Douglas Lane & Associates LLC Has $68.91 Million Holdings in Chevron Corporation $CVX

Key Points

• Douglas Lane & Associates LLC reduced its stake in Chemron Corporation by 2.7%, owning 481,218 shares valued at $68.9 million as of the latest SEC filing.
• Brokerages have recently increased target prices for Chevron, with Bank of America raising its target from $170.00 to $185.00 and UBS Group setting a target of $197.00, both maintaining a "buy" rating.
• Chemron announced a quarterly dividend of $1.71 per share, resulting in an annualized dividend of $6.84 and a yield of 4.4% with a payout ratio of 88.03%.

Douglas Lane & Associates LLC lessened its stake in Chevron Corporation (NYSE:CVX - Free Report) by 2.7% in the second quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 481,218 shares of the oil and gas company's stock after selling 13,193 shares during the period. Douglas Lane & Associates LLC's holdings in Chevron were worth $68,906,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently bought and sold shares of CVX. Bank Pictet & Cie Europe AG boosted its position in shares of Chevron by 7.9% during the 4th quarter. Bank Pictet & Cie Europe AG now owns 35,985 shares of the oil and gas company's stock valued at $5,212,000 after purchasing an additional 2,641 shares in the last quarter. Raiffeisen Bank International AG bought a new position in shares of Chevron during the 4th quarter valued at about $258,000. Sherbrooke Park Advisers LLC bought a new position in shares of Chevron during the 4th quarter valued at about $389,000. Scissortail Wealth Management LLC boosted its position in shares of Chevron by 23,923.8% during the 4th quarter. Scissortail Wealth Management LLC now owns 5,045 shares of the oil and gas company's stock valued at $731,000 after purchasing an additional 5,024 shares in the last quarter. Finally, Safeguard Investment Advisory Group LLC boosted its position in shares of Chevron by 3.6% during the 4th quarter. Safeguard Investment Advisory Group LLC now owns 5,485 shares of the oil and gas company's stock valued at $794,000 after purchasing an additional 193 shares in the last quarter. Institutional investors own 72.42% of the company's stock.

Analysts Set New Price Targets

Several equities analysts have recently weighed in on the stock. Raymond James Financial restated an "outperform" rating on shares of Chevron in a research report on Friday, August 1st. Bank of America raised their target price on shares of Chevron from $170.00 to $185.00 and gave the stock a "buy" rating in a report on Wednesday. Jefferies Financial Group reiterated a "buy" rating on shares of Chevron in a report on Friday, July 18th. Evercore ISI reiterated an "outperform" rating and issued a $180.00 target price on shares of Chevron in a report on Thursday, July 31st. Finally, UBS Group raised their target price on shares of Chevron from $186.00 to $197.00 and gave the stock a "buy" rating in a report on Wednesday, August 20th. Eleven research analysts have rated the stock with a Buy rating, eight have given a Hold rating and three have assigned a Sell rating to the company. Based on data from MarketBeat, the company currently has an average rating of "Hold" and a consensus price target of $164.80.

Chevron Stock Down 0.6%

Shares of CVX stock traded down $1.02 during trading on Friday, hitting $157.23. 5,545,397 shares of the company were exchanged, compared to its average volume of 7,652,500. The company has a debt-to-equity ratio of 0.16, a quick ratio of 0.74 and a current ratio of 1.00. The firm has a market capitalization of $271.69 billion, a price-to-earnings ratio of 20.24, a P/E/G ratio of 1.98 and a beta of 0.90. The business's 50-day simple moving average is $154.67 and its 200 day simple moving average is $148.85. Chevron Corporation has a twelve month low of $132.04 and a twelve month high of $168.96.

Chevron (NYSE:CVX - Get Free Report) last posted its quarterly earnings results on Friday, August 1st. The oil and gas company reported $1.77 EPS for the quarter, topping the consensus estimate of $1.58 by $0.19. The business 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% compared to the same quarter last year. During the same period last year, the company posted $2.55 earnings per share. As a group, analysts forecast that Chevron Corporation will post 10.79 EPS for the current fiscal year.

Chevron Dividend Announcement

The firm also recently disclosed 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. 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 dividend payout ratio (DPR) is presently 88.03%.

Insider Buying and Selling

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 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 ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, VP Alana K. Knowles sold 3,978 shares of the business's stock in a transaction on 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 $188,960. This trade represents a 77.11% decrease in their position. The disclosure for this sale can be found here. Company insiders own 0.20% of the company's stock.

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.