Chevron Corporation $CVX Shares Sold by Rehmann Capital Advisory Group

Key Points

• Rehmann Capital Advisory Group has reduced its position in Chevron Corporation by 17.5%, now holding 16,091 shares valued at approximately $2.3 million.
• Chevron recently announced a quarterly dividend of $1.71 per share, resulting in an annualized yield of 4.4% for shareholders.
• Chevron reported a net margin of 7.02% and earnings of $1.77 per share for the last quarter, surpassing estimates and reflecting a 12.4% decline in revenue year-over-year.

Rehmann Capital Advisory Group trimmed its position in Chevron Corporation (NYSE:CVX - Free Report) by 17.5% in the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 16,091 shares of the oil and gas company's stock after selling 3,406 shares during the period. Rehmann Capital Advisory Group's holdings in Chevron were worth $2,304,000 as of its most recent SEC filing.

A number of other institutional investors have also recently added to or reduced their stakes in the company. Kingstone Capital Partners Texas LLC lifted its position 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 purchasing an additional 83,702,101 shares during the period. Charles Schwab Investment Management Inc. lifted its position 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 purchasing an additional 1,574,464 shares during the period. Invesco Ltd. lifted its position in Chevron by 5.5% in the first quarter. Invesco Ltd. now owns 15,855,325 shares of the oil and gas company's stock worth $2,652,437,000 after purchasing an additional 827,851 shares during the period. Dimensional Fund Advisors LP lifted its position in shares of Chevron by 0.3% during the 1st quarter. Dimensional Fund Advisors LP now owns 12,281,983 shares of the oil and gas company's stock valued at $2,054,513,000 after acquiring an additional 40,758 shares during the last quarter. Finally, GQG Partners LLC acquired a new stake in shares of Chevron during the 1st quarter valued at $1,466,751,000. 72.42% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling at Chevron

In other news, 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 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. This represents a 77.11% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director John B. Hess sold 375,000 shares of the company's stock in a transaction on Friday, August 22nd. The stock was 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 trade represents a 21.09% decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.20% of the stock is owned by insiders.

Chevron Price Performance

Shares of NYSE:CVX opened at $153.80 on Wednesday. The company's fifty day moving average is $156.04 and its two-hundred day moving average is $148.08. The company has a quick ratio of 0.74, a current ratio of 1.00 and a debt-to-equity ratio of 0.16. 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 $265.76 billion, a P/E ratio of 19.79, a price-to-earnings-growth ratio of 2.06 and a beta of 0.84.

Chevron (NYSE:CVX - Get Free Report) last announced its earnings results on Friday, August 1st. The oil and gas company reported $1.77 earnings per share (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 company had revenue of $44.82 billion for the quarter, compared to the consensus estimate of $44.59 billion. During the same period in the previous year, the business earned $2.55 EPS. The company's revenue was down 12.4% on a year-over-year basis. Equities analysts expect that Chevron Corporation will post 10.79 earnings per share for the current fiscal year.

Chevron Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Wednesday, September 10th. Shareholders of record on Tuesday, August 19th were paid a dividend of $1.71 per share. This represents a $6.84 annualized dividend and a yield of 4.4%. The ex-dividend date of this dividend was Tuesday, August 19th. Chevron's payout ratio is 88.03%.

Analyst Upgrades and Downgrades

A number of brokerages have recently commented on CVX. Evercore ISI reiterated an "outperform" rating and set a $180.00 price objective on shares of Chevron in a research report on Thursday, July 31st. TD Cowen increased their price objective on Chevron from $150.00 to $155.00 and gave the company a "hold" rating in a research report on Monday, August 4th. UBS Group increased their price objective on Chevron from $186.00 to $197.00 and gave the company a "buy" rating in a research report on Wednesday, August 20th. Jefferies Financial Group reiterated a "buy" rating on shares of Chevron in a research report on Friday, July 18th. Finally, Wells Fargo & Company began coverage on Chevron in a research report on Friday, October 17th. They set an "overweight" rating and a $190.00 price objective for the company. One research analyst has rated the stock with a Strong Buy rating, ten have assigned a Buy rating, nine have assigned a Hold rating and three have given a Sell rating to the company. Based on data from MarketBeat.com, the stock has an average rating of "Hold" and an average target price of $165.25.

Chevron Company 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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