Chevron Corporation $CVX Shares Sold by Park National Corp OH

Key Points

• Park National Corp OH has reduced its stake in Chevron Corporation by 8.5%, selling 14,165 shares, which leaves them with a total of 152,559 shares valued at approximately $21.8 million.
• Chevron's latest quarterly earnings reported an EPS of $1.77, exceeding estimates, despite a 12.4% year-over-year decline in revenue.
• The company declared a quarterly dividend of $1.71, representing an annual yield of 4.4% with an 88.03% payout ratio.

Park National Corp OH decreased its stake in shares of Chevron Corporation (NYSE:CVX - Free Report) by 8.5% in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 152,559 shares of the oil and gas company's stock after selling 14,165 shares during the quarter. Park National Corp OH's holdings in Chevron were worth $21,845,000 as of its most recent SEC filing.

A number of other institutional investors have also modified their holdings of the stock. Harvest Fund Management Co. Ltd grew its stake 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 worth $25,000 after purchasing an additional 122 shares in the last quarter. Elequin Capital LP purchased a new stake in shares of Chevron in the 1st quarter worth $31,000. 10Elms LLP bought a new position in shares of Chevron during the 4th quarter worth $29,000. IFS Advisors LLC increased its stake in shares of Chevron by 119.6% during the first quarter. IFS Advisors LLC now owns 213 shares of the oil and gas company's stock valued at $36,000 after buying an additional 116 shares during the period. Finally, Cloud Capital Management LLC bought a new stake in shares of Chevron in the first quarter valued at about $39,000. 72.42% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several brokerages have issued reports on CVX. Melius began coverage on shares of Chevron in a report on Wednesday, August 20th. They set a "hold" rating and a $155.00 target price on the stock. Wells Fargo & Company reiterated an "overweight" rating and set a $178.00 price objective on shares of Chevron in a research note on Friday, August 1st. Raymond James Financial reissued an "outperform" rating on shares of Chevron in a research note on Friday, August 1st. TD Cowen upped their target price on Chevron from $150.00 to $155.00 and gave the stock a "hold" rating in a report on Monday, August 4th. Finally, Bank of America lifted their price target on Chevron from $170.00 to $185.00 and gave the company a "buy" rating in a report on Wednesday. Eleven research analysts have rated the stock with a Buy rating, eight have assigned a Hold rating and three have issued a Sell rating to the company's stock. According to MarketBeat.com, the stock presently has an average rating of "Hold" and a consensus price target of $164.80.

Chevron Stock Down 0.6%

CVX traded down $1.02 during trading on Friday, hitting $157.23. The stock had a trading volume of 5,545,397 shares, compared to its average volume of 7,652,500. The stock has a 50 day simple moving average of $154.67 and a two-hundred day simple moving average of $148.79. The company has a debt-to-equity ratio of 0.16, a quick ratio of 0.74 and a current ratio of 1.00. Chevron Corporation has a twelve month low of $132.04 and a twelve month high of $168.96. The company has a market capitalization of $271.69 billion, a PE ratio of 20.24, a PEG ratio of 1.98 and a beta of 0.90.

Chevron (NYSE:CVX - Get Free Report) last posted its quarterly earnings data 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. Chevron had a return on equity of 9.90% and a net margin of 7.02%.The firm had revenue of $44.82 billion during the quarter, compared to analysts' expectations of $44.59 billion. During the same quarter last year, the firm earned $2.55 EPS. The business's quarterly revenue was down 12.4% on a year-over-year basis. On average, research analysts predict that Chevron Corporation will post 10.79 earnings per share for the current year.

Chevron Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Wednesday, September 10th. Stockholders of record on Tuesday, August 19th were paid a dividend of $1.71 per share. 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 payout ratio is presently 88.03%.

Insider Activity

In related news, Director John B. Hess sold 375,000 shares of the 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 completion of the transaction, the director directly owned 1,403,045 shares of the company's stock, valued at $222,102,023.50. This trade represents a 21.09% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, VP Alana K. Knowles sold 3,978 shares of Chevron 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 sale, the vice president owned 1,181 shares of the company's stock, 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. Corporate insiders own 0.20% of the company's stock.

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.