Chevron Corporation $CVX Shares Sold by Private Wealth Asset Management LLC

Key Points

• Private Wealth Asset Management LLC has decreased its holdings in Chevron Corporation by 8.9%, now owning 22,052 shares valued at approximately $3.16 million.
• Chelvron's latest quarterly earnings showed $1.77 earnings per share, exceeding analyst expectations of $1.58, although revenue was down 12.4% year-over-year.
• The company has announced a quarterly dividend of $1.71 per share, representing an annualized dividend yield of 4.5% and a payout ratio of approximately 88.03%.

Private Wealth Asset Management LLC cut its holdings in shares of Chevron Corporation (NYSE:CVX - Free Report) by 8.9% in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 22,052 shares of the oil and gas company's stock after selling 2,143 shares during the period. Private Wealth Asset Management LLC's holdings in Chevron were worth $3,158,000 as of its most recent SEC filing.

Other large investors also recently modified their holdings of the company. CCG Wealth Management LLC grew its stake in Chevron by 2.3% in the first quarter. CCG Wealth Management LLC now owns 6,334 shares of the oil and gas company's stock worth $1,060,000 after purchasing an additional 145 shares in the last quarter. Ignite Planners LLC grew its stake in Chevron by 14.1% in the first quarter. Ignite Planners LLC now owns 12,316 shares of the oil and gas company's stock worth $2,060,000 after purchasing an additional 1,519 shares in the last quarter. Vista Capital Partners Inc. grew its stake in Chevron by 9.1% in the first quarter. Vista Capital Partners Inc. now owns 5,938 shares of the oil and gas company's stock worth $993,000 after purchasing an additional 495 shares in the last quarter. Oregon Public Employees Retirement Fund grew its stake in Chevron by 0.5% in the first quarter. Oregon Public Employees Retirement Fund now owns 143,914 shares of the oil and gas company's stock worth $24,075,000 after purchasing an additional 675 shares in the last quarter. Finally, Capital Advisors Inc. OK grew its stake in Chevron by 0.3% in the first quarter. Capital Advisors Inc. OK now owns 569,258 shares of the oil and gas company's stock worth $95,231,000 after purchasing an additional 1,755 shares in the last quarter. 72.42% of the stock is currently owned by institutional investors and hedge funds.

Chevron Stock Performance

CVX opened at $152.47 on Wednesday. The business's 50 day moving average is $156.12 and its 200-day moving average is $148.34. The stock has a market cap of $263.47 billion, a PE ratio of 19.62, a price-to-earnings-growth 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 Corporation has a twelve month low of $132.04 and a twelve month high of $168.96.

Chevron (NYSE:CVX - Get Free Report) last released its quarterly earnings results on Friday, August 1st. The oil and gas company reported $1.77 earnings per share for the quarter, beating 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 company had revenue of $44.82 billion for the quarter, compared to analysts' expectations of $44.59 billion. During the same quarter in the previous year, the company posted $2.55 earnings per share. The business's revenue for the quarter was down 12.4% compared to the same quarter last year. On average, analysts predict that Chevron Corporation will post 10.79 earnings per share for the current year.

Chevron Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Wednesday, September 10th. Investors of record on Tuesday, August 19th were issued 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 4.5%. Chevron's payout ratio is presently 88.03%.

Analyst Upgrades and Downgrades

A number of equities analysts have commented on CVX shares. Jefferies Financial Group restated a "buy" rating on shares of Chevron in a research note on Friday, July 18th. Bank of America lifted their target price on Chevron from $170.00 to $185.00 and gave the company a "buy" rating in a research note on Wednesday, September 10th. Weiss Ratings restated a "hold (c)" rating on shares of Chevron in a research note on Wednesday, October 8th. Mizuho decreased their target price on Chevron from $192.00 to $191.00 and set an "outperform" rating for the company in a research note on Monday, September 15th. Finally, Piper Sandler lifted their target price on 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, nine have assigned a Hold rating and three have assigned a Sell rating to the company's stock. Based on data from MarketBeat, the stock currently has a consensus rating of "Hold" and an average target price of $165.40.

Insider Activity at Chevron

In related news, VP Alana K. Knowles sold 3,978 shares of the business'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 sale, the vice president owned 1,181 shares of the company's stock, valued at $188,960. The trade was a 77.11% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director John B. Hess sold 375,000 shares of the business's stock in a transaction that occurred on 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 sale, the director directly 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 disclosure for this sale can be found here. 0.20% of the stock is owned by insiders.

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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