Ameriflex Group Inc. Has $3.16 Million Stock Position in Chevron Corporation $CVX

Key Points

• Ameriflex Group Inc. significantly increased its stake in Chevron Corporation by 72.9%, making Chevron the fund's 10th largest position with holdings valued at $3.16 million.
• Chevron's quarterly earnings report exceeded estimates, with $1.77 EPS compared to the consensus estimate of $1.58 EPS, despite a 12.4% decline in revenue year-over-year.
• The company declared a quarterly dividend of $1.71 per share, with a 4.3% yield and a payout ratio of 88.03%, scheduled for payment on September 10th.

Ameriflex Group Inc. grew its holdings in Chevron Corporation (NYSE:CVX - Free Report) by 72.9% in the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 18,907 shares of the oil and gas company's stock after buying an additional 7,970 shares during the period. Chevron accounts for about 1.3% of Ameriflex Group Inc.'s portfolio, making the stock its 10th biggest holding. Ameriflex Group Inc.'s holdings in Chevron were worth $3,163,000 at the end of the most recent quarter.

A number of other hedge funds also recently made changes to their positions in CVX. CoreCap Advisors LLC increased its stake in shares of Chevron by 0.3% during the fourth quarter. CoreCap Advisors LLC now owns 28,248 shares of the oil and gas company's stock worth $4,091,000 after purchasing an additional 71 shares during the period. GDS Wealth Management increased its stake in shares of Chevron by 4.4% during the first quarter. GDS Wealth Management now owns 1,706 shares of the oil and gas company's stock worth $285,000 after purchasing an additional 72 shares during the period. AIMZ Investment Advisors LLC increased its stake in shares of Chevron by 4.2% during the first quarter. AIMZ Investment Advisors LLC now owns 1,783 shares of the oil and gas company's stock worth $298,000 after purchasing an additional 72 shares during the period. Clayton Financial Group LLC grew its position in Chevron by 4.6% during the first quarter. Clayton Financial Group LLC now owns 1,702 shares of the oil and gas company's stock worth $285,000 after buying an additional 75 shares in the last quarter. Finally, Gill Capital Partners LLC grew its position in Chevron by 4.9% during the first quarter. Gill Capital Partners LLC now owns 1,619 shares of the oil and gas company's stock worth $271,000 after buying an additional 75 shares in the last quarter. 72.42% of the stock is owned by institutional investors and hedge funds.

Insider Activity at Chevron

In other Chevron news, 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 transaction, the vice president directly owned 1,181 shares of the company's stock, valued at approximately $188,960. The trade was a 77.11% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director John B. Hess sold 375,000 shares of the business'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 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 trade represents a 21.09% 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 Trading Down 0.0%

Shares of Chevron stock traded down $0.06 on Thursday, hitting $158.00. The stock had a trading volume of 5,106,081 shares, compared to its average volume of 9,268,786. The stock has a 50 day moving average of $153.22 and a 200 day moving average of $148.92. 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 $273.03 billion, a P/E ratio of 20.34, a PEG ratio of 2.38 and a beta of 0.90. The company has a debt-to-equity ratio of 0.16, a quick ratio of 0.74 and a current ratio of 1.00.

Chevron (NYSE:CVX - Get Free Report) last announced its earnings results on Friday, August 1st. The oil and gas company reported $1.77 EPS for the quarter, beating 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 business had revenue of $44.82 billion for the quarter, compared to analysts' expectations of $44.59 billion. During the same period in the prior year, the business posted $2.55 earnings per share. The firm's revenue was down 12.4% on a year-over-year basis. Sell-side 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 will be paid on Wednesday, September 10th. Investors of record on Tuesday, August 19th will be issued a $1.71 dividend. The ex-dividend date is Tuesday, August 19th. This represents a $6.84 annualized dividend and a yield of 4.3%. Chevron's dividend payout ratio is presently 88.03%.

Wall Street Analysts Forecast Growth

A number of brokerages recently issued reports on CVX. Hsbc Global Res downgraded Chevron from a "strong-buy" rating to a "hold" rating in a research report on Tuesday, May 13th. HSBC cut Chevron from a "buy" rating to a "hold" rating and cut their target price for the stock from $176.00 to $158.00 in a research note on Tuesday, May 13th. Melius Research began coverage on Chevron in a research note on Wednesday, August 20th. They set a "hold" rating and a $155.00 target price for the company. Evercore ISI restated an "outperform" rating and set a $180.00 target price on shares of Chevron in a research note on Thursday, July 31st. Finally, Melius began coverage on Chevron in a research note on Wednesday, August 20th. They set a "hold" rating and a $155.00 target price for the company. Eleven research analysts have rated the stock with a Buy rating, eight have issued a Hold rating and three have given a Sell rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of "Hold" and a consensus price target of $163.95.

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.