Chevron Corporation $CVX Shares Sold by Magnus Financial Group LLC

Key Points

• Magnus Financial Group LLC has reduced its stake in Chevron Corporation by 19.4%, owning 17,530 shares after selling 4,222 shares during the second quarter.
• Chevron's recent earnings report showed $1.77 earnings per share, exceeding analyst expectations by $0.19, although revenue declined 12.4% year-over-year.
• The company announced a quarterly dividend of $1.71, translating to an annualized dividend yield of 4.3% with a payout ratio of 88.03%.

Magnus Financial Group LLC lowered its stake in shares of Chevron Corporation (NYSE:CVX - Free Report) by 19.4% in the second quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 17,530 shares of the oil and gas company's stock after selling 4,222 shares during the period. Magnus Financial Group LLC's holdings in Chevron were worth $2,510,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors and hedge funds have also modified their holdings of CVX. Two Sigma Investments LP increased its stake in shares of Chevron by 84.5% during the fourth quarter. Two Sigma Investments LP now owns 35,171 shares of the oil and gas company's stock worth $5,094,000 after purchasing an additional 16,104 shares in the last quarter. Park Square Financial Group LLC purchased a new stake in shares of Chevron during the fourth quarter worth about $103,000. Probity Advisors Inc. increased its stake in shares of Chevron by 3.4% during the fourth quarter. Probity Advisors Inc. now owns 3,260 shares of the oil and gas company's stock worth $472,000 after purchasing an additional 106 shares in the last quarter. Copia Wealth Management purchased a new stake in shares of Chevron during the fourth quarter worth about $140,000. Finally, Old North State Trust LLC increased its stake in shares of Chevron by 4.0% during the fourth quarter. Old North State Trust LLC now owns 2,652 shares of the oil and gas company's stock worth $384,000 after purchasing an additional 103 shares in the last quarter. Hedge funds and other institutional investors own 72.42% of the company's stock.

Chevron Stock Performance

NYSE:CVX opened at $159.15 on Thursday. The company has a debt-to-equity ratio of 0.16, a current ratio of 1.00 and a quick ratio of 0.74. The firm has a market capitalization of $275.00 billion, a price-to-earnings ratio of 20.48, a PEG ratio of 1.97 and a beta of 0.90. The company's 50-day moving average is $155.64 and its two-hundred day moving average is $149.09. 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 posted its earnings results on Friday, August 1st. The oil and gas company reported $1.77 earnings per share for the quarter, beating the consensus estimate 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 net margin of 7.02% and a return on equity of 9.90%. Chevron's revenue was down 12.4% on a year-over-year basis. During the same period in the previous year, the business posted $2.55 EPS. Analysts forecast that Chevron Corporation will post 10.79 EPS for the current year.

Chevron Announces Dividend

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

Insider Activity

In other news, Director John B. Hess sold 375,000 shares of the company's stock in a transaction that occurred on Friday, August 22nd. The shares were 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 in the company, valued at approximately $222,102,023.50. This represents a 21.09% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, VP Alana K. Knowles sold 3,978 shares of the company'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 completion of the transaction, the vice president owned 1,181 shares in the company, valued at approximately $188,960. This represents a 77.11% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 0.21% of the company's stock.

Analyst Upgrades and Downgrades

A number of analysts have recently commented on CVX shares. UBS Group boosted their target price on shares of Chevron from $186.00 to $197.00 and gave the stock a "buy" rating in a research note on Wednesday, August 20th. Barclays reaffirmed an "equal weight" rating on shares of Chevron in a research note on Tuesday, July 15th. 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 objective for the company. Jefferies Financial Group reaffirmed a "buy" rating on shares of Chevron in a research note on Friday, July 18th. Finally, Melius Research started coverage on shares of Chevron in a research note on Wednesday, August 20th. They set a "hold" rating and a $155.00 price objective for the company. Eleven investment analysts have rated the stock with a Buy rating, eight have issued a Hold rating and three have given a Sell rating to the company. According to MarketBeat.com, the company has a consensus rating of "Hold" and an average price target of $165.05.

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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