Chevron Corporation $CVX Shares Sold by Courier Capital LLC

Key Points

• Courier Capital LLC reduced its holdings in Chevron Corporation by 14.4%, selling 8,943 shares during the second quarter, leaving it with a total of 53,129 shares valued at approximately $7.6 million.
• Chevron has received a mix of ratings from analysts, with an average consensus rating of "Hold" and a target price of $165.40, while Piper Sandler recently increased their target price to $168.00.
• Insider trading saw significant sales, including Director John B. Hess selling 375,000 shares for around $59.4 million, marking a 21.09% decrease in his position.

Courier Capital LLC reduced its holdings in Chevron Corporation (NYSE:CVX - Free Report) by 14.4% during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 53,129 shares of the oil and gas company's stock after selling 8,943 shares during the period. Courier Capital LLC's holdings in Chevron were worth $7,607,000 at the end of the most recent quarter.

Other institutional investors also recently bought and sold shares of the company. Harvest Fund Management Co. Ltd grew 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 purchasing an additional 122 shares during the period. Elequin Capital LP purchased a new position in shares of Chevron in the first quarter valued at approximately $31,000. Cloud Capital Management LLC purchased a new position in shares of Chevron in the first quarter valued at approximately $39,000. Investment Management Corp VA ADV lifted its position in shares of Chevron by 171.3% in the first quarter. Investment Management Corp VA ADV now owns 236 shares of the oil and gas company's stock valued at $39,000 after acquiring an additional 149 shares in the last quarter. Finally, GFG Capital LLC purchased a new position in shares of Chevron in the second quarter valued at approximately $42,000. 72.42% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several research firms have recently weighed in on CVX. Piper Sandler raised their target price on Chevron from $164.00 to $168.00 and gave the company an "overweight" rating in a research report on Monday, August 18th. Raymond James Financial reiterated an "outperform" rating on shares of Chevron in a research report on Friday, August 1st. Weiss Ratings reiterated a "hold (c)" rating on shares of Chevron in a research report on Wednesday, October 8th. Morgan Stanley started coverage on Chevron in a research report on Monday, August 4th. They set an "overweight" rating and a $174.00 price objective on the stock. Finally, Melius started coverage on Chevron in a research report on Wednesday, August 20th. They set a "hold" rating and a $155.00 price objective on the stock. Eleven investment analysts have rated the stock with a Buy rating, nine have issued a Hold rating and three have given a Sell rating to the company's stock. According to MarketBeat.com, the stock presently has a consensus rating of "Hold" and a consensus target price of $165.40.

Insider Buying and Selling at Chevron

In related news, Director John B. Hess sold 375,000 shares of the business's stock in a transaction on Friday, August 22nd. The stock was sold at an average price of $158.30, for a total transaction of $59,362,500.00. Following the completion of the transaction, the director directly owned 1,403,045 shares of the company's stock, valued at $222,102,023.50. The trade was a 21.09% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, VP Alana K. Knowles sold 3,978 shares of the business's stock in a transaction on Friday, August 29th. The stock was sold at an average price of $160.00, for a total value of $636,480.00. Following the transaction, the vice president directly owned 1,181 shares of the company's stock, valued at $188,960. The trade was a 77.11% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 0.20% of the company's stock.

Chevron Trading Up 2.0%

Shares of NYSE CVX opened at $151.86 on Tuesday. Chevron Corporation has a twelve month low of $132.04 and a twelve month high of $168.96. 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 stock has a fifty day simple moving average of $156.12 and a 200-day simple moving average of $148.31. The stock has a market capitalization of $262.42 billion, a PE ratio of 19.54, a PEG ratio of 1.93 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 business had revenue of $44.82 billion during the quarter, compared to analysts' expectations of $44.59 billion. During the same period in the previous year, the firm posted $2.55 earnings per share. The company's revenue was down 12.4% on a year-over-year basis. On average, equities analysts forecast that Chevron Corporation will post 10.79 earnings per share for the current year.

Chevron Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Wednesday, September 10th. Investors of record on Tuesday, August 19th were paid a dividend of $1.71 per share. This represents a $6.84 annualized dividend and a yield of 4.5%. The ex-dividend date of this dividend was Tuesday, August 19th. Chevron's payout ratio 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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