Chevron Corporation $CVX Shares Sold by Hartford Financial Management Inc.

Key Points

• Hartford Financial Management Inc. reduced its ownership in Chevron by 54.6%, selling over 20,000 shares, and currently holds shares valued at approximately $2.39 million.
• Several institutional investors, including Kingstone Capital Partners and GQG Partners, have significantly increased their stakes in Chevron, with Kingstone reporting a 652,139.5% increase in its holdings.
• Chevron's stock has faced recent analyst downgrades, with firms like Raymond James and Barclays adjusting their price targets, reflecting a consensus rating of "Hold" and a target price of $165.25.

Hartford Financial Management Inc. trimmed its stake in Chevron Corporation (NYSE:CVX - Free Report) by 54.6% during the second quarter, according to its most recent disclosure with the SEC. The fund owned 16,688 shares of the oil and gas company's stock after selling 20,062 shares during the quarter. Hartford Financial Management Inc.'s holdings in Chevron were worth $2,390,000 as of its most recent SEC filing.

Several other institutional investors have also modified their holdings of the company. Kingstone Capital Partners Texas LLC increased its stake in Chevron by 652,139.5% during the 2nd quarter. Kingstone Capital Partners Texas LLC now owns 83,714,936 shares of the oil and gas company's stock valued at $13,214,757,000 after buying an additional 83,702,101 shares during the period. GQG Partners LLC bought a new stake in shares of Chevron in the 1st quarter worth approximately $1,466,751,000. Nuveen LLC acquired a new stake in Chevron during the first quarter valued at approximately $1,362,232,000. Charles Schwab Investment Management Inc. boosted its holdings in Chevron by 4.9% during the first quarter. Charles Schwab Investment Management Inc. now owns 33,430,030 shares of the oil and gas company's stock worth $5,592,263,000 after buying an additional 1,574,464 shares in the last quarter. Finally, Canada Pension Plan Investment Board grew its position in Chevron by 141.2% in the first quarter. Canada Pension Plan Investment Board now owns 1,891,824 shares of the oil and gas company's stock worth $316,483,000 after buying an additional 1,107,628 shares during the last quarter. Institutional investors own 72.42% of the company's stock.

Analyst Ratings Changes

Several research firms have recently weighed in on CVX. Raymond James Financial reissued an "outperform" rating and set a $160.00 price objective (down from $170.00) on shares of Chevron in a research note on Friday, October 17th. Weiss Ratings restated a "hold (c)" rating on shares of Chevron in a report on Friday. Barclays lowered their price objective on shares of Chevron from $160.00 to $158.00 and set an "equal weight" rating on the stock in a research report on Tuesday, October 7th. 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 research note on Monday, August 4th. Finally, Melius initiated coverage on Chevron in a report on Wednesday, August 20th. They set a "hold" rating and a $155.00 price objective for the company. One analyst has rated the stock with a Strong Buy rating, ten have assigned a Buy rating, nine have assigned a Hold rating and three have given a Sell rating to the company. Based on data from MarketBeat, Chevron has an average rating of "Hold" and a consensus target price of $165.25.

Chevron Stock Down 0.6%

CVX opened at $155.63 on Friday. The business has a 50 day moving average of $156.04 and a 200-day moving average of $148.38. The stock has a market capitalization of $268.92 billion, a price-to-earnings ratio of 20.03, a P/E/G ratio of 4.45 and a beta of 0.84. 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 Corporation has a 1-year low of $132.04 and a 1-year high of $168.96.

Chevron (NYSE:CVX - Get Free Report) last issued its quarterly earnings results 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 net margin of 7.02% and a return on equity of 9.90%. The firm had revenue of $44.82 billion during the quarter, compared to the consensus estimate of $44.59 billion. During the same period in the prior year, the firm earned $2.55 EPS. The business's revenue was down 12.4% on a year-over-year basis. As a group, sell-side analysts anticipate that Chevron Corporation will post 10.79 earnings per share for the current year.

Chevron Dividend Announcement

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

Insider Activity at Chevron

In other news, VP Alana K. Knowles sold 3,978 shares of the business'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 sale, the vice president directly owned 1,181 shares in the company, valued at approximately $188,960. The trade was a 77.11% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, Director John B. Hess sold 375,000 shares of Chevron 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 sale, the director owned 1,403,045 shares in the company, valued at $222,102,023.50. This represents a 21.09% decrease in their position. The disclosure for this sale can be found here. 0.21% of the stock is currently owned by company insiders.

About Chevron

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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