Chevron Corporation $CVX Shares Sold by Montgomery Investment Management Inc.

Key Points

• Montgomery Investment Management Inc. reduced its stake in Chevron by 6.5%, now owning 43,185 shares, which constitutes approximately 2.4% of its total holdings.
• Chevron reported $1.77 EPS for the last quarter, exceeding analysts' expectations of $1.58, despite a 12.4% year-over-year decrease in revenue.
• The company declared a quarterly dividend of $1.71 per share, resulting in an annualized dividend of $6.84 and a dividend yield of 4.5%.

Montgomery Investment Management Inc. lessened its stake in shares of Chevron Corporation (NYSE:CVX - Free Report) by 6.5% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 43,185 shares of the oil and gas company's stock after selling 2,998 shares during the quarter. Chevron accounts for about 2.4% of Montgomery Investment Management Inc.'s holdings, making the stock its 11th biggest holding. Montgomery Investment Management Inc.'s holdings in Chevron were worth $6,184,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors and hedge funds have also made changes to their positions in the company. Harvest Fund Management Co. Ltd raised its position in Chevron by 420.7% in the first quarter. Harvest Fund Management Co. Ltd now owns 151 shares of the oil and gas company's stock valued at $25,000 after purchasing an additional 122 shares during the period. Elequin Capital LP acquired a new stake in shares of Chevron in the first quarter valued at $31,000. Cloud Capital Management LLC purchased a new stake in shares of Chevron in the 1st quarter valued at $39,000. Investment Management Corp VA ADV raised its holdings in shares of Chevron by 171.3% in the 1st quarter. Investment Management Corp VA ADV now owns 236 shares of the oil and gas company's stock valued at $39,000 after buying an additional 149 shares during the period. Finally, 1 North Wealth Services LLC acquired a new position in Chevron during the 1st quarter worth about $45,000. 72.42% of the stock is owned by hedge funds and other institutional investors.

Chevron Trading Down 0.7%

Shares of NYSE:CVX opened at $153.53 on Friday. Chevron Corporation has a 52 week low of $132.04 and a 52 week high of $168.96. The company's 50 day moving average is $156.26 and its two-hundred day moving average is $149.14. The company has a market cap of $265.30 billion, a PE ratio of 19.76, a P/E/G ratio of 1.97 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 (NYSE:CVX - Get Free Report) last issued its 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 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 in the previous year, the firm posted $2.55 earnings per share. The company's revenue was down 12.4% compared to the same quarter last year. Equities analysts predict that Chevron Corporation will post 10.79 earnings per share for the current fiscal year.

Chevron Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Wednesday, September 10th. Stockholders of record on Tuesday, August 19th were given a dividend of $1.71 per share. This represents a $6.84 annualized dividend and a dividend yield of 4.5%. The ex-dividend date of this dividend was Tuesday, August 19th. Chevron's dividend payout ratio (DPR) is 88.03%.

Insider Activity at Chevron

In other news, Director John B. Hess sold 375,000 shares of the business'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 transaction of $59,362,500.00. Following the completion of the sale, the director owned 1,403,045 shares in the company, valued at approximately $222,102,023.50. The trade was a 21.09% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, 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 transaction of $636,480.00. Following the completion of the transaction, the vice president owned 1,181 shares of the company's stock, valued at approximately $188,960. The trade was a 77.11% decrease in their position. The disclosure for this sale can be found here. 0.21% of the stock is owned by insiders.

Wall Street Analyst Weigh In

A number of analysts have issued reports on the stock. Mizuho cut their price target on shares of Chevron from $192.00 to $191.00 and set an "outperform" rating on the stock in a research note on Monday, September 15th. UBS Group upped 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. Melius Research began coverage on shares of Chevron in a research report on Wednesday, August 20th. They issued a "hold" rating and a $155.00 price target for the company. Morgan Stanley started coverage on shares of Chevron in a research note on Monday, August 4th. They issued an "overweight" rating and a $174.00 price target for the company. Finally, Wells Fargo & Company reiterated an "overweight" rating and issued a $178.00 price objective on shares of Chevron in a research note on Friday, August 1st. Eleven analysts have rated the stock with a Buy rating, eight have assigned a Hold rating and three have given a Sell rating to the stock. According to data from MarketBeat, the company has a consensus rating of "Hold" and a consensus target price 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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