Dupont Capital Management Corp cut its stake in shares of Chevron Corporation (NYSE:CVX - Free Report) by 7.1% during the 2nd quarter, according to its most recent filing with the SEC. The institutional investor owned 72,767 shares of the oil and gas company's stock after selling 5,522 shares during the period. Dupont Capital Management Corp's holdings in Chevron were worth $10,420,000 at the end of the most recent reporting period.
A number of other institutional investors also recently made changes to their positions in CVX. Harvest Fund Management Co. Ltd raised its position in shares of Chevron by 420.7% in the 1st 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 in the last quarter. Elequin Capital LP acquired a new position in shares of Chevron in the 1st quarter valued at approximately $31,000. Cloud Capital Management LLC acquired a new position in shares of Chevron in the 1st quarter valued at approximately $39,000. Investment Management Corp VA ADV raised its position in shares of Chevron by 171.3% in the 1st quarter. Investment Management Corp VA ADV now owns 236 shares of the oil and gas company's stock valued at $39,000 after purchasing an additional 149 shares in the last quarter. Finally, GFG Capital LLC acquired a new position in shares of Chevron in the 2nd quarter valued at approximately $42,000. 72.42% of the stock is owned by institutional investors and hedge funds.
Insider Activity
In related news, Director John B. Hess sold 375,000 shares of the firm's stock in a transaction dated 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 owned 1,403,045 shares of the company's stock, valued at $222,102,023.50. This trade represents a 21.09% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, VP Alana K. Knowles sold 3,978 shares of the firm's stock in a transaction dated Friday, August 29th. The shares were 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. This represents a 77.11% decrease in their position. The disclosure for this sale can be found here. Company insiders own 0.20% of the company's stock.
Analysts Set New Price Targets
A number of equities research analysts have recently weighed in on the company. Raymond James Financial reiterated an "outperform" rating and issued a $160.00 price target (down from $170.00) on shares of Chevron in a report on Friday. Melius Research assumed coverage on Chevron in a report on Wednesday, August 20th. They issued a "hold" rating and a $155.00 price target for the company. Piper Sandler boosted their price target on Chevron from $164.00 to $168.00 and gave the company an "overweight" rating in a report on Monday, August 18th. Jefferies Financial Group reiterated a "buy" rating on shares of Chevron in a report on Friday, July 18th. Finally, Wells Fargo & Company assumed coverage on Chevron in a report on Friday. They issued an "overweight" rating and a $190.00 price target for the company. Eleven equities research analysts have rated the stock with a Buy rating, nine have issued a Hold rating and three have assigned a Sell rating to the stock. According to data from MarketBeat.com, the company has an average rating of "Hold" and an average price target of $165.25.
Get Our Latest Analysis on CVX
Chevron Price Performance
Shares of CVX opened at $154.53 on Tuesday. The firm has a market capitalization of $267.02 billion, a price-to-earnings ratio of 19.89, a price-to-earnings-growth ratio of 2.02 and a beta of 0.84. 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 one year low of $132.04 and a one year high of $168.96. The stock's fifty day moving average is $156.05 and its 200-day moving average is $148.04.
Chevron (NYSE:CVX - Get Free Report) last issued its quarterly earnings results on Friday, August 1st. The oil and gas company reported $1.77 EPS for the quarter, beating analysts' consensus estimates of $1.58 by $0.19. The company had revenue of $44.82 billion for the quarter, compared to analyst estimates of $44.59 billion. Chevron had a return on equity of 9.90% and a net margin of 7.02%.The company's quarterly revenue was down 12.4% compared to the same quarter last year. During the same period last year, the company earned $2.55 earnings per share. Equities analysts anticipate that Chevron Corporation will post 10.79 EPS for the current year.
Chevron Dividend Announcement
The firm also recently declared a quarterly dividend, which was paid on Wednesday, September 10th. Stockholders of record on Tuesday, August 19th were issued a dividend of $1.71 per share. This represents a $6.84 dividend on an annualized basis and a dividend yield of 4.4%. The ex-dividend date of this dividend was Tuesday, August 19th. Chevron's dividend payout ratio (DPR) is 88.03%.
Chevron Profile
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Free Report)
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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