Goldstone Financial Group LLC Cuts Stake in Chevron Corporation $CVX

Key Points

• Goldstone Financial Group LLC reduced its holdings in Chevron Corporation by 39.3%, now owning 5,122 shares valued at approximately $760,000 after selling 3,322 shares.
• Several hedge funds significantly increased their positions in Chevron, with GQG Partners LLC acquiring a new position valued at $1.47 billion during the 1st quarter.
• Chevron recently announced a quarterly dividend of $1.71 per share, representing an annualized basis of $6.84 and a dividend yield of 4.4%.

Goldstone Financial Group LLC lessened its holdings in shares of Chevron Corporation (NYSE:CVX - Free Report) by 39.3% during the 2nd quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 5,122 shares of the oil and gas company's stock after selling 3,322 shares during the quarter. Goldstone Financial Group LLC's holdings in Chevron were worth $760,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in the business. Greenfield Savings Bank raised its position in shares of 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 raised its position in shares of Chevron by 4.4% in the first quarter. GDS Wealth Management now owns 1,706 shares of the oil and gas company's stock valued at $285,000 after purchasing an additional 72 shares during the period. AIMZ Investment Advisors LLC raised its position in shares of Chevron by 4.2% in the first 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 during the period. Garde Capital Inc. increased its position in Chevron by 3.2% during the second quarter. Garde Capital Inc. now owns 2,355 shares of the oil and gas company's stock worth $337,000 after acquiring an additional 72 shares during the period. Finally, Clayton Financial Group LLC increased its position in Chevron by 4.6% during the first quarter. Clayton Financial Group LLC now owns 1,702 shares of the oil and gas company's stock worth $285,000 after acquiring an additional 75 shares during the period. Institutional investors own 72.42% of the company's stock.

Chevron Stock Performance

Shares of CVX stock traded up $2.25 on Tuesday, hitting $159.56. The company's stock had a trading volume of 8,008,054 shares, compared to its average volume of 7,495,309. The company has a debt-to-equity ratio of 0.16, a quick ratio of 0.74 and a current ratio of 1.00. The stock's 50 day moving average is $154.87 and its 200-day moving average is $148.78. Chevron Corporation has a fifty-two week low of $132.04 and a fifty-two week high of $168.96. The company has a market capitalization of $275.72 billion, a PE ratio of 18.46, a PEG ratio of 1.97 and a beta of 0.90.

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, topping 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 company had revenue of $44.82 billion for the quarter, compared to analysts' expectations of $44.59 billion. During the same quarter last year, the business earned $2.55 earnings per share. Chevron's revenue was down 12.4% on a year-over-year basis. Equities research analysts expect that Chevron Corporation will post 10.79 earnings per share for the current fiscal year.

Chevron Dividend Announcement

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

Insider Activity at Chevron

In other Chevron news, Director John B. Hess sold 375,000 shares of the business's stock in a transaction that occurred on Friday, August 22nd. The stock was sold at an average price of $158.30, for a total value of $59,362,500.00. Following the transaction, the director directly owned 1,403,045 shares of the company's stock, 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 filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, VP Alana K. Knowles sold 3,978 shares of the stock in a transaction on Friday, August 29th. The shares were sold at an average price of $160.00, for a total value of $636,480.00. Following the completion of the sale, 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. 0.20% of the stock is currently owned by insiders.

Wall Street Analyst Weigh In

A number of equities analysts recently issued reports on CVX shares. Jefferies Financial Group reaffirmed a "buy" rating on shares of Chevron in a research report on Friday, July 18th. Bank of America lifted their price target on shares of Chevron from $170.00 to $185.00 and gave the stock a "buy" rating in a research note on Wednesday, September 10th. Scotiabank reiterated a "sector perform" rating and set a $160.00 price target (up previously from $143.00) on shares of Chevron in a research note on Friday, July 11th. Piper Sandler lifted their price target on shares of Chevron from $164.00 to $168.00 and gave the stock an "overweight" rating in a research note on Monday, August 18th. Finally, Melius started coverage on shares of Chevron in a research note on Wednesday, August 20th. They set a "hold" rating and a $155.00 price target on the stock. Eleven research analysts have rated the stock with a Buy rating, eight have assigned a Hold rating and three have assigned a Sell rating to the company. According to MarketBeat.com, the stock has a consensus rating of "Hold" and a consensus target price of $165.05.

Chevron Company 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.