Highland Capital Management LLC Sells 40,928 Shares of Chevron Corporation $CVX

Key Points

• Highland Capital Management LLC reduced its stake in Chevron Corporation by 49.5%, selling 40,928 shares to hold 41,784 shares valued at approximately $5.98 million.
• Several other institutional investors have increased their positions in Chevron, with Harvest Fund Management Co. Ltd growing its stake by 420.7% in the first quarter.
• Chevron recently announced a quarterly dividend of $1.71 per share, representing an annualized yield of 4.5% and a payout ratio of 88.03%.

Highland Capital Management LLC trimmed its stake in Chevron Corporation (NYSE:CVX - Free Report) by 49.5% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 41,784 shares of the oil and gas company's stock after selling 40,928 shares during the period. Highland Capital Management LLC's holdings in Chevron were worth $5,983,000 as of its most recent SEC filing.

Other large investors have also recently bought and sold shares of the company. Harvest Fund Management Co. Ltd grew its position in Chevron by 420.7% in the first quarter. Harvest Fund Management Co. Ltd now owns 151 shares of the oil and gas company's stock valued at $25,000 after acquiring an additional 122 shares during the period. Elequin Capital LP acquired a new position in Chevron in the first quarter worth $31,000. Cloud Capital Management LLC acquired a new position in Chevron in the first quarter worth $39,000. Investment Management Corp VA ADV boosted its stake in 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 purchasing an additional 149 shares in the last quarter. Finally, Cooksen Wealth LLC acquired a new position in Chevron in the first quarter worth $43,000. 72.42% of the stock is currently owned by institutional investors.

Insider Transactions at Chevron

In other Chevron news, VP Alana K. Knowles sold 3,978 shares of the stock in a transaction dated Friday, August 29th. The stock was sold at an average price of $160.00, for a total value of $636,480.00. Following the completion of 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 sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director John B. Hess sold 375,000 shares of the stock in a transaction dated 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 completion of the sale, 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 disclosure for this sale can be found here. Corporate insiders own 0.21% of the company's stock.

Wall Street Analyst Weigh In

A number of equities analysts have commented on the company. Scotiabank reissued a "sector perform" rating and issued a $160.00 price objective (up previously from $143.00) on shares of Chevron in a research note on Friday, July 11th. Jefferies Financial Group reissued a "buy" rating on shares of Chevron in a research note on Friday, July 18th. Piper Sandler boosted their price objective on Chevron from $164.00 to $168.00 and gave the stock an "overweight" rating in a research note on Monday, August 18th. Bank of America boosted their price objective on Chevron from $170.00 to $185.00 and gave the stock a "buy" rating in a research note on Wednesday, September 10th. Finally, Raymond James Financial reissued an "outperform" rating on shares of Chevron in a research note on Friday, August 1st. Eleven analysts have rated the stock with a Buy rating, nine have assigned a Hold rating and three have issued a Sell rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of "Hold" and an average price target of $165.05.

Chevron Trading Up 0.1%

NYSE CVX opened at $153.59 on Friday. The stock has a 50-day simple moving average of $156.23 and a 200 day simple moving average of $148.99. The company has a market capitalization of $265.40 billion, a PE ratio of 19.77, a P/E/G ratio of 1.99 and a beta of 0.84. The company has a current ratio of 1.00, a quick ratio of 0.74 and a debt-to-equity ratio of 0.16. Chevron Corporation has a 12 month low of $132.04 and a 12 month high of $168.96.

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 analysts' consensus estimates of $1.58 by $0.19. The business had revenue of $44.82 billion during the quarter, compared to the consensus estimate of $44.59 billion. Chevron had a return on equity of 9.90% and a net margin of 7.02%.The firm's revenue was down 12.4% on a year-over-year basis. During the same quarter in the prior year, the company posted $2.55 earnings per share. Research analysts forecast that Chevron Corporation will post 10.79 EPS for the current year.

Chevron Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, September 10th. Investors 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 4.5%. The ex-dividend date was Tuesday, August 19th. Chevron's dividend payout ratio is currently 88.03%.

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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