Exchange Traded Concepts LLC Reduces Stake in Chevron Corporation $CVX

Exchange Traded Concepts LLC trimmed its stake in Chevron Corporation (NYSE:CVX - Free Report) by 95.3% during the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 8,343 shares of the oil and gas company's stock after selling 167,470 shares during the quarter. Exchange Traded Concepts LLC's holdings in Chevron were worth $1,195,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors also recently modified their holdings of the company. Harvest Fund Management Co. Ltd lifted its stake in shares of Chevron by 420.7% during the 1st 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 shares of Chevron during the 1st quarter valued at approximately $31,000. IFS Advisors LLC lifted its stake in Chevron by 119.6% in the 1st 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 in the last quarter. Cloud Capital Management LLC purchased a new stake in Chevron in the 1st quarter worth approximately $39,000. Finally, Investment Management Corp VA ADV lifted its stake in Chevron by 171.3% in the 1st quarter. Investment Management Corp VA ADV now owns 236 shares of the oil and gas company's stock worth $39,000 after purchasing an additional 149 shares in the last quarter. 72.42% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several research firms have issued reports on CVX. Melius Research began coverage on shares of Chevron in a research note on Wednesday, August 20th. They issued a "hold" rating and a $155.00 target price on the stock. Barclays reiterated an "equal weight" rating on shares of Chevron in a research note on Tuesday, July 15th. Wells Fargo & Company reiterated an "overweight" rating and issued a $178.00 target price on shares of Chevron in a research note on Friday, August 1st. Scotiabank reiterated a "sector perform" rating and issued a $160.00 target price (up from $143.00) on shares of Chevron in a research note on Friday, July 11th. Finally, Melius began coverage on shares of Chevron in a research note on Wednesday, August 20th. They issued a "hold" rating and a $155.00 target price on the stock. Eleven equities research 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's stock. Based on data from MarketBeat.com, the company has a consensus rating of "Hold" and an average price target of $165.05.

Chevron Price Performance

Shares of Chevron stock opened at $156.16 on Tuesday. The firm has a market cap of $269.84 billion, a PE ratio of 20.10, a price-to-earnings-growth ratio of 1.96 and a beta of 0.90. Chevron Corporation has a 12-month low of $132.04 and a 12-month high of $168.96. The company has a quick ratio of 0.74, a current ratio of 1.00 and a debt-to-equity ratio of 0.16. The company's fifty day simple moving average is $155.33 and its two-hundred day simple moving average is $148.96.

Chevron (NYSE:CVX - Get Free Report) last announced its quarterly earnings results on Friday, August 1st. The oil and gas company reported $1.77 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.58 by $0.19. The business had revenue of $44.82 billion for the quarter, compared to analyst estimates of $44.59 billion. Chevron had a net margin of 7.02% and a return on equity of 9.90%. The company's revenue was down 12.4% on a year-over-year basis. During the same quarter last year, the firm earned $2.55 EPS. As a group, equities analysts expect that Chevron Corporation will post 10.79 EPS for the current year.

Chevron Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Wednesday, September 10th. Shareholders of record on Tuesday, August 19th were issued a $1.71 dividend. 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 dividend payout ratio (DPR) is 88.03%.

Insiders Place Their Bets

In other Chevron news, 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 sale, the vice president owned 1,181 shares of the company's stock, valued at $188,960. This trade represents a 77.11% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director John B. Hess sold 375,000 shares of the firm's stock in a transaction 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 completion of the sale, the director directly owned 1,403,045 shares in the company, valued at approximately $222,102,023.50. This trade represents a 21.09% decrease in their position. The disclosure for this sale can be found here. 0.20% of the stock is owned by company insiders.

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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