Greenleaf Trust Lowers Stake in Chevron Corporation $CVX

Key Points

• Greenleaf Trust has reduced its stake in Chevron Corporation by 35.5%, selling 22,521 shares in the second quarter, leaving it with 40,946 shares valued at approximately $5.86 million.
• Certain institutional investors, including Greenfield Savings Bank, GDS Wealth Management, and AIMZ Investment Advisors, have increased their holdings in Chevron, indicating continued interest in the stock despite Greenleaf's reduction.
• Chevron recently reported quarterly earnings of $1.77 per share, outperforming analysts' expectations, with revenue of $44.82 billion, although this reflects a 12.4% decline year-over-year.

Greenleaf Trust cut its holdings in shares of Chevron Corporation (NYSE:CVX - Free Report) by 35.5% during the second quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 40,946 shares of the oil and gas company's stock after selling 22,521 shares during the period. Greenleaf Trust's holdings in Chevron were worth $5,863,000 as of its most recent SEC filing.

A number of other large investors also recently bought and sold shares of CVX. Greenfield Savings Bank lifted its stake in Chevron by 0.6% in the 2nd 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 in the last quarter. GDS Wealth Management raised its holdings in shares of Chevron by 4.4% during 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 raised its holdings in shares of Chevron by 4.2% during the first quarter. AIMZ Investment Advisors LLC now owns 1,783 shares of the oil and gas company's stock valued at $298,000 after acquiring an additional 72 shares during the last quarter. Garde Capital Inc. lifted its position in shares of Chevron by 3.2% in the second quarter. Garde Capital Inc. now owns 2,355 shares of the oil and gas company's stock valued at $337,000 after acquiring an additional 72 shares in the last quarter. Finally, North Star Investment Management Corp. boosted its stake in shares of Chevron by 0.3% in the second quarter. North Star Investment Management Corp. now owns 23,000 shares of the oil and gas company's stock worth $3,293,000 after acquiring an additional 74 shares during the last quarter. Institutional investors and hedge funds own 72.42% of the company's stock.

Chevron Stock Performance

NYSE CVX opened at $156.13 on Tuesday. The business has a 50 day moving average price of $156.17 and a 200 day moving average price of $149.09. 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 company has a market capitalization of $269.79 billion, a P/E ratio of 20.09, a PEG ratio of 2.00 and a beta of 0.90. Chevron Corporation has a 1-year low of $132.04 and a 1-year high of $168.96.

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 for the quarter, beating analysts' consensus estimates of $1.58 by $0.19. Chevron had a return on equity of 9.90% and a net margin of 7.02%.The business had revenue of $44.82 billion during the quarter, compared to analysts' expectations of $44.59 billion. During the same quarter last year, the business posted $2.55 earnings per share. The business's revenue for the quarter was down 12.4% on a year-over-year basis. Sell-side analysts expect 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. Stockholders of record on Tuesday, August 19th were paid a dividend of $1.71 per share. This represents a $6.84 dividend on an annualized basis and a dividend yield of 4.4%. The ex-dividend date of this dividend was Tuesday, August 19th. Chevron's dividend payout ratio (DPR) is 88.03%.

Analyst Upgrades and Downgrades

Several research firms recently commented on CVX. Jefferies Financial Group reissued a "buy" rating on shares of Chevron in a research note on Friday, July 18th. Evercore ISI reaffirmed an "outperform" rating and set a $180.00 target price on shares of Chevron in a report on Thursday, July 31st. Scotiabank reissued a "sector perform" rating and issued a $160.00 price target (up from $143.00) on shares of Chevron in a research note on Friday, July 11th. UBS Group boosted their price target on shares of Chevron from $186.00 to $197.00 and gave the stock a "buy" rating in a research report on Wednesday, August 20th. Finally, Melius started coverage on shares of Chevron in a report on Wednesday, August 20th. They issued a "hold" rating and a $155.00 price objective for the company. Eleven investment analysts have rated the stock with a Buy rating, eight have assigned a Hold rating and three have issued a Sell rating to the company. Based on data from MarketBeat, the company has an average rating of "Hold" and a consensus target price of $165.05.

Insider Buying and Selling

In other Chevron news, VP Alana K. Knowles sold 3,978 shares of the 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 sale, the vice president owned 1,181 shares in the company, valued at approximately $188,960. This represents a 77.11% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. 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 value of $59,362,500.00. Following the transaction, the director directly 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 position. The disclosure for this sale can be found here. 0.20% of the stock is currently owned by corporate insiders.

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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