Chelsea Counsel Co. Sells 4,778 Shares of Chevron Corporation $CVX

Key Points

• Chelsea Counsel Co. reduced its Chevron Corporation holdings by 11.8%, selling 4,778 shares in the first quarter, leaving it with 35,884 shares valued at about $6,003,000.
• The company recently declared a quarterly dividend of $1.71 per share, translating to an annualized dividend of $6.84 and a yield of 4.4%.
• Chevron's stock has been rated by analysts with a consensus of 11 Buy, 8 Hold, and 3 Sell ratings, and its current consensus target price is $163.95.

Chelsea Counsel Co. decreased its holdings in shares of Chevron Corporation (NYSE:CVX - Free Report) by 11.8% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 35,884 shares of the oil and gas company's stock after selling 4,778 shares during the period. Chevron makes up about 3.3% of Chelsea Counsel Co.'s portfolio, making the stock its 10th largest position. Chelsea Counsel Co.'s holdings in Chevron were worth $6,003,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently made changes to their positions in CVX. Bank Pictet & Cie Europe AG raised its holdings in shares of Chevron by 7.9% in the fourth quarter. Bank Pictet & Cie Europe AG now owns 35,985 shares of the oil and gas company's stock valued at $5,212,000 after purchasing an additional 2,641 shares during the last quarter. Lighthouse Investment Partners LLC bought a new position in Chevron during the fourth quarter valued at about $7,741,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its position in Chevron by 2.0% during the fourth quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 206,564 shares of the oil and gas company's stock valued at $29,908,000 after buying an additional 4,106 shares during the period. NDVR Inc. bought a new position in Chevron during the fourth quarter valued at about $217,000. Finally, Mork Capital Management LLC grew its position in Chevron by 4.5% during the fourth quarter. Mork Capital Management LLC now owns 6,970 shares of the oil and gas company's stock valued at $1,010,000 after buying an additional 300 shares during the period. Hedge funds and other institutional investors own 72.42% of the company's stock.

Analyst Ratings Changes

CVX has been the subject of several research reports. Piper Sandler increased their price target on shares of Chevron from $164.00 to $168.00 and gave the company an "overweight" rating in a research report on Monday, August 18th. Hsbc Global Res lowered shares of Chevron from a "strong-buy" rating to a "hold" rating in a research report on Tuesday, May 13th. UBS Group increased their price target on shares of Chevron from $186.00 to $197.00 and gave the company a "buy" rating in a research report on Wednesday, August 20th. HSBC lowered shares of Chevron from a "buy" rating to a "hold" rating and reduced their price target for the company from $176.00 to $158.00 in a research report on Tuesday, May 13th. Finally, Melius Research initiated coverage on shares of Chevron in a research report on Wednesday, August 20th. They set a "hold" rating and a $155.00 target price for the company. Eleven investment 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. Based on data from MarketBeat, the stock currently has a consensus rating of "Hold" and a consensus target price of $163.95.

Chevron Price Performance

Shares of NYSE:CVX opened at $156.99 on Wednesday. Chevron Corporation has a twelve month low of $132.04 and a twelve month high of $168.96. The firm has a market capitalization of $271.28 billion, a PE ratio of 20.18, a P/E/G ratio of 2.28 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 company has a 50-day moving average price of $154.09 and a two-hundred day moving average price of $148.82.

Chevron (NYSE:CVX - Get Free Report) last announced its quarterly earnings results on Friday, August 1st. The oil and gas company reported $1.77 earnings per share (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 the consensus estimate of $44.59 billion. During the same period in the prior year, the firm posted $2.55 earnings per share. The company's revenue for the quarter was down 12.4% on a year-over-year basis. Equities analysts forecast that Chevron Corporation will post 10.79 EPS for the current year.

Chevron Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Wednesday, September 10th. Stockholders of record on Tuesday, August 19th will be issued a $1.71 dividend. This represents a $6.84 dividend on an annualized basis and a dividend yield of 4.4%. The ex-dividend date of this dividend is Tuesday, August 19th. Chevron's dividend payout ratio is presently 88.03%.

Insider Buying and Selling

In related news, VP Alana K. Knowles sold 3,978 shares of the firm's stock in a transaction that occurred 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 trade represents a 77.11% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, 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 sale, the director directly owned 1,403,045 shares in the company, valued at $222,102,023.50. This represents a 21.09% decrease in their ownership of the stock. The disclosure for this sale can be found here. Company insiders own 0.20% of the company's stock.

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.

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