Chevron Corporation $CVX Shares Sold by Anchor Capital Advisors LLC

Key Points

• Anchor Capital Advisors reduced its Chevron position by 8% in the second quarter, selling 9,352 shares and retaining 108,213 shares valued at approximately $17.9 million. Institutional investors and hedge funds collectively own 72.42% of Chevron.
• Chevron insiders sold 1.15 million shares worth about $225.9 million over the past 90 days, while insiders own just 0.56% of the company’s stock.
• Analysts maintain a generally positive outlook, with Chevron rated “Moderate Buy” and an average price target of $211.35. The company also reported quarterly EPS of $6.06, revenue of $67.2 billion, and announced a quarterly dividend of $1.78 per share.

Anchor Capital Advisors LLC decreased its position in Chevron Corporation (NYSE:CVX - Free Report) by 8.0% in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 108,213 shares of the oil and gas company's stock after selling 9,352 shares during the period. Anchor Capital Advisors LLC's holdings in Chevron were worth $17,937,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds have also modified their holdings of the company. California State Teachers Retirement System boosted its holdings in Chevron by 19,425.5% in the second quarter. California State Teachers Retirement System now owns 432,663,934 shares of the oil and gas company's stock valued at $71,718,374,000 after purchasing an additional 430,448,040 shares during the last quarter. BlackRock Inc. acquired a new position in shares of Chevron in the 2nd quarter valued at about $25,663,729,000. State Street Corp boosted its stake in shares of Chevron by 9.1% in the third quarter. State Street Corp now owns 152,605,988 shares of the oil and gas company's stock worth $23,698,184,000 after buying an additional 12,789,399 shares during the last quarter. Berkshire Hathaway Inc grew its holdings in Chevron by 6.6% during the fourth quarter. Berkshire Hathaway Inc now owns 130,156,362 shares of the oil and gas company's stock worth $19,837,131,000 after acquiring an additional 8,091,570 shares during the period. Finally, Geode Capital Management LLC raised its position in Chevron by 0.3% during the fourth quarter. Geode Capital Management LLC now owns 43,613,011 shares of the oil and gas company's stock valued at $6,620,187,000 after acquiring an additional 134,890 shares in the last quarter. 72.42% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling at Chevron

In other news, insider R. Pate sold 2,470 shares of the company's stock in a transaction on Tuesday, August 18th. The shares were sold at an average price of $205.11, for a total transaction of $506,621.70. Following the completion of the sale, the insider owned 10,794 shares of the company's stock, valued at $2,213,957.34. This represents a 18.62% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Andrew Walz sold 16,800 shares of the firm's stock in a transaction dated Monday, August 17th. The stock was sold at an average price of $201.06, for a total transaction of $3,377,808.00. Following the completion of the transaction, the insider directly owned 14 shares in the company, valued at approximately $2,814.84. This represents a 99.92% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last 90 days, insiders sold 1,152,582 shares of company stock worth $225,853,661. Company insiders own 0.56% of the company's stock.

Wall Street Analyst Weigh In

A number of brokerages have recently commented on CVX. Wells Fargo & Company raised their price objective on shares of Chevron from $226.00 to $230.00 and gave the stock an "overweight" rating in a research note on Thursday. Weiss Ratings upgraded shares of Chevron from a "hold (c)" rating to a "buy (b)" rating in a research report on Tuesday, August 11th. Morgan Stanley upped their price objective on shares of Chevron from $210.00 to $218.00 and gave the stock an "overweight" rating in a research report on Wednesday, August 19th. Wolfe Research raised shares of Chevron from a "peer perform" rating to an "outperform" rating and set a $210.00 target price on the stock in a research note on Thursday, July 2nd. Finally, Jefferies Financial Group restated a "buy" rating and issued a $216.00 price target on shares of Chevron in a research note on Friday, July 10th. Twenty research analysts have rated the stock with a Buy rating, five have issued a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, Chevron currently has an average rating of "Moderate Buy" and an average target price of $211.35.

Chevron Trading Down 0.1%

Shares of Chevron stock opened at $208.48 on Tuesday. The firm has a market capitalization of $411.91 billion, a PE ratio of 19.99, a P/E/G ratio of 0.61 and a beta of 0.50. Chevron Corporation has a twelve month low of $146.49 and a twelve month high of $214.71. The firm's 50-day moving average price is $191.90 and its 200 day moving average price is $190.01. The company has a current ratio of 1.25, a quick ratio of 0.98 and a debt-to-equity ratio of 0.19.

Chevron (NYSE:CVX - Get Free Report) last posted its quarterly earnings data on Friday, July 31st. The oil and gas company reported $6.06 EPS for the quarter, topping the consensus estimate of $5.55 by $0.51. Chevron had a return on equity of 11.09% and a net margin of 9.57%.The company had revenue of $67.20 billion during the quarter, compared to analyst estimates of $62.72 billion. During the same period in the previous year, the business earned $1.77 EPS. Chevron's quarterly revenue was up 57.4% on a year-over-year basis. On average, sell-side analysts predict that Chevron Corporation will post 16.51 EPS for the current fiscal year.

Chevron Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, September 10th. Shareholders of record on Wednesday, August 19th will be issued a $1.78 dividend. The ex-dividend date is Wednesday, August 19th. This represents a $7.12 dividend on an annualized basis and a yield of 3.4%. Chevron's dividend payout ratio (DPR) is presently 68.26%.

About Chevron

Chevron Corporation NYSE: CVX is an American multinational energy company engaged in virtually all aspects of the oil and gas industry. As an integrated energy firm, Chevron's core activities include upstream oil and natural gas exploration and production, midstream transportation and storage, downstream refining and marketing of fuels and lubricants, and petrochemical manufacturing through joint ventures and subsidiaries. The company markets fuels under brands such as Chevron, Texaco and Caltex and supplies a range of products and services to retail customers, industrial users and commercial fleets worldwide.

Chevron traces its corporate lineage to the early petroleum companies that eventually became Standard Oil of California and has evolved through significant mergers and restructurings, including the acquisitions of Gulf Oil and Texaco.

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