Chevron Corporation $CVX Shares Acquired by Alley Investment Management Company LLC

Key Points

• Alley Investment Management Company LLC increased its holdings in Chevron Corporation by 1.8% in the second quarter, owning 115,103 shares valued at approximately $16.48 million.
• Chevron's second-quarter earnings surpassed expectations, reporting $1.77 earnings per share compared to analysts' estimates of $1.58, although revenue was down 12.4% year over year.
• The company recently declared a quarterly dividend of $1.71 per share, yielding 4.4%, with a payout ratio currently at 88.03%.

Alley Investment Management Company LLC grew its holdings in Chevron Corporation (NYSE:CVX - Free Report) by 1.8% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 115,103 shares of the oil and gas company's stock after acquiring an additional 2,089 shares during the period. Chevron comprises approximately 2.0% of Alley Investment Management Company LLC's portfolio, making the stock its 21st largest position. Alley Investment Management Company LLC's holdings in Chevron were worth $16,482,000 as of its most recent SEC filing.

Several other institutional investors have also modified their holdings of the business. Broadway Wealth Solutions Inc. grew its stake in shares of Chevron by 5.2% in the second quarter. Broadway Wealth Solutions Inc. now owns 2,570 shares of the oil and gas company's stock worth $368,000 after acquiring an additional 126 shares in the last quarter. Powers Advisory Group LLC grew its stake in shares of Chevron by 3.5% in the second quarter. Powers Advisory Group LLC now owns 5,437 shares of the oil and gas company's stock worth $779,000 after acquiring an additional 186 shares in the last quarter. Bourgeon Capital Management LLC grew its stake in shares of Chevron by 8.6% in the second quarter. Bourgeon Capital Management LLC now owns 13,841 shares of the oil and gas company's stock worth $1,982,000 after acquiring an additional 1,097 shares in the last quarter. FMB Wealth Management grew its stake in shares of Chevron by 2.5% in the second quarter. FMB Wealth Management now owns 8,423 shares of the oil and gas company's stock worth $1,206,000 after acquiring an additional 208 shares in the last quarter. Finally, Chicago Capital LLC grew its stake in shares of Chevron by 5.0% in the second quarter. Chicago Capital LLC now owns 11,546 shares of the oil and gas company's stock worth $1,653,000 after acquiring an additional 551 shares in the last quarter. Institutional investors and hedge funds own 72.42% of the company's stock.

Insider Transactions at Chevron

In other news, Director John B. Hess sold 375,000 shares of the company's stock in a transaction dated 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 sale, the director directly owned 1,403,045 shares of the company's stock, valued at approximately $222,102,023.50. This represents a 21.09% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, VP Alana K. Knowles sold 3,978 shares of the company's stock in a transaction dated 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 sale, the vice president directly owned 1,181 shares of the company's stock, valued at $188,960. The trade was a 77.11% decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.20% of the stock is currently owned by corporate insiders.

Chevron Price Performance

Shares of CVX opened at $155.38 on Wednesday. Chevron Corporation has a 1-year low of $132.04 and a 1-year high of $168.96. The stock has a market cap of $268.50 billion, a PE ratio of 20.00, a price-to-earnings-growth ratio of 1.95 and a beta of 0.90. 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 fifty day moving average price of $156.27 and a 200 day moving average price of $149.14.

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 for the quarter, beating 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 during the quarter, compared to analysts' expectations of $44.59 billion. During the same period in the previous year, the company earned $2.55 earnings per share. Chevron's quarterly revenue was down 12.4% compared to the same quarter last year. As a group, sell-side analysts anticipate that Chevron Corporation will post 10.79 EPS for the current year.

Chevron Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Wednesday, September 10th. Stockholders of record on Tuesday, August 19th were 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 was Tuesday, August 19th. Chevron's dividend payout ratio is presently 88.03%.

Analyst Ratings Changes

Several equities research analysts have recently issued reports on the stock. Melius assumed coverage on shares of Chevron in a research report on Wednesday, August 20th. They set a "hold" rating and a $155.00 price objective for the company. Barclays reaffirmed an "equal weight" rating on shares of Chevron in a research report on Tuesday, July 15th. Bank of America lifted their price objective on shares of Chevron from $170.00 to $185.00 and gave the stock a "buy" rating in a research report on Wednesday, September 10th. Morgan Stanley assumed coverage on shares of Chevron in a research report on Monday, August 4th. They set an "overweight" rating and a $174.00 price objective for the company. Finally, Piper Sandler lifted their price objective 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. Eleven equities research analysts have rated the stock with a Buy rating, eight have given a Hold rating and three have assigned a Sell rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of "Hold" and a consensus target price of $165.05.

Chevron Company 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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