Callahan Advisors LLC Has $12.67 Million Position in Chevron Corporation $CVX

Key Points

• Callahan Advisors LLC has reduced its position in Chevron Corporation by 13.7% during the 2nd quarter, leaving them with 88,501 shares valued at approximately $12.67 million.
• Chemical and energy company Chevron reported a quarterly earnings of $1.77 per share, exceeding the consensus estimate, but noted a 12.4% decline in revenue year-over-year.
• Chevron has announced a quarterly dividend of $1.71, representing an annualized yield of 4.5% and a payout ratio of 88.03%.

Callahan Advisors LLC reduced its position in shares of Chevron Corporation (NYSE:CVX - Free Report) by 13.7% during the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 88,501 shares of the oil and gas company's stock after selling 14,099 shares during the quarter. Callahan Advisors LLC's holdings in Chevron were worth $12,673,000 at the end of the most recent quarter.

Other large investors also recently added to or reduced their stakes in the company. Harvest Fund Management Co. Ltd raised its stake in Chevron by 420.7% during the 1st quarter. Harvest Fund Management Co. Ltd now owns 151 shares of the oil and gas company's stock valued at $25,000 after purchasing an additional 122 shares during the period. Elequin Capital LP acquired a new stake in shares of Chevron during the 1st quarter valued at $31,000. Cloud Capital Management LLC purchased a new position in shares of Chevron during the 1st quarter valued at $39,000. Investment Management Corp VA ADV increased its stake in shares of Chevron by 171.3% in the first quarter. Investment Management Corp VA ADV now owns 236 shares of the oil and gas company's stock worth $39,000 after acquiring an additional 149 shares during the last quarter. Finally, GFG Capital LLC purchased a new stake in shares of Chevron during the second quarter worth $42,000. 72.42% of the stock is owned by institutional investors and hedge funds.

Chevron Stock Down 0.3%

Shares of Chevron stock opened at $151.99 on Thursday. The stock has a 50-day simple moving average of $156.10 and a 200-day simple moving average of $148.36. Chevron Corporation has a 52-week low of $132.04 and a 52-week high of $168.96. The company has a debt-to-equity ratio of 0.16, a current ratio of 1.00 and a quick ratio of 0.74. The firm has a market cap of $262.63 billion, a price-to-earnings ratio of 19.56, a P/E/G ratio of 1.99 and a beta of 0.84.

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

Chevron Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Wednesday, September 10th. Investors of record on Tuesday, August 19th were issued a $1.71 dividend. This represents a $6.84 annualized dividend and a yield of 4.5%. The ex-dividend date was Tuesday, August 19th. Chevron's payout ratio is 88.03%.

Analysts Set New Price Targets

A number of brokerages have commented on CVX. Piper Sandler boosted their target price on Chevron from $164.00 to $168.00 and gave the company an "overweight" rating in a research note on Monday, August 18th. Raymond James Financial reiterated 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 set an "overweight" rating and a $174.00 price target for the company. Weiss Ratings reiterated a "hold (c)" rating on shares of Chevron in a report on Wednesday, October 8th. Finally, Scotiabank lifted their price target on Chevron from $160.00 to $165.00 and gave the company a "sector perform" rating in a report on Thursday, October 9th. 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. According to data from MarketBeat.com, the stock presently has a consensus rating of "Hold" and an average target price of $165.40.

Insider Activity at Chevron

In related news, Director John B. Hess sold 375,000 shares of the business's stock in a transaction that occurred 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 sale, the director directly owned 1,403,045 shares in the company, valued at approximately $222,102,023.50. The trade was a 21.09% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, VP Alana K. Knowles sold 3,978 shares of the business'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 value of $636,480.00. Following the completion of the sale, the vice president owned 1,181 shares of the company's stock, valued at approximately $188,960. This trade represents a 77.11% 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 insiders.

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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