Connecticut Wealth Management LLC Decreases Position in Chevron Corporation $CVX

Key Points

• Connecticut Wealth Management LLC has decreased its stake in Certain Corporation (CVX) by 25.4%, now holding 5,664 shares valued at approximately $948,000.
• Chevron recently reported an earnings per share (EPS) of $1.77, surpassing estimates, but its year-over-year revenue fell by 12.4% to $44.82 billion.
• The company has declared a quarterly dividend of $1.71 per share, representing an annualized dividend of $6.84 and yielding 4.3%.

Connecticut Wealth Management LLC cut its stake in Chevron Corporation (NYSE:CVX - Free Report) by 25.4% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 5,664 shares of the oil and gas company's stock after selling 1,924 shares during the quarter. Connecticut Wealth Management LLC's holdings in Chevron were worth $948,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of CVX. Sage Capital Advisors llc raised its holdings in Chevron by 2.2% in the 1st quarter. Sage Capital Advisors llc now owns 42,421 shares of the oil and gas company's stock valued at $7,097,000 after acquiring an additional 919 shares during the last quarter. CCG Wealth Management LLC raised its holdings in Chevron by 2.3% in the 1st quarter. CCG Wealth Management LLC now owns 6,334 shares of the oil and gas company's stock valued at $1,060,000 after acquiring an additional 145 shares during the last quarter. Ignite Planners LLC raised its holdings in Chevron by 14.1% in the 1st quarter. Ignite Planners LLC now owns 12,316 shares of the oil and gas company's stock valued at $2,060,000 after acquiring an additional 1,519 shares during the last quarter. Vista Capital Partners Inc. raised its holdings in Chevron by 9.1% in the 1st quarter. Vista Capital Partners Inc. now owns 5,938 shares of the oil and gas company's stock valued at $993,000 after acquiring an additional 495 shares during the last quarter. Finally, Oregon Public Employees Retirement Fund raised its holdings in Chevron by 0.5% in the 1st quarter. Oregon Public Employees Retirement Fund now owns 143,914 shares of the oil and gas company's stock valued at $24,075,000 after acquiring an additional 675 shares during the last quarter. 72.42% of the stock is owned by hedge funds and other institutional investors.

Chevron Trading Down 2.4%

Shares of NYSE:CVX traded down $3.84 during mid-day trading on Wednesday, reaching $157.99. 8,520,823 shares of the company were exchanged, compared to its average volume of 9,294,089. 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 $273.01 billion, a price-to-earnings ratio of 20.33, a P/E/G ratio of 2.38 and a beta of 0.90. The firm's 50-day simple moving average is $152.93 and its 200 day simple moving average is $148.86. 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 posted its quarterly earnings data on Friday, August 1st. The oil and gas company reported $1.77 earnings per share for the quarter, topping analysts' consensus estimates of $1.58 by $0.19. The firm had revenue of $44.82 billion during the quarter, compared to analysts' expectations of $44.59 billion. Chevron had a net margin of 7.02% and a return on equity of 9.90%. The firm's quarterly revenue was down 12.4% on a year-over-year basis. During the same quarter last year, the company posted $2.55 EPS. Equities research analysts forecast that Chevron Corporation will post 10.79 EPS for the current year.

Chevron Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, September 10th. Shareholders of record on Tuesday, August 19th will be given a $1.71 dividend. This represents a $6.84 annualized dividend and a yield of 4.3%. The ex-dividend date of this dividend is Tuesday, August 19th. Chevron's dividend payout ratio (DPR) is currently 88.03%.

Insider Buying and Selling

In other Chevron news, Director John B. Hess sold 375,000 shares of the firm's 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 of the company's stock, valued at $222,102,023.50. This trade represents a 21.09% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. 0.20% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

A number of analysts have commented on the stock. Jefferies Financial Group reiterated a "buy" rating on shares of Chevron in a report on Friday, July 18th. HSBC downgraded shares of Chevron from a "buy" rating to a "hold" rating and cut their price target for the stock from $176.00 to $158.00 in a report on Tuesday, May 13th. Raymond James Financial restated an "outperform" rating on shares of Chevron in a report on Friday, August 1st. Wells Fargo & Company restated an "overweight" rating and set a $178.00 price target on shares of Chevron in a report on Friday, August 1st. Finally, Melius initiated coverage on shares of Chevron in a report on Wednesday, August 20th. They set a "hold" rating and a $155.00 price target for the company. Eleven analysts have rated the stock with a Buy rating, eight have given a Hold rating and three have given a Sell rating to the company. According to MarketBeat, Chevron presently has a consensus rating of "Hold" and a consensus target price of $163.95.

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.