Essex Financial Services Inc. Sells 3,705 Shares of Chevron Corporation $CVX

Key Points

• Essex Financial Services Inc. reduced its holdings in Chevron Corporation by 7.4% during the 2nd quarter, selling 3,705 shares and now owning 46,628 shares valued at $6,677,000.
• Chevron's recent quarterly earnings report revealed EPS of $1.77, exceeding estimates by $0.19, despite a year-over-year revenue decline of 12.4% to $44.82 billion.
• The company recently declared a quarterly dividend of $1.71, yielding 4.3%, with an annualized amount of $6.84 and a payout ratio of 88.03%.

Essex Financial Services Inc. reduced its holdings in Chevron Corporation (NYSE:CVX - Free Report) by 7.4% in the 2nd quarter, according to the company in its most recent filing with the SEC. The firm owned 46,628 shares of the oil and gas company's stock after selling 3,705 shares during the quarter. Essex Financial Services Inc.'s holdings in Chevron were worth $6,677,000 as of its most recent SEC filing.

Other hedge funds also recently modified their holdings of the company. Greenfield Savings Bank increased its stake in shares of Chevron by 0.6% in the second quarter. Greenfield Savings Bank now owns 11,611 shares of the oil and gas company's stock valued at $1,663,000 after buying an additional 68 shares during the period. GDS Wealth Management boosted its holdings in Chevron by 4.4% in the first quarter. GDS Wealth Management now owns 1,706 shares of the oil and gas company's stock valued at $285,000 after acquiring an additional 72 shares during the last quarter. AIMZ Investment Advisors LLC increased its position in Chevron by 4.2% during the 1st quarter. AIMZ Investment Advisors LLC now owns 1,783 shares of the oil and gas company's stock valued at $298,000 after purchasing an additional 72 shares during the period. Garde Capital Inc. raised its holdings in Chevron by 3.2% during the 2nd quarter. Garde Capital Inc. now owns 2,355 shares of the oil and gas company's stock worth $337,000 after purchasing an additional 72 shares during the last quarter. Finally, North Star Investment Management Corp. lifted its position in shares of Chevron by 0.3% in the 2nd quarter. North Star Investment Management Corp. now owns 23,000 shares of the oil and gas company's stock worth $3,293,000 after purchasing an additional 74 shares during the period. Institutional investors and hedge funds own 72.42% of the company's stock.

Insider Buying and Selling

In related news, Director John B. Hess sold 375,000 shares of Chevron stock in a transaction that occurred on Friday, August 22nd. The stock was sold at an average price of $158.30, for a total transaction 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. The trade was a 21.09% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, VP Alana K. Knowles sold 3,978 shares of Chevron 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 represents a 77.11% decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.21% of the stock is owned by company insiders.

Chevron Stock Up 1.1%

Shares of NYSE:CVX opened at $160.92 on Friday. The company has a debt-to-equity ratio of 0.16, a quick ratio of 0.74 and a current ratio of 1.00. Chevron Corporation has a 52-week low of $132.04 and a 52-week high of $168.96. The business's 50 day simple moving average is $155.83 and its two-hundred day simple moving average is $149.11. The firm has a market cap of $278.08 billion, a P/E ratio of 20.71, a PEG ratio of 1.99 and a beta of 0.90.

Chevron (NYSE:CVX - Get Free Report) last released its quarterly earnings data on Friday, August 1st. The oil and gas company reported $1.77 EPS for the quarter, beating the consensus estimate of $1.58 by $0.19. Chevron had a return on equity of 9.90% and a net margin of 7.02%.The firm had revenue of $44.82 billion during the quarter, compared to the consensus estimate of $44.59 billion. During the same quarter in the previous year, the company posted $2.55 earnings per share. The company's quarterly revenue was down 12.4% on a year-over-year basis. As a group, research analysts forecast that Chevron Corporation will post 10.79 EPS for the current fiscal year.

Chevron Announces Dividend

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

Analyst Upgrades and Downgrades

CVX has been the subject of several recent analyst reports. Mizuho decreased their price objective on shares of Chevron from $192.00 to $191.00 and set an "outperform" rating for the company in a research report on Monday, September 15th. Piper Sandler upped their price target on shares of Chevron from $164.00 to $168.00 and gave the company an "overweight" rating in a research report on Monday, August 18th. Bank of America lifted their price objective on Chevron from $170.00 to $185.00 and gave the stock a "buy" rating in a research report on Wednesday, September 10th. Barclays reissued an "equal weight" rating on shares of Chevron in a research note on Tuesday, July 15th. Finally, Evercore ISI reaffirmed an "outperform" rating and set a $180.00 target price on shares of Chevron in a research note on Thursday, July 31st. Eleven analysts have rated the stock with a Buy rating, eight have issued a Hold rating and three have issued a Sell rating to the company. Based on data from MarketBeat.com, Chevron has an average rating of "Hold" and a consensus target price of $165.05.

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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