Chevron Corporation $CVX Shares Sold by Brookmont Capital Management

Key Points

• Brookmont Capital Management reduced its stake in Chevron by 47.7%, selling nearly 10,000 shares, leaving it with 10,918 shares valued at approximately $1.56 million.
• Chevron's stock received various analyst rating updates, with price targets raised by firms such as TD Cowen and Piper Sandler, establishing a current average target of $165.05.
• The company recently declared a quarterly dividend of $1.71 per share, representing an annualized yield of 4.5% with a payout ratio of 88.03%.

Brookmont Capital Management cut its position in shares of Chevron Corporation (NYSE:CVX - Free Report) by 47.7% in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 10,918 shares of the oil and gas company's stock after selling 9,949 shares during the quarter. Brookmont Capital Management's holdings in Chevron were worth $1,563,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also modified their holdings of the company. Greenfield Savings Bank grew its holdings in Chevron by 0.6% in the second quarter. Greenfield Savings Bank now owns 11,611 shares of the oil and gas company's stock valued at $1,663,000 after purchasing an additional 68 shares during the period. GDS Wealth Management increased its stake in Chevron by 4.4% during the first quarter. GDS Wealth Management now owns 1,706 shares of the oil and gas company's stock worth $285,000 after acquiring an additional 72 shares during the last quarter. AIMZ Investment Advisors LLC lifted its stake in shares of Chevron by 4.2% in the 1st quarter. AIMZ Investment Advisors LLC now owns 1,783 shares of the oil and gas company's stock valued at $298,000 after purchasing an additional 72 shares in the last quarter. Garde Capital Inc. lifted its stake in shares of Chevron by 3.2% in the 2nd quarter. Garde Capital Inc. now owns 2,355 shares of the oil and gas company's stock valued at $337,000 after purchasing an additional 72 shares in the last quarter. Finally, North Star Investment Management Corp. grew its holdings in shares of Chevron by 0.3% during the 2nd quarter. North Star Investment Management Corp. now owns 23,000 shares of the oil and gas company's stock worth $3,293,000 after purchasing an additional 74 shares during the period. Hedge funds and other institutional investors 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 sale, the director directly owned 1,403,045 shares of the company's stock, valued at $222,102,023.50. This represents a 21.09% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, VP Alana K. Knowles sold 3,978 shares of the firm's stock in a transaction 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 transaction, the vice president directly 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. 0.21% of the stock is currently owned by insiders.

Analyst Ratings Changes

Several research firms recently commented on CVX. TD Cowen raised their price target on shares of Chevron from $150.00 to $155.00 and gave the company a "hold" rating in a report on Monday, August 4th. Melius Research began coverage on shares of Chevron in a research note on Wednesday, August 20th. They issued a "hold" rating and a $155.00 target price on the stock. Piper Sandler upped their price target 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. UBS Group increased their price target on Chevron from $186.00 to $197.00 and gave the company a "buy" rating in a report on Wednesday, August 20th. Finally, Evercore ISI restated an "outperform" rating and set a $180.00 price objective on shares of Chevron in a research note on Thursday, July 31st. Eleven analysts have rated the stock with a Buy rating, eight have given a Hold rating and three have assigned a Sell rating to the company. According to data from MarketBeat, the stock currently has an average rating of "Hold" and an average price target of $165.05.

Chevron Stock Down 0.7%

Shares of NYSE CVX opened at $153.53 on Friday. The company has a debt-to-equity ratio of 0.16, a quick ratio of 0.74 and a current ratio of 1.00. Chevron Corporation has a 1 year low of $132.04 and a 1 year high of $168.96. The stock's 50-day simple moving average is $156.26 and its 200-day simple moving average is $149.14. The firm has a market cap of $265.30 billion, a price-to-earnings ratio of 19.76, a PEG ratio of 1.97 and a beta of 0.84.

Chevron (NYSE:CVX - Get Free Report) last issued its quarterly earnings data on Friday, August 1st. The oil and gas company reported $1.77 earnings per share for the quarter, beating analysts' consensus estimates of $1.58 by $0.19. Chevron had a return on equity of 9.90% and a net margin of 7.02%.The firm had revenue of $44.82 billion during the quarter, compared to analyst estimates of $44.59 billion. During the same quarter last year, the firm earned $2.55 EPS. Chevron's quarterly revenue was down 12.4% on a year-over-year basis. As a group, equities analysts anticipate that Chevron Corporation will post 10.79 earnings per share for the current fiscal year.

Chevron Dividend Announcement

The business also recently declared 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. The ex-dividend date of this dividend was Tuesday, August 19th. This represents a $6.84 dividend on an annualized basis and a dividend yield of 4.5%. Chevron's dividend payout ratio (DPR) is presently 88.03%.

Chevron 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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