Johnson Investment Counsel Inc. Purchases 28,447 Shares of Chevron Corporation $CVX

Key Points

• Johnson Investment Counsel Inc. increased its stake in Chevron Corporation by 3.5% during the 2nd quarter, now owning 837,953 shares valued at approximately $119.99 million.
• Chevron has received numerous positive analyst ratings, with target prices rising to as high as $197.00 and a consensus rating of "Hold" with an average target of $165.40.
• The company reported a 12.4% decline in quarterly revenue year-over-year despite beating EPS estimates, with a current dividend yield of 4.6% based on a quarterly payment of $1.71.

Johnson Investment Counsel Inc. increased its stake in Chevron Corporation (NYSE:CVX - Free Report) by 3.5% in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 837,953 shares of the oil and gas company's stock after purchasing an additional 28,447 shares during the period. Chevron accounts for 1.1% of Johnson Investment Counsel Inc.'s portfolio, making the stock its 23rd largest holding. Johnson Investment Counsel Inc.'s holdings in Chevron were worth $119,986,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors have also recently bought and sold shares of CVX. Harvest Fund Management Co. Ltd raised its position 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 worth $25,000 after purchasing an additional 122 shares during the last quarter. Elequin Capital LP bought a new position in Chevron in the 1st quarter worth approximately $31,000. Cloud Capital Management LLC bought a new position in Chevron in the 1st quarter worth approximately $39,000. Investment Management Corp VA ADV raised its position in Chevron by 171.3% in the 1st 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 during the last quarter. Finally, GFG Capital LLC bought a new position in Chevron in the 2nd quarter worth approximately $42,000. Institutional investors own 72.42% of the company's stock.

Analyst Ratings Changes

Several analysts have commented on the stock. Evercore ISI reiterated an "outperform" rating and set a $180.00 target price on shares of Chevron in a research report on Thursday, July 31st. Piper Sandler upped their target price on shares of Chevron from $164.00 to $168.00 and gave the company an "overweight" rating in a research report on Monday, August 18th. UBS Group upped their target price on shares of Chevron from $186.00 to $197.00 and gave the company a "buy" rating in a research report on Wednesday, August 20th. Raymond James Financial reiterated an "outperform" rating on shares of Chevron in a research report on Friday, August 1st. Finally, Melius Research assumed coverage on shares of Chevron in a research report on Wednesday, August 20th. They set a "hold" rating and a $155.00 target price for the company. Eleven research analysts have rated the stock with a Buy rating, nine have given a Hold rating and three have given a Sell rating to the company's stock. According to data from MarketBeat, the company currently has a consensus rating of "Hold" and an average price target of $165.40.

Chevron Price Performance

CVX opened at $149.11 on Friday. 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 Corporation has a 12 month low of $132.04 and a 12 month high of $168.96. The company has a fifty day simple moving average of $156.10 and a 200 day simple moving average of $148.54. The stock has a market cap of $257.66 billion, a P/E ratio of 19.19, a P/E/G ratio of 1.92 and a beta of 0.84.

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. Chevron had a net margin of 7.02% and a return on equity of 9.90%. The business had revenue of $44.82 billion during the quarter, compared to analysts' expectations of $44.59 billion. During the same quarter in the prior year, the company earned $2.55 EPS. The firm's quarterly revenue was down 12.4% on a year-over-year basis. On average, research analysts expect that Chevron Corporation will post 10.79 EPS for the current year.

Chevron Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, September 10th. Investors of record on Tuesday, August 19th were given a $1.71 dividend. The ex-dividend date was Tuesday, August 19th. This represents a $6.84 dividend on an annualized basis and a dividend yield of 4.6%. Chevron's dividend payout ratio is currently 88.03%.

Insiders Place Their Bets

In related news, VP Alana K. Knowles sold 3,978 shares of the company'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 approximately $188,960. This represents a 77.11% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director John B. Hess sold 375,000 shares of the company's stock in a transaction on 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 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. 0.21% 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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