Dakota Wealth Management Cuts Stock Position in Chevron Corporation $CVX

Key Points

• Dakota Wealth Management reduced its holdings in Chevron Corporation by 2.9%, owning 72,280 shares worth approximately $10.35 million after selling 2,172 shares in the second quarter.
• Insider trading was noted, with VP Alana K. Knowles selling 3,978 shares for $636,480 and Director John B. Hess selling 375,000 shares valued at $59.36 million, reflecting significant decreases in their ownership.
• Chevron announced a quarterly dividend of $1.71 per share, yielding 4.3%, as analysts provide mixed ratings with a consensus average price target of $165.05.

Dakota Wealth Management lowered its holdings in Chevron Corporation (NYSE:CVX - Free Report) by 2.9% in the second quarter, according to its most recent disclosure with the SEC. The institutional investor owned 72,280 shares of the oil and gas company's stock after selling 2,172 shares during the period. Dakota Wealth Management's holdings in Chevron were worth $10,350,000 at the end of the most recent reporting period.

Several other hedge funds have also recently added to or reduced their stakes in the company. Harvest Fund Management Co. Ltd raised its stake 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 valued at $25,000 after buying an additional 122 shares in the last quarter. Elequin Capital LP purchased a new stake in Chevron in the first quarter valued at approximately $31,000. IFS Advisors LLC lifted its stake in Chevron by 119.6% in the first quarter. IFS Advisors LLC now owns 213 shares of the oil and gas company's stock valued at $36,000 after buying an additional 116 shares during the last quarter. Cloud Capital Management LLC purchased a new stake in Chevron in the first quarter valued at approximately $39,000. Finally, Investment Management Corp VA ADV lifted its stake in Chevron by 171.3% in the first quarter. Investment Management Corp VA ADV now owns 236 shares of the oil and gas company's stock valued at $39,000 after buying an additional 149 shares during the last quarter. Institutional investors and hedge funds own 72.42% of the company's stock.

Insider Buying and Selling

In related news, VP Alana K. Knowles sold 3,978 shares of the stock in a transaction dated Friday, August 29th. The stock was sold at an average price of $160.00, for a total transaction of $636,480.00. Following the transaction, the vice president directly owned 1,181 shares in the company, valued at approximately $188,960. This represents a 77.11% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, Director John B. Hess sold 375,000 shares of the stock in a transaction dated 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 transaction, the director 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. 0.21% of the stock is currently owned by company insiders.

Analyst Ratings Changes

A number of research analysts have commented on CVX shares. Piper Sandler lifted their price objective on shares of Chevron from $164.00 to $168.00 and gave the company an "overweight" rating in a research note on Monday, August 18th. Raymond James Financial restated an "outperform" rating on shares of Chevron in a research note on Friday, August 1st. TD Cowen lifted their target price on Chevron from $150.00 to $155.00 and gave the company a "hold" rating in a research note on Monday, August 4th. Mizuho lowered their target price on Chevron from $192.00 to $191.00 and set an "outperform" rating on the stock in a research note on Monday, September 15th. Finally, Morgan Stanley assumed coverage on Chevron in a research note on Monday, August 4th. They issued an "overweight" rating and a $174.00 target price on the stock. Eleven research analysts have rated the stock with a Buy rating, eight have assigned a Hold rating and three have given a Sell rating to the company. According to data from MarketBeat, Chevron has a consensus rating of "Hold" and an average price target of $165.05.

Chevron Trading Up 1.1%

Shares of CVX opened at $159.15 on Thursday. Chevron Corporation has a 1-year low of $132.04 and a 1-year high of $168.96. 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 50 day simple moving average of $155.64 and a 200-day simple moving average of $149.09. The stock has a market cap of $275.00 billion, a price-to-earnings ratio of 20.48, a price-to-earnings-growth ratio of 1.97 and a beta of 0.90.

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, topping the consensus estimate of $1.58 by $0.19. The company had revenue of $44.82 billion during 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%.Chevron's revenue was down 12.4% compared to the same quarter last year. During the same quarter last year, the business posted $2.55 earnings per share. Equities analysts forecast that Chevron Corporation will post 10.79 EPS for the current fiscal year.

Chevron Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Wednesday, September 10th. Investors of record on Tuesday, August 19th were given a dividend of $1.71 per share. The ex-dividend date was Tuesday, August 19th. This represents a $6.84 dividend on an annualized basis and a yield of 4.3%. Chevron's dividend payout ratio (DPR) is 88.03%.

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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