Ancora Advisors LLC Sells 2,724 Shares of Chevron Corporation $CVX

Key Points

• Ancora Advisors LLC reduced its position in Chevron Corporation by 1.1%, owning 246,329 shares valued at approximately $41 million.
• Chevron's quarterly earnings exceeded expectations with reported EPS of $1.77, beating the consensus estimate of $1.58 despite a revenue decline of 12.4% year-over-year.
• The company announced a quarterly dividend of $1.71 per share, representing a 4.2% yield, scheduled for payment on September 10th.

Ancora Advisors LLC decreased its stake in shares of Chevron Corporation (NYSE:CVX - Free Report) by 1.1% during the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 246,329 shares of the oil and gas company's stock after selling 2,724 shares during the period. Chevron accounts for approximately 0.9% of Ancora Advisors LLC's holdings, making the stock its 24th biggest holding. Ancora Advisors LLC's holdings in Chevron were worth $41,208,000 as of its most recent SEC filing.

A number of other hedge funds have also recently added to or reduced their stakes in CVX. Harvest Fund Management Co. Ltd boosted its holdings in Chevron by 420.7% in the first 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 shares of Chevron in the 1st quarter valued at approximately $31,000. 10Elms LLP acquired a new stake in shares of Chevron in the 4th quarter valued at approximately $29,000. IFS Advisors LLC increased its holdings in shares of Chevron by 119.6% in the first quarter. IFS Advisors LLC now owns 213 shares of the oil and gas company's stock worth $36,000 after acquiring an additional 116 shares in the last quarter. Finally, Cloud Capital Management LLC bought a new stake in shares of Chevron in the first quarter worth about $39,000. Institutional investors own 72.42% of the company's stock.

Wall Street Analysts Forecast Growth

Several brokerages have issued reports on CVX. Evercore ISI restated an "outperform" rating and issued a $180.00 price target on shares of Chevron in a report on Thursday, July 31st. Morgan Stanley assumed coverage on Chevron in a research report on Monday, August 4th. They set an "overweight" rating and a $174.00 price target for the company. HSBC downgraded Chevron from a "buy" rating to a "hold" rating and lowered their price target for the stock from $176.00 to $158.00 in a research report on Tuesday, May 13th. Raymond James Financial restated an "outperform" rating on shares of Chevron in a report on Friday, August 1st. Finally, Barclays restated an "equal weight" rating on shares of Chevron in a report on Tuesday, July 15th. 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 stock. Based on data from MarketBeat, Chevron currently has an average rating of "Hold" and a consensus target price of $163.95.

Chevron Price Performance

Chevron stock traded down $0.06 during mid-day trading on Thursday, reaching $158.00. The company had a trading volume of 7,240,482 shares, compared to its average volume of 7,467,736. The company has a market cap of $273.03 billion, a P/E ratio of 20.34, a P/E/G ratio of 2.34 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 business has a fifty day simple moving average of $153.49 and a 200 day simple moving average of $148.94. 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 released its quarterly earnings results on Friday, August 1st. The oil and gas company reported $1.77 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.58 by $0.19. The firm had revenue of $44.82 billion during the quarter, compared to the consensus estimate 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 quarter last year, the firm earned $2.55 earnings per share. On average, equities research analysts predict that Chevron Corporation will post 10.79 earnings per share for the current year.

Chevron Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, September 10th. Stockholders of record on Tuesday, August 19th will be paid a dividend of $1.71 per share. The ex-dividend date of this dividend is Tuesday, August 19th. This represents a $6.84 annualized dividend and a dividend yield of 4.3%. Chevron's dividend payout ratio (DPR) is presently 88.03%.

Insider Buying and Selling at Chevron

In other Chevron news, Director John B. Hess sold 375,000 shares of the business's stock in a transaction that occurred on Friday, August 22nd. The stock was sold at an average price of $158.30, for a total value of $59,362,500.00. Following the transaction, the director directly owned 1,403,045 shares of the company's stock, valued at approximately $222,102,023.50. The trade was a 21.09% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, VP Alana K. Knowles sold 3,978 shares of the business's stock in a transaction that occurred on Friday, August 29th. The shares were sold at an average price of $160.00, for a total value of $636,480.00. Following the completion of the transaction, the vice president directly owned 1,181 shares in the company, valued at approximately $188,960. This trade represents a 77.11% decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 0.21% 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.