Centerstone Investors LLC Reduces Position in Chevron Corporation $CVX

Key Points

• Centerstone Investors LLC has significantly reduced its stake in Chevron Corporation by 70.0% during the first quarter, leaving it with 7,680 shares, which makes Chevron its 6th largest position.
• Several institutional investors, including Clark Capital Management Group Inc. and Banque Transatlantique SA, have increased their holdings in Chevron, with some boosts as high as 1,029.8%.
• Chevron reported an earnings per share (EPS) of $1.77 for the last quarter, beating estimates, though revenue fell 12.4% compared to the previous year.

Centerstone Investors LLC trimmed its position in Chevron Corporation (NYSE:CVX - Free Report) by 70.0% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 7,680 shares of the oil and gas company's stock after selling 17,881 shares during the quarter. Chevron makes up approximately 3.0% of Centerstone Investors LLC's portfolio, making the stock its 6th largest position. Centerstone Investors LLC's holdings in Chevron were worth $1,285,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Harvest Fund Management Co. Ltd boosted its holdings in shares of Chevron by 420.7% in the first quarter. Harvest Fund Management Co. Ltd now owns 151 shares of the oil and gas company's stock worth $25,000 after buying an additional 122 shares during the period. Elequin Capital LP purchased a new stake in shares of Chevron in the first quarter worth approximately $31,000. 10Elms LLP purchased a new stake in shares of Chevron in the fourth quarter worth approximately $29,000. IFS Advisors LLC lifted its position in shares of Chevron by 119.6% in the first quarter. IFS Advisors LLC now owns 213 shares of the oil and gas company's stock worth $36,000 after purchasing an additional 116 shares in the last quarter. Finally, Cloud Capital Management LLC purchased a new stake in shares of Chevron in the first quarter worth approximately $39,000. 72.42% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity at Chevron

In related 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 transaction, the director owned 1,403,045 shares of the company's stock, valued at approximately $222,102,023.50. This trade represents a 21.09% decrease in their ownership of the stock. 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 Chevron stock in a transaction that occurred on Friday, August 29th. The shares were sold at an average price of $160.00, for a total transaction of $636,480.00. Following the completion of the transaction, the vice president directly owned 1,181 shares in the company, valued at approximately $188,960. This represents a 77.11% decrease in their position. The disclosure for this sale can be found here. 0.21% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

A number of analysts have recently issued reports on CVX shares. HSBC lowered shares of Chevron from a "buy" rating to a "hold" rating and reduced their price target for the stock from $176.00 to $158.00 in a research report on Tuesday, May 13th. Hsbc Global Res lowered shares of Chevron from a "strong-buy" rating to a "hold" rating in a research report on Tuesday, May 13th. Morgan Stanley started coverage on shares of Chevron in a research report on Monday, August 4th. They issued an "overweight" rating and a $174.00 price target for the company. Piper Sandler increased their price target on shares of Chevron from $164.00 to $168.00 and gave the stock an "overweight" rating in a research report on Monday, August 18th. Finally, Melius Research started coverage on shares of Chevron in a research report on Wednesday, August 20th. They issued a "hold" rating and a $155.00 price target for the company. Eleven investment analysts have rated the stock with a Buy rating, eight have issued a Hold rating and three have given a Sell rating to the company. Based on data from MarketBeat.com, Chevron presently has a consensus rating of "Hold" and an average target price of $163.95.

Chevron Stock Down 2.4%

CVX traded down $3.86 during midday trading on Friday, hitting $153.83. 11,006,378 shares of the company's stock traded hands, compared to its average volume of 7,504,351. The company has a market cap of $265.81 billion, a PE ratio of 19.80, a price-to-earnings-growth ratio of 2.28 and a beta of 0.90. The stock's fifty day simple moving average is $153.69 and its 200-day simple moving average is $148.87. 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 one year low of $132.04 and a one year high of $168.96.

Chevron (NYSE:CVX - Get Free Report) last issued its quarterly earnings data on Friday, August 1st. The oil and gas company reported $1.77 earnings per share for the quarter, beating the consensus estimate of $1.58 by $0.19. The firm 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 revenue for the quarter was down 12.4% on a year-over-year basis. During the same quarter last year, the firm earned $2.55 earnings per share. As a group, equities analysts anticipate that Chevron Corporation will post 10.79 earnings per share for the current fiscal year.

Chevron Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, September 10th. Investors of record on Tuesday, August 19th will be given a dividend of $1.71 per share. This represents a $6.84 annualized dividend and a yield of 4.4%. The ex-dividend date of this dividend is Tuesday, August 19th. 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.