Chevron Corporation $CVX Shares Bought by West Oak Capital LLC

Key Points

• West Oak Capital LLC increased its stake in Chevron by 16.4% in Q2, now owning 21,806 shares worth approximately $3.12 million.
• Chevron reported an EPS of $1.77 for Q2, exceeding expectations, but revenue decreased 12.4% compared to the previous year.
• The company declared a quarterly dividend of $1.71 per share, translating to an annualized dividend yield of 4.4%.

West Oak Capital LLC grew its stake in shares of Chevron Corporation (NYSE:CVX - Free Report) by 16.4% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 21,806 shares of the oil and gas company's stock after acquiring an additional 3,072 shares during the period. Chevron comprises approximately 1.2% of West Oak Capital LLC's holdings, making the stock its 23rd biggest position. West Oak Capital LLC's holdings in Chevron were worth $3,122,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds also recently added to or reduced their stakes in the stock. Harvest Fund Management Co. Ltd lifted its position in shares of Chevron by 420.7% in the 1st 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 last quarter. Elequin Capital LP bought a new position in shares of Chevron in the 1st quarter worth about $31,000. IFS Advisors LLC lifted its position in shares of Chevron by 119.6% in the 1st quarter. IFS Advisors LLC now owns 213 shares of the oil and gas company's stock worth $36,000 after buying an additional 116 shares during the last quarter. Cloud Capital Management LLC bought a new position in shares of Chevron in the 1st quarter worth about $39,000. Finally, Investment Management Corp VA ADV lifted its position in shares of Chevron by 171.3% in the 1st quarter. Investment Management Corp VA ADV now owns 236 shares of the oil and gas company's stock worth $39,000 after buying an additional 149 shares during the last quarter. 72.42% of the stock is owned by institutional investors and hedge funds.

Chevron Stock Performance

Chevron stock opened at $156.16 on Tuesday. The firm's 50 day simple moving average is $155.33 and its 200-day simple moving average is $148.96. The company has a market cap of $269.84 billion, a P/E ratio of 20.10, a price-to-earnings-growth ratio of 1.96 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. Chevron Corporation has a fifty-two week low of $132.04 and a fifty-two week high of $168.96.

Chevron (NYSE:CVX - Get Free Report) last posted its quarterly earnings results on Friday, August 1st. The oil and gas company reported $1.77 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 firm's quarterly revenue was down 12.4% compared to the same quarter last year. During the same period last year, the company posted $2.55 earnings per share. As a group, equities research analysts predict that Chevron Corporation will post 10.79 EPS for the current year.

Chevron Dividend Announcement

The business also recently declared 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. This represents a $6.84 annualized dividend and a dividend yield of 4.4%. The ex-dividend date was Tuesday, August 19th. Chevron's dividend payout ratio (DPR) is currently 88.03%.

Analysts Set New Price Targets

CVX has been the topic of a number of recent research reports. Bank of America raised their price target 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. Raymond James Financial restated an "outperform" rating on shares of Chevron in a research report on Friday, August 1st. Melius began coverage on shares of Chevron in a report on Wednesday, August 20th. They issued a "hold" rating and a $155.00 price objective on the stock. Barclays reaffirmed an "equal weight" rating on shares of Chevron in a report on Tuesday, July 15th. Finally, UBS Group increased their price objective on shares of Chevron from $186.00 to $197.00 and gave the stock a "buy" rating in a report on Wednesday, August 20th. Eleven equities research analysts have rated the stock with a Buy rating, eight have assigned a Hold rating and three have given a Sell rating to the company. Based on data from MarketBeat, the company has an average rating of "Hold" and an average target price of $165.05.

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 completion of the sale, 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 transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, VP Alana K. Knowles sold 3,978 shares of the firm'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 transaction of $636,480.00. Following the sale, the vice president owned 1,181 shares of the company's stock, valued at approximately $188,960. This represents a 77.11% decrease in their ownership of the stock. The disclosure for this sale can be found here. Company insiders own 0.20% of the company's stock.

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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