IFP Advisors Inc Reduces Stock Position in Chevron Corporation $CVX

Key Points

• IFP Advisors Inc reduced its holdings in Chevron Corporation (CVX) by 12.3% in Q2, now owning 54,793 shares worth approximately $7.8 million.
• Chevron's stock experienced a 1.4% decline, currently priced at $151.63, with a market capitalization of $262.02 billion.
• The company declared a $1.71 quarterly dividend, resulting in an annualized yield of 4.5%, and has a dividend payout ratio of 88.03%.

IFP Advisors Inc lowered its position in shares of Chevron Corporation (NYSE:CVX - Free Report) by 12.3% in the 2nd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 54,793 shares of the oil and gas company's stock after selling 7,716 shares during the period. IFP Advisors Inc's holdings in Chevron were worth $7,846,000 at the end of the most recent reporting period.

Several other institutional investors have also added to or reduced their stakes in CVX. Kingstone Capital Partners Texas LLC raised its holdings in Chevron by 652,139.5% in the 2nd quarter. Kingstone Capital Partners Texas LLC now owns 83,714,936 shares of the oil and gas company's stock worth $13,214,757,000 after purchasing an additional 83,702,101 shares in the last quarter. Charles Schwab Investment Management Inc. raised its holdings in Chevron by 4.9% in the 1st quarter. Charles Schwab Investment Management Inc. now owns 33,430,030 shares of the oil and gas company's stock worth $5,592,263,000 after purchasing an additional 1,574,464 shares in the last quarter. Invesco Ltd. raised its holdings in Chevron by 5.5% in the 1st quarter. Invesco Ltd. now owns 15,855,325 shares of the oil and gas company's stock worth $2,652,437,000 after purchasing an additional 827,851 shares in the last quarter. Dimensional Fund Advisors LP raised its holdings in Chevron by 0.3% in the 1st quarter. Dimensional Fund Advisors LP now owns 12,281,983 shares of the oil and gas company's stock worth $2,054,513,000 after purchasing an additional 40,758 shares in the last quarter. Finally, GQG Partners LLC bought a new position in Chevron in the 1st quarter worth $1,466,751,000. Hedge funds and other institutional investors own 72.42% of the company's stock.

Chevron Stock Down 1.4%

NYSE:CVX opened at $151.63 on Friday. The firm has a market cap of $262.02 billion, a P/E ratio of 19.51, a P/E/G ratio of 1.98 and a beta of 0.84. 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 fifty-two week low of $132.04 and a fifty-two week high of $168.96. The firm has a 50-day simple moving average of $156.15 and a two-hundred day simple moving average of $148.79.

Chevron (NYSE:CVX - Get Free Report) last released its quarterly earnings data 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. The business had revenue of $44.82 billion during 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%. Chevron's revenue was down 12.4% compared to the same quarter last year. During the same period last year, the business earned $2.55 EPS. Analysts predict that Chevron Corporation will post 10.79 earnings per share for the current fiscal year.

Chevron Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Wednesday, September 10th. Stockholders of record on Tuesday, August 19th were issued a dividend of $1.71 per share. This represents a $6.84 dividend on an annualized basis and a dividend yield of 4.5%. The ex-dividend date of this dividend was Tuesday, August 19th. Chevron's dividend payout ratio (DPR) is presently 88.03%.

Analysts Set New Price Targets

CVX has been the subject of several research reports. TD Cowen increased their price target on shares of Chevron from $150.00 to $155.00 and gave the stock a "hold" rating in a research note on Monday, August 4th. Evercore ISI reiterated an "outperform" rating and issued a $180.00 price target on shares of Chevron in a research note on Thursday, July 31st. Mizuho decreased their price target on shares of Chevron from $192.00 to $191.00 and set an "outperform" rating for the company in a research note on Monday, September 15th. Barclays decreased their price target on shares of Chevron from $160.00 to $158.00 and set an "equal weight" rating for the company in a research note on Tuesday. Finally, Jefferies Financial Group reiterated a "buy" rating on shares of Chevron in a research note on Friday, July 18th. Eleven analysts have rated the stock with a Buy rating, nine have issued a Hold rating and three have given a Sell rating to the company's stock. Based on data from MarketBeat.com, Chevron presently has an average rating of "Hold" and a consensus price target of $165.40.

Insider Transactions at Chevron

In other news, Director John B. Hess sold 375,000 shares of the firm's stock in a transaction dated 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 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 position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, VP Alana K. Knowles sold 3,978 shares of the firm's stock in a transaction dated Friday, August 29th. The shares were sold at an average price of $160.00, for a total transaction of $636,480.00. Following the sale, the vice president directly owned 1,181 shares in the company, valued at approximately $188,960. The trade was a 77.11% decrease in their position. The disclosure for this sale can be found here. Company insiders own 0.21% of the company's stock.

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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