Chevron Corporation (NYSE:CVX) Shares Sold by Summit Securities Group LLC

Key Points

• Summit Securities Group LLC drastically reduced its stake in Chevron Corporation by 95.6% in Q1, now holding only 1,100 shares, while several other investors increased their holdings during the same period.
• Chevron’s most recent earnings report showed $1.77 earnings per share, surpassing the consensus estimate, but its revenue was down 12.4% year-over-year.
• The company recently announced a quarterly dividend of $1.71 per share, representing an annualized yield of 4.4%, with a payout ratio of 88.03%.

Summit Securities Group LLC cut its stake in shares of Chevron Corporation (NYSE:CVX - Free Report) by 95.6% in the first quarter, according to its most recent disclosure with the SEC. The firm owned 1,100 shares of the oil and gas company's stock after selling 23,900 shares during the period. Summit Securities Group LLC's holdings in Chevron were worth $184,000 at the end of the most recent quarter.

A number of other large investors also recently added to or reduced their stakes in CVX. Harvest Fund Management Co. Ltd grew its holdings in shares of Chevron by 420.7% during the first quarter. Harvest Fund Management Co. Ltd now owns 151 shares of the oil and gas company's stock worth $25,000 after buying an additional 122 shares in the last quarter. 10Elms LLP purchased a new stake in shares of Chevron during the fourth quarter worth $29,000. IFS Advisors LLC grew its holdings 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 worth $36,000 after buying an additional 116 shares in the last quarter. Navigoe LLC purchased a new stake in shares of Chevron during the fourth quarter worth $33,000. Finally, Cloud Capital Management LLC purchased a new stake in shares of Chevron during the first quarter worth $39,000. 72.42% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of equities research analysts have recently issued reports on CVX shares. Redburn Atlantic reaffirmed a "sell" rating and set a $124.00 target price (down previously from $156.00) on shares of Chevron in a report on Wednesday, April 23rd. DZ Bank lowered shares of Chevron from a "buy" rating to a "sell" rating and set a $130.00 target price for the company. in a report on Tuesday, May 6th. Raymond James Financial reissued an "outperform" rating on shares of Chevron in a report on Friday, August 1st. Morgan Stanley started coverage on shares of Chevron in a report on Monday, August 4th. They issued an "overweight" rating and a $174.00 price objective for the company. Finally, Jefferies Financial Group reissued a "buy" rating on shares of Chevron in a report on Friday, July 18th. Three investment analysts have rated the stock with a sell rating, six have assigned a hold rating and eleven have given a buy rating to the company's stock. According to data from MarketBeat.com, the company has a consensus rating of "Hold" and an average target price of $164.11.

Chevron Trading Up 0.9%

Shares of CVX stock opened at $156.52 on Friday. The company has a debt-to-equity ratio of 0.16, a current ratio of 1.00 and a quick ratio of 0.74. The firm has a market cap of $270.46 billion, a PE ratio of 20.14, a price-to-earnings-growth ratio of 2.35 and a beta of 0.87. The company has a 50-day moving average of $150.13 and a two-hundred day moving average of $148.54. Chevron Corporation has a 1-year low of $132.04 and a 1-year high of $168.96.

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 for the quarter, topping the consensus estimate of $1.58 by $0.19. The company had revenue of $44.82 billion during the quarter, compared to analyst estimates of $44.59 billion. Chevron had a net margin of 7.02% and a return on equity of 9.90%. Chevron's revenue was down 12.4% compared to the same quarter last year. During the same quarter last year, the firm posted $2.55 earnings per share. On average, analysts predict that Chevron Corporation will post 10.79 EPS for the current year.

Chevron Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Wednesday, September 10th. Shareholders of record on Tuesday, August 19th will be 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 is Tuesday, August 19th. Chevron's dividend payout ratio (DPR) is 88.03%.

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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