Chevron Corporation $CVX Stock Position Reduced by Cape Investment Advisory Inc.

Key Points

• Cape Investment Advisory Inc. reduced its holdings in Chevron Corporation by 10.6% in the first quarter, selling 2,350 shares and now owning 19,782 shares valued at approximately $3.3 million.
• Chevron announced a quarterly dividend of $1.71 per share, reflecting a yield of 4.4%, and will be paid on September 10th to investors of record on August 19th.
• Chevron's shares rated by various brokerages include reports indicating a shift in recommendations, with HSBC lowering its rating from "buy" to "hold," while Piper Sandler increased their price target to $168.00.

Cape Investment Advisory Inc. lowered its holdings in Chevron Corporation (NYSE:CVX - Free Report) by 10.6% in the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 19,782 shares of the oil and gas company's stock after selling 2,350 shares during the period. Chevron accounts for 1.3% of Cape Investment Advisory Inc.'s investment portfolio, making the stock its 12th biggest position. Cape Investment Advisory Inc.'s holdings in Chevron were worth $3,309,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also made changes to their positions in CVX. Harvest Fund Management Co. Ltd grew its position in shares of 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 purchasing an additional 122 shares during the period. 10Elms LLP purchased a new stake in shares of Chevron in the fourth quarter valued at $29,000. Elequin Capital LP acquired a new position in Chevron in the first quarter valued at $31,000. IFS Advisors LLC boosted its holdings in Chevron by 119.6% in the first quarter. IFS Advisors LLC now owns 213 shares of the oil and gas company's stock valued at $36,000 after acquiring an additional 116 shares during the last quarter. Finally, Cloud Capital Management LLC acquired a new position in Chevron in the first quarter valued at $39,000. Hedge funds and other institutional investors own 72.42% of the company's stock.

Chevron Stock Up 0.3%

Shares of NYSE CVX traded up $0.51 on Monday, hitting $154.17. The company had a trading volume of 9,458,907 shares, compared to its average volume of 7,738,295. Chevron Corporation has a 12-month low of $132.04 and a 12-month high of $168.96. The business has a 50 day moving average of $153.91 and a two-hundred day moving average of $148.78. The company has a quick ratio of 0.74, a current ratio of 1.00 and a debt-to-equity ratio of 0.16. The firm has a market capitalization of $266.41 billion, a P/E ratio of 19.84, a PEG ratio of 2.28 and a beta of 0.90.

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

Chevron Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, September 10th. Shareholders of record on Tuesday, August 19th will be paid a dividend of $1.71 per share. This represents a $6.84 dividend on an annualized basis and a yield of 4.4%. The ex-dividend date is Tuesday, August 19th. Chevron's dividend payout ratio (DPR) is 88.03%.

Insider Buying and Selling

In other Chevron news, 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 completion of the sale, the vice president owned 1,181 shares in the company, valued at $188,960. This trade represents a 77.11% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, 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 value of $59,362,500.00. Following the sale, the director owned 1,403,045 shares of the company's stock, valued at approximately $222,102,023.50. This trade represents a 21.09% decrease in their position. The disclosure for this sale can be found here. 0.20% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

CVX has been the topic of a number of research analyst reports. Hsbc Global Res cut Chevron from a "strong-buy" rating to a "hold" rating in a report on Tuesday, May 13th. Barclays reiterated an "equal weight" rating on shares of Chevron in a report on Tuesday, July 15th. Mizuho reduced their target price on Chevron from $188.00 to $186.00 and set an "outperform" rating on the stock in a report on Tuesday, May 13th. Jefferies Financial Group reiterated a "buy" rating on shares of Chevron in a report on Friday, July 18th. Finally, Melius initiated coverage on Chevron in a research report on Wednesday, August 20th. They issued a "hold" rating and a $155.00 target price for the company. Eleven equities research analysts have rated the stock with a Buy rating, eight have issued a Hold rating and three have given a Sell rating to the company. Based on data from MarketBeat.com, the company has an average rating of "Hold" and an average target price of $163.95.

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.