InvesTrust Sells 22,249 Shares of Chevron Corporation $CVX

Key Points

• InvesTrust has reduced its stake in Chevron Corporation by 54.6%, holding 18,488 shares valued at $2.65 million after selling 22,249 shares in Q2.
• Wall Street analysts maintain a strong outlook on Chevron, with several firms issuing price targets between $155 and $180 and a consensus rating of "Hold."
• Chevron recently announced a quarterly dividend of $1.71 per share, translating to an annualized payout of $6.84 with a yield of 4.4%.

InvesTrust decreased its position in Chevron Corporation (NYSE:CVX - Free Report) by 54.6% in the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 18,488 shares of the oil and gas company's stock after selling 22,249 shares during the period. InvesTrust's holdings in Chevron were worth $2,647,000 as of its most recent filing with the SEC.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Harvest Fund Management Co. Ltd increased its stake in Chevron by 420.7% in 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 last quarter. Elequin Capital LP purchased a new stake in Chevron in the 1st quarter valued at about $31,000. 10Elms LLP purchased a new stake in Chevron in the 4th quarter valued at about $29,000. IFS Advisors LLC increased its stake in shares of Chevron by 119.6% during the 1st quarter. IFS Advisors LLC now owns 213 shares of the oil and gas company's stock worth $36,000 after purchasing an additional 116 shares during the last quarter. Finally, Cloud Capital Management LLC purchased a new stake in shares of Chevron during the 1st quarter worth approximately $39,000. Hedge funds and other institutional investors own 72.42% of the company's stock.

Chevron Stock Performance

CVX traded down $1.02 on Friday, hitting $157.23. The company's stock had a trading volume of 5,545,397 shares, compared to its average volume of 7,652,500. The company's 50 day simple moving average is $154.67 and its 200-day simple moving average is $148.79. The firm has a market cap of $271.69 billion, a P/E ratio of 20.24, a price-to-earnings-growth ratio of 1.98 and a beta of 0.90. Chevron Corporation has a 12 month low of $132.04 and a 12 month high of $168.96. The company has a quick ratio of 0.74, a current ratio of 1.00 and a debt-to-equity ratio of 0.16.

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, topping the consensus estimate of $1.58 by $0.19. The company had revenue of $44.82 billion during the quarter, compared to the consensus estimate of $44.59 billion. Chevron had a net margin of 7.02% and a return on equity of 9.90%. Chevron's revenue for the quarter was down 12.4% on a year-over-year basis. During the same period last year, the firm earned $2.55 EPS. Analysts forecast that Chevron Corporation will post 10.79 EPS for the current year.

Chevron Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Wednesday, September 10th. Shareholders of record on Tuesday, August 19th were issued a $1.71 dividend. This represents a $6.84 annualized dividend and a yield of 4.4%. The ex-dividend date of this dividend was Tuesday, August 19th. Chevron's dividend payout ratio (DPR) is presently 88.03%.

Insider Buying and Selling at Chevron

In other Chevron news, VP Alana K. Knowles sold 3,978 shares of the firm's stock in a transaction 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 completion of the transaction, 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 sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director John B. Hess sold 375,000 shares of the firm's stock in a transaction 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 completion of the transaction, the director directly owned 1,403,045 shares of the company's stock, valued at approximately $222,102,023.50. The trade was a 21.09% decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.20% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

Several brokerages have recently issued reports on CVX. Morgan Stanley began coverage on shares of Chevron in a research note on Monday, August 4th. They set an "overweight" rating and a $174.00 price target for the company. Wells Fargo & Company restated an "overweight" rating and set a $178.00 price target on shares of Chevron in a research note on Friday, August 1st. TD Cowen raised 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 restated an "outperform" rating and set a $180.00 price target on shares of Chevron in a research note on Thursday, July 31st. Finally, Barclays restated an "equal weight" rating on shares of Chevron in a research note on Tuesday, July 15th. Eleven investment analysts have rated the stock with a Buy rating, eight have assigned a Hold rating and three have given a Sell rating to the company's stock. Based on data from MarketBeat.com, Chevron has a consensus rating of "Hold" and a consensus price target of $164.80.

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.