Founders Capital Management LLC Boosts Stock Holdings in Chevron Corporation $CVX

Key Points

• Founders Capital Management LLC has increased its stake in Chevron Corporation by 18.4%, now owning 13,417 shares valued at approximately $1.92 million.
• Institutional investors collectively own 72.42% of Chevron's stock, with significant gains in holdings reported by Kingstone Capital Partners Texas LLC and others in the second quarter.
• Chevron's latest earnings report showed $1.77 earnings per share, exceeding estimates, while the company also announced a quarterly dividend of $1.71 per share with a yield of 4.4%.

Founders Capital Management LLC increased its position in shares of Chevron Corporation (NYSE:CVX - Free Report) by 18.4% during the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 13,417 shares of the oil and gas company's stock after buying an additional 2,084 shares during the quarter. Founders Capital Management LLC's holdings in Chevron were worth $1,921,000 at the end of the most recent reporting period.

Several other institutional investors have also recently made changes to their positions in CVX. Harvest Fund Management Co. Ltd raised its position 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 during the period. Elequin Capital LP acquired a new stake in Chevron in the 1st quarter valued at approximately $31,000. IFS Advisors LLC increased its holdings in Chevron by 119.6% in the 1st quarter. IFS Advisors LLC now owns 213 shares of the oil and gas company's stock valued at $36,000 after purchasing an additional 116 shares during the last quarter. Cloud Capital Management LLC acquired a new stake in Chevron in the 1st quarter valued at approximately $39,000. Finally, Investment Management Corp VA ADV grew its stake in shares of 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 worth $39,000 after acquiring an additional 149 shares in the last quarter. Hedge funds and other institutional investors own 72.42% of the company's stock.

Chevron Price Performance

CVX traded down $0.05 on Monday, hitting $156.16. 5,178,093 shares of the company were exchanged, compared to its average volume of 7,668,525. 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 business's fifty day moving average is $155.33 and its 200 day moving average is $148.96. Chevron Corporation has a fifty-two week low of $132.04 and a fifty-two week high of $168.96. The firm has a market capitalization of $269.84 billion, a P/E ratio of 20.10, a price-to-earnings-growth ratio of 1.96 and a beta of 0.90.

Chevron (NYSE:CVX - Get Free Report) last issued its 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. Chevron had a net margin of 7.02% and a return on equity of 9.90%. The company had revenue of $44.82 billion for the quarter, compared to analyst estimates of $44.59 billion. During the same period in the prior year, the business posted $2.55 earnings per share. The firm's revenue for the quarter was down 12.4% compared to the same quarter last year. As a group, sell-side analysts anticipate that Chevron Corporation will post 10.79 EPS for the current year.

Chevron Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Wednesday, September 10th. Stockholders of record on Tuesday, August 19th were given a $1.71 dividend. The ex-dividend date was Tuesday, August 19th. This represents a $6.84 annualized dividend and a dividend yield of 4.4%. Chevron's dividend payout ratio is currently 88.03%.

Wall Street Analysts Forecast Growth

CVX has been the subject of several research reports. Scotiabank restated a "sector perform" rating and issued a $160.00 price target (up previously from $143.00) on shares of Chevron in a research note on Friday, July 11th. Barclays reaffirmed an "equal weight" rating on shares of Chevron in a research report on Tuesday, July 15th. Mizuho decreased their price target on Chevron from $192.00 to $191.00 and set an "outperform" rating for the company in a report on Monday, September 15th. TD Cowen boosted their price target on shares of Chevron from $150.00 to $155.00 and gave the company a "hold" rating in a research report on Monday, August 4th. Finally, Piper Sandler boosted 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. Eleven investment analysts have rated the stock with a Buy rating, eight have issued a Hold rating and three have given a Sell rating to the stock. Based on data from MarketBeat, the stock has an average rating of "Hold" and a consensus price target of $165.05.

Insider Activity at Chevron

In other news, VP Alana K. Knowles sold 3,978 shares of the stock in a transaction that occurred 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 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 transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director John B. Hess sold 375,000 shares of the company'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 transaction of $59,362,500.00. Following the transaction, the director directly owned 1,403,045 shares in the company, valued at $222,102,023.50. The trade was a 21.09% decrease in their position. The disclosure for this sale can be found here. 0.20% of the stock is owned by corporate insiders.

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.