Lyell Wealth Management LP Reduces Stock Position in Chevron Corporation $CVX

Key Points

• Lyell Wealth Management LP has reduced its stake in Chevron Corporation by 39.3%, owning 28,181 shares valued at $4,035,000 after selling 18,277 shares in the second quarter.
• Chevron reported $1.77 EPS for its last quarter, exceeding analysts' estimates, but its revenue decreased 12.4% compared to the previous year.
• The company declared a quarterly dividend of $1.71 per share, contributing to an annualized dividend yield of 4.5% and a payout ratio of 88.03%.

Lyell Wealth Management LP reduced its holdings in shares of Chevron Corporation (NYSE:CVX - Free Report) by 39.3% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 28,181 shares of the oil and gas company's stock after selling 18,277 shares during the quarter. Lyell Wealth Management LP's holdings in Chevron were worth $4,035,000 at the end of the most recent quarter.

A number of other institutional investors also recently modified their holdings of the business. Unison Advisors LLC lifted its stake in shares of Chevron by 1.2% during the 2nd quarter. Unison Advisors LLC now owns 18,116 shares of the oil and gas company's stock valued at $2,594,000 after buying an additional 216 shares in the last quarter. LMG Wealth Partners LLC lifted its stake in shares of Chevron by 2.7% during the 2nd quarter. LMG Wealth Partners LLC now owns 72,514 shares of the oil and gas company's stock valued at $10,383,000 after buying an additional 1,935 shares in the last quarter. Balboa Wealth Partners lifted its stake in shares of Chevron by 25.8% during the 2nd quarter. Balboa Wealth Partners now owns 4,471 shares of the oil and gas company's stock valued at $640,000 after buying an additional 916 shares in the last quarter. Cidel Asset Management Inc. lifted its stake in shares of Chevron by 6.1% during the 2nd quarter. Cidel Asset Management Inc. now owns 25,796 shares of the oil and gas company's stock valued at $3,694,000 after buying an additional 1,494 shares in the last quarter. Finally, Salomon & Ludwin LLC lifted its stake in shares of Chevron by 4.3% during the 2nd quarter. Salomon & Ludwin LLC now owns 2,892 shares of the oil and gas company's stock valued at $428,000 after buying an additional 120 shares in the last quarter. 72.42% of the stock is currently owned by hedge funds and other institutional investors.

Chevron Price Performance

Shares of NYSE:CVX opened at $153.12 on Monday. The company's fifty day moving average price is $156.03 and its 200-day moving average price is $147.96. The firm has a market capitalization of $264.58 billion, a price-to-earnings ratio of 19.71, a PEG ratio of 2.02 and a beta of 0.84. Chevron Corporation has a one year low of $132.04 and a one year high of $168.96. The company has a debt-to-equity ratio of 0.16, a current ratio of 1.00 and a quick ratio of 0.74.

Chevron (NYSE:CVX - Get Free Report) last issued its quarterly earnings results on Friday, August 1st. The oil and gas company reported $1.77 EPS for the quarter, topping analysts' consensus estimates of $1.58 by $0.19. The firm had revenue of $44.82 billion for 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%. The business's revenue for the quarter was down 12.4% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $2.55 EPS. On average, equities research analysts anticipate 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 $1.71 dividend. 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 dividend payout ratio is presently 88.03%.

Insider Buying and Selling at Chevron

In related news, VP Alana K. Knowles sold 3,978 shares of the stock in a transaction on Friday, August 29th. The shares were sold at an average price of $160.00, for a total transaction of $636,480.00. Following the transaction, the vice president owned 1,181 shares of the company's stock, valued at approximately $188,960. This trade represents a 77.11% decrease in their position. The transaction 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 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 transaction, the director directly owned 1,403,045 shares in the company, valued at approximately $222,102,023.50. This represents a 21.09% decrease in their position. The disclosure for this sale can be found here. 0.20% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

A number of analysts recently commented on the stock. Jefferies Financial Group restated a "buy" rating on shares of Chevron in a research note on Friday, July 18th. Melius started coverage on shares of Chevron in a research note on Wednesday, August 20th. They issued a "hold" rating and a $155.00 target price on the stock. Barclays lowered their target price on shares of Chevron from $160.00 to $158.00 and set an "equal weight" rating on the stock in a research note on Tuesday, October 7th. Evercore ISI reiterated an "outperform" rating and issued a $180.00 target price on shares of Chevron in a research note on Thursday, July 31st. Finally, Scotiabank increased their target price on shares of Chevron from $160.00 to $165.00 and gave the stock a "sector perform" rating in a research note on Thursday, October 9th. 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 company's stock. According to data from MarketBeat, the stock presently has an average rating of "Hold" and an average price target of $165.25.

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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