Chevron Corporation $CVX Shares Sold by ERn Financial LLC

Key Points

• ERn Financial LLC significantly reduced its holdings in Chevron Corporation by 76.3%, owning 1,560 shares valued at approximately $223,000 as per the latest SEC filing.
• Chevron announced a quarterly dividend of $1.71 per share, which equates to an annualized dividend yield of 4.3% and a payout ratio of 88.03%.
• Chevron reported quarterly earnings of $1.77 EPS, surpassing analysts' estimates, though revenue decreased by 12.4% year-over-year.

ERn Financial LLC reduced its holdings in shares of Chevron Corporation (NYSE:CVX - Free Report) by 76.3% during the 2nd quarter, according to its most recent 13F filing with the SEC. The fund owned 1,560 shares of the oil and gas company's stock after selling 5,035 shares during the period. ERn Financial LLC's holdings in Chevron were worth $223,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. Harvest Fund Management Co. Ltd grew its position in Chevron by 420.7% during the 1st quarter. Harvest Fund Management Co. Ltd now owns 151 shares of the oil and gas company's stock worth $25,000 after purchasing an additional 122 shares during the last quarter. Elequin Capital LP purchased a new position in Chevron during the 1st quarter worth $31,000. IFS Advisors LLC grew its position in Chevron by 119.6% during the 1st quarter. IFS Advisors LLC now owns 213 shares of the oil and gas company's stock worth $36,000 after purchasing an additional 116 shares during the last quarter. Cloud Capital Management LLC purchased a new position in Chevron during the 1st quarter worth $39,000. Finally, Investment Management Corp VA ADV boosted its holdings 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. 72.42% of the stock is owned by hedge funds and other institutional investors.

Chevron Stock Down 0.4%

CVX stock opened at $160.13 on Monday. The company has a market cap of $276.70 billion, a P/E ratio of 20.61, a P/E/G ratio of 2.00 and a beta of 0.90. Chevron Corporation has a 52 week low of $132.04 and a 52 week high of $168.96. The company's 50-day moving average price is $156.04 and its 200 day moving average price is $149.10. The company has a current ratio of 1.00, a quick ratio of 0.74 and a debt-to-equity ratio of 0.16.

Chevron (NYSE:CVX - Get Free Report) last released its quarterly earnings data on Friday, August 1st. The oil and gas company reported $1.77 EPS for the quarter, topping analysts' consensus estimates of $1.58 by $0.19. The firm had revenue of $44.82 billion for 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 firm's revenue was down 12.4% on a year-over-year basis. During the same quarter in the previous year, the firm earned $2.55 earnings per share. On average, research analysts expect that Chevron Corporation will post 10.79 earnings per share for the current fiscal year.

Chevron Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Wednesday, September 10th. Shareholders of record on Tuesday, August 19th were given a dividend of $1.71 per share. The ex-dividend date was Tuesday, August 19th. This represents a $6.84 dividend on an annualized basis and a yield of 4.3%. Chevron's payout ratio is presently 88.03%.

Analysts Set New Price Targets

Several analysts have recently weighed in on CVX shares. TD Cowen lifted their target price on shares of Chevron from $150.00 to $155.00 and gave the company a "hold" rating in a report on Monday, August 4th. Scotiabank reaffirmed a "sector perform" rating and issued a $160.00 target price (up previously from $143.00) on shares of Chevron in a report on Friday, July 11th. Evercore ISI reaffirmed an "outperform" rating and issued a $180.00 target price on shares of Chevron in a report on Thursday, July 31st. Melius started coverage on shares of Chevron in a report on Wednesday, August 20th. They issued a "hold" rating and a $155.00 target price on the stock. Finally, Wells Fargo & Company reaffirmed an "overweight" rating and issued a $178.00 target price on shares of Chevron in a report on Friday, August 1st. Eleven investment analysts have rated the stock with a Buy rating, eight have assigned a Hold rating and three have given a Sell rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of "Hold" and an average price target of $165.05.

Insider Transactions at Chevron

In other Chevron news, Director John B. Hess sold 375,000 shares of Chevron stock in a transaction dated Friday, August 22nd. The shares were 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 in the company, 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 legal filing with the SEC, which is accessible through this link. Also, VP Alana K. Knowles sold 3,978 shares of Chevron stock in a transaction dated 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 owned 1,181 shares of the company's stock, valued at approximately $188,960. The trade was a 77.11% decrease in their position. The disclosure for this sale can be found here. Insiders own 0.20% of the company's stock.

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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