Interchange Capital Partners LLC Sells 5,311 Shares of Chevron Corporation $CVX

Key Points

• Interchange Capital Partners LLC sold 5,311 shares of Chevron, reducing its holdings by 92.2% to only 452 shares valued at $65,000.
• Chevron recently reported quarterly earnings of $1.77 per share, exceeding analysts' expectations of $1.58, despite a 12.4% year-over-year decline in revenue.
• The company declared a quarterly dividend of $1.71 per share, representing a dividend yield of 4.5% and a payout ratio of 88.03%.

Interchange Capital Partners LLC reduced its position in Chevron Corporation (NYSE:CVX - Free Report) by 92.2% in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 452 shares of the oil and gas company's stock after selling 5,311 shares during the quarter. Interchange Capital Partners LLC's holdings in Chevron were worth $65,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently made changes to their positions in CVX. GAMMA Investing LLC raised its holdings in shares of Chevron by 27.3% in the first quarter. GAMMA Investing LLC now owns 32,329 shares of the oil and gas company's stock valued at $5,408,000 after acquiring an additional 6,928 shares in the last quarter. Wealth Enhancement Advisory Services LLC raised its holdings in shares of Chevron by 10.1% in the first quarter. Wealth Enhancement Advisory Services LLC now owns 1,133,752 shares of the oil and gas company's stock valued at $189,666,000 after acquiring an additional 104,103 shares in the last quarter. Keystone Wealth Services LLC purchased a new position in Chevron in the first quarter valued at about $236,000. Cyndeo Wealth Partners LLC grew its stake in Chevron by 0.5% in the first quarter. Cyndeo Wealth Partners LLC now owns 19,761 shares of the oil and gas company's stock valued at $3,306,000 after purchasing an additional 99 shares during the last quarter. Finally, Stockman Wealth Management Inc. grew its stake in Chevron by 6.0% in the first quarter. Stockman Wealth Management Inc. now owns 72,145 shares of the oil and gas company's stock valued at $12,069,000 after purchasing an additional 4,081 shares during the last quarter. 72.42% of the stock is currently owned by institutional investors.

Chevron Price Performance

Shares of CVX stock opened at $152.47 on Wednesday. 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 $263.47 billion, a price-to-earnings ratio of 19.62, a PEG ratio of 1.97 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. The stock's 50-day simple moving average is $156.12 and its 200-day simple moving average is $148.34.

Chevron (NYSE:CVX - Get Free Report) last issued its quarterly earnings results on Friday, August 1st. The oil and gas company reported $1.77 earnings per share for the quarter, topping 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 for the quarter, compared to analyst estimates of $44.59 billion. During the same quarter in the previous year, the firm earned $2.55 earnings per share. The company's revenue was down 12.4% on a year-over-year basis. As a group, equities analysts forecast that Chevron Corporation will post 10.79 earnings per share for the current fiscal year.

Chevron Announces Dividend

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

Insider Transactions at Chevron

In related news, Director John B. Hess sold 375,000 shares of Chevron stock in a transaction dated 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 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 ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, VP Alana K. Knowles sold 3,978 shares of Chevron 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 sale, the vice president directly owned 1,181 shares of the company's stock, valued at $188,960. This trade represents a 77.11% decrease in their position. The disclosure for this sale can be found here. Insiders own 0.20% of the company's stock.

Analysts Set New Price Targets

CVX has been the topic of several analyst reports. Morgan Stanley initiated coverage on Chevron in a research note on Monday, August 4th. They issued an "overweight" rating and a $174.00 target price on the stock. Melius initiated coverage on Chevron in a research note on Wednesday, August 20th. They issued a "hold" rating and a $155.00 target price on the stock. Jefferies Financial Group reiterated a "buy" rating on shares of Chevron in a research note on Friday, July 18th. Piper Sandler lifted their target price on Chevron from $164.00 to $168.00 and gave the company an "overweight" rating in a research note on Monday, August 18th. Finally, Melius Research initiated coverage on 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, nine have issued a Hold rating and three have assigned a Sell rating to the stock. According to data from MarketBeat.com, the stock has an average rating of "Hold" and a consensus target price of $165.40.

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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