gas company's stock worth $24,075,000 after acquiring an additional 675 shares during the period. Institutional investors and hedge funds own 72.42% of the company's stock.

Chevron Stock Performance

Shares of NYSE:CVX traded down $2.73 during trading on Friday, reaching $156.11. The stock had a trading volume of 16,709,599 shares, compared to its average volume of 7,286,043. Chevron Corporation has a 52 week low of $132.04 and a 52 week high of $168.96. The firm has a market capitalization of $269.76 billion, a price-to-earnings ratio of 20.09, a P/E/G ratio of 1.96 and a beta of 0.90. The company has a quick ratio of 0.74, a current ratio of 1.00 and a debt-to-equity ratio of 0.16. The stock has a fifty day simple moving average of $155.24 and a two-hundred day simple moving average of $148.99.

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 analysts' consensus estimates 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 company's quarterly revenue was down 12.4% compared to the same quarter last year. During the same quarter last year, the firm posted $2.55 earnings per share. As a group, analysts anticipate that Chevron Corporation will post 10.79 earnings per share for the current fiscal year.

Chevron Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, September 10th. Shareholders of record on Tuesday, August 19th were issued a dividend of $1.71 per share. The ex-dividend date of this dividend 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 is currently 88.03%.

Insider Transactions at Chevron

In other news, Director John B. Hess sold 375,000 shares of the firm's stock in a transaction that occurred on 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 transaction, the director directly owned 1,403,045 shares of the company's stock, valued at $222,102,023.50. This trade represents a 21.09% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, 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 value of $636,480.00. Following the sale, 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 position. The disclosure for this sale can be found here. Corporate insiders own 0.21% of the company's stock.

Wall Street Analyst Weigh In

CVX has been the subject of a number of analyst reports. Evercore ISI restated an "outperform" rating and issued a $180.00 price target on shares of Chevron in a report on Thursday, July 31st. Raymond James Financial restated an "outperform" rating on shares of Chevron in a report on Friday, August 1st. Morgan Stanley initiated coverage on Chevron in a report on Monday, August 4th. They issued an "overweight" rating and a $174.00 price target for the company. Scotiabank restated a "sector perform" rating and issued a $160.00 price target (up previously from $143.00) on shares of Chevron in a report on Friday, July 11th. Finally, Melius initiated coverage on Chevron in a research report on Wednesday, August 20th. They issued a "hold" rating and a $155.00 target price on the stock. 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 stock. According to data from MarketBeat.com, Chevron presently has an average rating of "Hold" and a consensus price target of $165.05.

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.