Chevron Corporation $CVX Shares Sold by Penobscot Investment Management Company Inc.

Key Points

• Penobscot Investment Management Company Inc. reduced its stake in Chevron by 5.3%, selling 2,160 shares, which brought its total holdings to 38,591 shares worth approximately $5.5 million.
• Chevron recently reported a quarterly EPS of $1.77, exceeding expectations, but its revenue fell 12.4% year-over-year, totaling $44.82 billion.
• A quarterly dividend of $1.71 was declared and paid out to shareholders, representing a 4.5% yield, with a payout ratio of 88.03%.

Penobscot Investment Management Company Inc. lowered its position in Chevron Corporation (NYSE:CVX - Free Report) by 5.3% in the second quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 38,591 shares of the oil and gas company's stock after selling 2,160 shares during the quarter. Penobscot Investment Management Company Inc.'s holdings in Chevron were worth $5,526,000 as of its most recent SEC filing.

A number of other institutional investors also recently added to or reduced their stakes in CVX. Kingstone Capital Partners Texas LLC lifted its stake in Chevron by 652,139.5% in the second quarter. Kingstone Capital Partners Texas LLC now owns 83,714,936 shares of the oil and gas company's stock worth $13,214,757,000 after acquiring an additional 83,702,101 shares during the last quarter. GQG Partners LLC purchased a new position in Chevron in the first quarter worth approximately $1,466,751,000. Nuveen LLC purchased a new position in Chevron in the first quarter worth approximately $1,362,232,000. Charles Schwab Investment Management Inc. lifted its stake in Chevron by 4.9% in 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 acquiring an additional 1,574,464 shares during the last quarter. Finally, Canada Pension Plan Investment Board lifted its stake in Chevron by 141.2% in the first quarter. Canada Pension Plan Investment Board now owns 1,891,824 shares of the oil and gas company's stock worth $316,483,000 after acquiring an additional 1,107,628 shares during the last quarter. Hedge funds and other institutional investors own 72.42% of the company's stock.

Chevron Stock Up 0.1%

CVX stock opened at $153.59 on Friday. The company has a fifty day moving average price of $156.23 and a 200 day moving average price of $148.99. Chevron Corporation has a 12 month low of $132.04 and a 12 month high of $168.96. The company has a market cap of $265.40 billion, a price-to-earnings ratio of 19.77, a price-to-earnings-growth ratio of 1.99 and a beta of 0.84. The company has a debt-to-equity ratio of 0.16, a current ratio of 1.00 and a quick ratio of 0.74.

Chevron (NYSE:CVX - Get Free Report) last released its quarterly earnings results on Friday, August 1st. The oil and gas company reported $1.77 EPS 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 in the prior year, the firm earned $2.55 EPS. Chevron's revenue for the quarter was down 12.4% on a year-over-year basis. Sell-side analysts expect that Chevron Corporation will post 10.79 earnings per share for the current year.

Chevron Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, September 10th. Shareholders of record on Tuesday, August 19th were paid a $1.71 dividend. This represents a $6.84 annualized dividend and a yield of 4.5%. The ex-dividend date of this dividend was Tuesday, August 19th. Chevron's payout ratio is currently 88.03%.

Wall Street Analyst Weigh In

CVX has been the subject of several recent analyst reports. Wells Fargo & Company restated an "overweight" rating and set a $178.00 price objective on shares of Chevron in a research report on Friday, August 1st. Jefferies Financial Group restated a "buy" rating on shares of Chevron in a research report on Friday, July 18th. Weiss Ratings restated a "hold (c)" rating on shares of Chevron in a research report on Saturday, September 27th. Melius Research initiated coverage on shares of Chevron in a research report on Wednesday, August 20th. They set a "hold" rating and a $155.00 price objective for the company. Finally, Evercore ISI restated an "outperform" rating and set a $180.00 price objective on shares of Chevron in a research report on Thursday, July 31st. Eleven research analysts have rated the stock with a Buy rating, nine have given a Hold rating and three have issued a Sell rating to the company's stock. According to MarketBeat.com, the stock currently has a consensus rating of "Hold" and an average price target of $165.05.

Insider Buying and Selling at Chevron

In other Chevron news, VP Alana K. Knowles sold 3,978 shares of the business'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 transaction, the vice president directly 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 sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director John B. Hess sold 375,000 shares of the business's stock in a transaction 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 transaction, the director directly owned 1,403,045 shares in the company, valued at $222,102,023.50. This represents a 21.09% 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.

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.

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