Chevron Corporation $CVX Shares Sold by Meyer Handelman Co.

Key Points

• Meyer Handelman Co. sold 4,789 shares of Chevron Corporation, reducing its stake by 2.2% and holding a total of 216,466 shares valued at approximately $30.99 million.
• Chemicals and energy company Chevron reported $1.77 earnings per share for its most recent quarter, surpassing analyst expectations by $0.19, despite experiencing a 12.4% year-over-year revenue decline.
• The company's quarterly dividend was announced at $1.71 per share, with an annualized yield of 4.3%, and a dividend payout ratio of 88.03%.

Meyer Handelman Co. reduced its position in Chevron Corporation (NYSE:CVX - Free Report) by 2.2% in the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 216,466 shares of the oil and gas company's stock after selling 4,789 shares during the quarter. Meyer Handelman Co.'s holdings in Chevron were worth $30,996,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Kingstone Capital Partners Texas LLC grew 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 acquiring an additional 83,702,101 shares in the last quarter. GQG Partners LLC purchased a new stake in shares of Chevron in the first quarter valued at approximately $1,466,751,000. Nuveen LLC acquired a new stake in shares of Chevron in the first quarter valued at approximately $1,362,232,000. GAMMA Investing LLC increased its holdings in shares of Chevron by 21,191.5% in the first quarter. GAMMA Investing LLC now owns 5,408,248 shares of the oil and gas company's stock valued at $904,746,000 after purchasing an additional 5,382,847 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. lifted its position 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. Hedge funds and other institutional investors own 72.42% of the company's stock.

Chevron Stock Performance

Shares of CVX stock opened at $160.92 on Friday. 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 firm has a market cap of $278.08 billion, a P/E ratio of 20.71, a P/E/G ratio of 1.99 and a beta of 0.90. The firm's 50 day moving average price is $155.83 and its 200-day moving average price is $149.11. Chevron Corporation has a one year low of $132.04 and a one 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. 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 quarter last year, the firm earned $2.55 EPS. The firm's revenue for the quarter was down 12.4% on a year-over-year basis. As a group, equities research analysts predict 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. Investors of record on Tuesday, August 19th were paid a dividend of $1.71 per share. 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 dividend payout ratio is presently 88.03%.

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 stock was sold at an average price of $158.30, for a total value 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 $222,102,023.50. The trade was a 21.09% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, VP Alana K. Knowles sold 3,978 shares of the business's 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 sale, the vice president owned 1,181 shares in the company, valued at $188,960. This trade represents a 77.11% decrease in their ownership of the stock. The disclosure for this sale can be found here. Company insiders own 0.21% of the company's stock.

Wall Street Analysts Forecast Growth

Several analysts have issued reports on the company. Mizuho dropped their target price on Chevron from $192.00 to $191.00 and set an "outperform" rating for the company in a report on Monday, September 15th. UBS Group boosted their price target on shares of Chevron from $186.00 to $197.00 and gave the company a "buy" rating in a research report on Wednesday, August 20th. Barclays restated an "equal weight" rating on shares of Chevron in a research report on Tuesday, July 15th. Raymond James Financial reiterated an "outperform" rating on shares of Chevron in a report on Friday, August 1st. Finally, Piper Sandler increased their price target on shares of Chevron from $164.00 to $168.00 and gave the company an "overweight" rating in a research note on Monday, August 18th. Eleven analysts have rated the stock with a Buy rating, eight have given a Hold rating and three have issued a Sell rating to the stock. Based on data from MarketBeat.com, Chevron currently has a consensus rating of "Hold" and a consensus price target of $165.05.

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.

Want to see what other hedge funds are holding CVX? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Chevron Corporation (NYSE:CVX - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.