Confluence Investment Management LLC Has $121.09 Million Holdings in Chevron Corporation $CVX

Key Points

• Confluence Investment Management LLC increased its stake in Chevron Corporation by 15.2%, acquiring an additional 111,302 shares during the second quarter, bringing its total ownership to 845,635 shares.
• Chevron reported earnings of $1.77 EPS for the most recent quarter, surpassing analysts' expectations, while its revenue of $44.82 billion represented a 12.4% decline year-over-year.
• The company announced a quarterly dividend of $1.71 per share, reflecting an annual yield of 4.4% with a payout ratio of 88.03%.

Confluence Investment Management LLC boosted its holdings in Chevron Corporation (NYSE:CVX - Free Report) by 15.2% during the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 845,635 shares of the oil and gas company's stock after acquiring an additional 111,302 shares during the quarter. Chevron comprises about 1.7% of Confluence Investment Management LLC's investment portfolio, making the stock its 19th biggest holding. Confluence Investment Management LLC's holdings in Chevron were worth $121,087,000 at the end of the most recent quarter.

Several other hedge funds also recently made changes to their positions in CVX. Harvest Fund Management Co. Ltd grew its position 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 buying an additional 122 shares during the last quarter. 10Elms LLP bought a new stake in shares of Chevron during the 4th quarter worth $29,000. Elequin Capital LP acquired a new position in shares of Chevron in the 1st quarter worth $31,000. IFS Advisors LLC raised its position 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 purchasing an additional 116 shares during the period. Finally, Cloud Capital Management LLC purchased a new stake in shares of Chevron during the first quarter valued at $39,000. Institutional investors and hedge funds own 72.42% of the company's stock.

Chevron Stock Down 0.6%

CVX stock traded down $1.02 during mid-day 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 market capitalization of $271.69 billion, a price-to-earnings ratio of 20.24, a PEG ratio of 1.98 and a beta of 0.90. The company has a fifty day moving average of $154.67 and a 200 day moving average of $148.79. 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 1-year low of $132.04 and a 1-year high of $168.96.

Chevron (NYSE:CVX - Get Free Report) last issued its quarterly earnings data 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. The business had revenue of $44.82 billion for the quarter, compared to the consensus estimate of $44.59 billion. Chevron had a return on equity of 9.90% and a net margin of 7.02%.The firm's revenue was down 12.4% compared to the same quarter last year. During the same period last year, the business earned $2.55 EPS. On average, equities analysts expect that Chevron Corporation will post 10.79 EPS for the current fiscal year.

Chevron Announces Dividend

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

Insiders Place Their Bets

In other news, Director John B. Hess sold 375,000 shares of Chevron 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 owned 1,403,045 shares in the company, valued at approximately $222,102,023.50. The trade was a 21.09% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, VP Alana K. Knowles sold 3,978 shares of the firm'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 completion of the sale, the vice president owned 1,181 shares of the company's stock, valued at approximately $188,960. This trade represents a 77.11% decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.20% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

Several research firms have issued reports on CVX. Raymond James Financial restated an "outperform" rating on shares of Chevron in a report on Friday, August 1st. Evercore ISI restated an "outperform" rating and set a $180.00 price target on shares of Chevron in a report on Thursday, July 31st. Melius Research started coverage on shares of Chevron in a research note on Wednesday, August 20th. They issued a "hold" rating and a $155.00 price objective for the company. Wells Fargo & Company reiterated an "overweight" rating and set a $178.00 price objective on shares of Chevron in a research report on Friday, August 1st. Finally, Piper Sandler increased their target price on Chevron from $164.00 to $168.00 and gave the company an "overweight" rating in a report on Monday, August 18th. Eleven analysts have rated the stock with a Buy rating, eight have issued a Hold rating and three have assigned a Sell rating to the stock. According to data from MarketBeat, Chevron presently has a consensus rating of "Hold" and an average price target of $164.80.

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.