Hodges Capital Management Inc. Has $993,000 Stock Holdings in Chevron Corporation $CVX

Key Points

• Hodges Capital Management Inc. decreased its holdings in Chevron by 23.2%, owning 5,939 shares valued at approximately $993,000 after selling 1,792 shares in the 1st quarter.
• Chemical company Chevron reported $1.77 EPS for the last quarter, beating the analysts' consensus estimates of $1.58, while also announcing a quarterly dividend of $1.71.
• Chevron's stock has a current market capitalization of $271.69 billion and a consensus rating of "Hold" from analysts, with an average price target of $164.80.

Hodges Capital Management Inc. cut its position in shares of Chevron Corporation (NYSE:CVX - Free Report) by 23.2% during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 5,939 shares of the oil and gas company's stock after selling 1,792 shares during the quarter. Hodges Capital Management Inc.'s holdings in Chevron were worth $993,000 at the end of the most recent quarter.

Other institutional investors also recently added to or reduced their stakes in the company. Sage Capital Advisors llc boosted its holdings in Chevron by 2.2% during the first quarter. Sage Capital Advisors llc now owns 42,421 shares of the oil and gas company's stock valued at $7,097,000 after purchasing an additional 919 shares in the last quarter. CCG Wealth Management LLC boosted its holdings in shares of Chevron by 2.3% in the 1st quarter. CCG Wealth Management LLC now owns 6,334 shares of the oil and gas company's stock worth $1,060,000 after acquiring an additional 145 shares in the last quarter. Ignite Planners LLC boosted its holdings in shares of Chevron by 14.1% in the 1st quarter. Ignite Planners LLC now owns 12,316 shares of the oil and gas company's stock worth $2,060,000 after acquiring an additional 1,519 shares in the last quarter. Vista Capital Partners Inc. boosted its holdings in shares of Chevron by 9.1% in the 1st quarter. Vista Capital Partners Inc. now owns 5,938 shares of the oil and gas company's stock worth $993,000 after acquiring an additional 495 shares in the last quarter. Finally, Oregon Public Employees Retirement Fund boosted its holdings in shares of Chevron by 0.5% in the 1st quarter. Oregon Public Employees Retirement Fund now owns 143,914 shares of the oil and gas company's stock worth $24,075,000 after acquiring an additional 675 shares in the last quarter. 72.42% of the stock is owned by institutional investors and hedge funds.

Insiders Place Their Bets

In related news, VP Alana K. Knowles sold 3,978 shares of the company's 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 transaction, the vice president directly owned 1,181 shares of the company's stock, valued at approximately $188,960. This represents a 77.11% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director John B. Hess sold 375,000 shares of the company'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 approximately $222,102,023.50. The trade was a 21.09% 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 corporate insiders.

Chevron Trading Down 0.6%

Shares of CVX traded down $1.02 during trading hours on Friday, reaching $157.23. The stock had a trading volume of 5,545,397 shares, compared to its average volume of 7,652,500. The company has a market cap of $271.69 billion, a P/E ratio of 20.24, a P/E/G ratio of 1.98 and a beta of 0.90. The company has a quick ratio of 0.74, a current ratio of 1.00 and a debt-to-equity ratio of 0.16. Chevron Corporation has a 52 week low of $132.04 and a 52 week high of $168.96. The firm has a 50-day moving average of $154.67 and a 200 day moving average of $148.85.

Chevron (NYSE:CVX - Get Free Report) last announced its earnings results on Friday, August 1st. The oil and gas company reported $1.77 earnings per share for the quarter, topping analysts' consensus estimates of $1.58 by $0.19. The firm had revenue of $44.82 billion during the quarter, compared to analyst estimates of $44.59 billion. Chevron had a net margin of 7.02% and a return on equity of 9.90%. The company's revenue for the quarter was down 12.4% compared to the same quarter last year. During the same period in the prior year, the business earned $2.55 EPS. On average, sell-side analysts expect that Chevron Corporation will post 10.79 earnings per share for the current fiscal year.

Chevron Dividend Announcement

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 $1.71 dividend. The ex-dividend date of this dividend was Tuesday, August 19th. This represents a $6.84 dividend on an annualized basis and a yield of 4.4%. Chevron's dividend payout ratio is presently 88.03%.

Analyst Ratings Changes

Several brokerages have recently commented on CVX. Barclays reissued an "equal weight" rating on shares of Chevron in a report on Tuesday, July 15th. Morgan Stanley initiated coverage on shares of Chevron in a research report on Monday, August 4th. They issued an "overweight" rating and a $174.00 price objective for the company. Melius initiated coverage on shares of Chevron in a research report on Wednesday, August 20th. They set a "hold" rating and a $155.00 target price for the company. Wells Fargo & Company reiterated an "overweight" rating and set a $178.00 target price on shares of Chevron in a research report on Friday, August 1st. Finally, Jefferies Financial Group restated a "buy" rating on shares of Chevron in a research report on Friday, July 18th. Eleven research analysts have rated the stock with a Buy rating, eight have assigned a Hold rating and three have given a Sell rating to the company's stock. According to MarketBeat, Chevron has a consensus rating of "Hold" and an average target price of $164.80.

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.