Chevron Corporation $CVX Shares Bought by Sterling Investment Advisors Ltd.

Key Points

• Sterling Investment Advisors Ltd. increased its stake in Chevron Corporation by 14.9%, owning a total of 30,565 shares valued at approximately $4.38 million as of the latest SEC filing.
• Insider transactions included Director John B. Hess selling 375,000 shares for over $59 million, reducing his position by 21.09%.
• Chevron's recent earnings report showed an EPS of $1.77, exceeding expectations, though revenue declined by 12.4% compared to the previous year.

Sterling Investment Advisors Ltd. grew its stake in shares of Chevron Corporation (NYSE:CVX - Free Report) by 14.9% during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 30,565 shares of the oil and gas company's stock after buying an additional 3,956 shares during the quarter. Sterling Investment Advisors Ltd.'s holdings in Chevron were worth $4,377,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors have also modified their holdings of the company. Harvest Fund Management Co. Ltd lifted 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 valued at $25,000 after acquiring an additional 122 shares during the last quarter. Elequin Capital LP acquired a new stake in Chevron during the 1st quarter worth about $31,000. IFS Advisors LLC boosted its holdings in shares of Chevron by 119.6% during 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 during the period. Cloud Capital Management LLC purchased a new position in shares of Chevron during the 1st quarter valued at $39,000. Finally, Investment Management Corp VA ADV grew its stake in Chevron by 171.3% in the first quarter. Investment Management Corp VA ADV now owns 236 shares of the oil and gas company's stock valued at $39,000 after purchasing an additional 149 shares in the last quarter. Institutional investors and hedge funds own 72.42% of the company's stock.

Insiders Place Their Bets

In related news, Director John B. Hess sold 375,000 shares of the company's stock in a transaction 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 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 position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, VP Alana K. Knowles sold 3,978 shares of the firm's stock in a transaction dated Friday, August 29th. The stock was 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 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. 0.20% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

Several brokerages have recently commented on CVX. Barclays restated an "equal weight" rating on shares of Chevron in a research note on Tuesday, July 15th. Piper Sandler upped their price target on Chevron from $164.00 to $168.00 and gave the stock an "overweight" rating in a report on Monday, August 18th. Morgan Stanley began coverage on shares of Chevron in a research note on Monday, August 4th. They issued an "overweight" rating and a $174.00 target price for the company. Raymond James Financial reaffirmed an "outperform" rating on shares of Chevron in a research report on Friday, August 1st. Finally, Melius began coverage on Chevron in a report on Wednesday, August 20th. They set a "hold" rating and a $155.00 price objective on the stock. Eleven research analysts have rated the stock with a Buy rating, eight have issued a Hold rating and three have assigned a Sell rating to the company. According to MarketBeat, the company currently has an average rating of "Hold" and an average price target of $165.05.

Chevron Stock Down 2.5%

Shares of NYSE CVX opened at $156.13 on Tuesday. Chevron Corporation has a 1 year low of $132.04 and a 1 year high of $168.96. The firm has a market capitalization of $269.79 billion, a PE ratio of 20.09, a price-to-earnings-growth ratio of 2.00 and a beta of 0.90. The company has a current ratio of 1.00, a quick ratio of 0.74 and a debt-to-equity ratio of 0.16. The firm's 50-day moving average is $156.17 and its 200-day moving average is $149.09.

Chevron (NYSE:CVX - Get Free Report) last issued 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. The company 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 business's revenue for the quarter was down 12.4% compared to the same quarter last year. During the same quarter in the previous year, the company posted $2.55 EPS. Equities analysts expect that Chevron Corporation will post 10.79 EPS for the current year.

Chevron Dividend Announcement

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

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.