Chevron Corporation $CVX Shares Acquired by Liberty One Investment Management LLC

Key Points

• Liberty One Investment Management LLC increased its holdings in Chevron by 8.4% during the second quarter, now owning 33,016 shares valued at approximately $4.7 million.
• Insider trading included significant sales by VP Alana K. Knowles and Director John B. Hess, with Hess selling 375,000 shares for over $59 million, representing a 21.09% decrease in his ownership.
• Chevron reported $1.77 EPS for its latest quarter, exceeding expectations, although revenue was down 12.4% year-over-year.

Liberty One Investment Management LLC lifted its position in shares of Chevron Corporation (NYSE:CVX - Free Report) by 8.4% in the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 33,016 shares of the oil and gas company's stock after buying an additional 2,563 shares during the period. Liberty One Investment Management LLC's holdings in Chevron were worth $4,728,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors have also made changes to their positions in the company. Harvest Fund Management Co. Ltd boosted its position in shares of 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 worth $25,000 after purchasing an additional 122 shares during the period. Elequin Capital LP purchased a new position in shares of Chevron during the 1st quarter worth approximately $31,000. Cloud Capital Management LLC purchased a new position in shares of Chevron during the 1st quarter worth approximately $39,000. Investment Management Corp VA ADV boosted its position in shares of Chevron by 171.3% during the 1st quarter. Investment Management Corp VA ADV now owns 236 shares of the oil and gas company's stock worth $39,000 after purchasing an additional 149 shares during the period. Finally, GFG Capital LLC purchased a new position in shares of Chevron during the 2nd quarter worth approximately $42,000. Institutional investors and hedge funds own 72.42% of the company's stock.

Insider Buying and Selling at Chevron

In other news, VP Alana K. Knowles sold 3,978 shares of Chevron stock in a transaction 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 sale, 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 position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director John B. Hess sold 375,000 shares of Chevron stock in a transaction on Friday, August 22nd. The stock was sold at an average price of $158.30, for a total transaction of $59,362,500.00. Following the sale, the director 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. 0.20% of the stock is currently owned by insiders.

Chevron Price Performance

Chevron stock opened at $154.53 on Tuesday. The stock has a market cap of $267.02 billion, a P/E ratio of 19.89, a price-to-earnings-growth ratio of 2.02 and a beta of 0.84. The company has a fifty day simple moving average of $156.05 and a 200-day simple moving average of $148.04. Chevron Corporation has a 12-month low of $132.04 and a 12-month high of $168.96. The company has a current ratio of 1.00, a quick ratio of 0.74 and a debt-to-equity ratio of 0.16.

Chevron (NYSE:CVX - Get Free Report) last released its quarterly earnings data on Friday, August 1st. The oil and gas company reported $1.77 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.58 by $0.19. The business had revenue of $44.82 billion during the quarter, compared to analysts' expectations 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 period in the previous year, the company earned $2.55 EPS. Equities analysts expect that Chevron Corporation will post 10.79 EPS for the current fiscal year.

Chevron Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, September 10th. Stockholders of record on Tuesday, August 19th were given a dividend of $1.71 per share. This represents a $6.84 annualized dividend and a dividend yield of 4.4%. The ex-dividend date of this dividend was Tuesday, August 19th. Chevron's payout ratio is 88.03%.

Analyst Upgrades and Downgrades

A number of equities analysts recently weighed in on the stock. Piper Sandler increased 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. Scotiabank raised their price target on shares of Chevron from $160.00 to $165.00 and gave the company a "sector perform" rating in a research report on Thursday, October 9th. Evercore ISI reissued an "outperform" rating and issued a $180.00 price target on shares of Chevron in a research report on Thursday, July 31st. Mizuho decreased their price target on shares of Chevron from $192.00 to $191.00 and set an "outperform" rating for the company in a research report on Monday, September 15th. Finally, Melius Research assumed 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 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 company's stock. According to MarketBeat.com, the company presently has a consensus rating of "Hold" and a consensus price target of $165.25.

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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