Martin Capital Partners LLC Grows Stake in Chevron Corporation $CVX

Key Points

• Martin Capital Partners LLC has increased its stake in Chevron Corporation ($CVX) by 226.6%, now holding a total of 39,912 shares worth approximately $5.7 million.
• Several institutional investors have significantly boosted their positions in Chevron, including Harvest Fund Management, which increased its stake by 420.7% in the first quarter.
• Chemical Corporation recently declared a quarterly dividend of $1.71 per share, providing an annualized yield of 4.4% and a payout ratio of 88.03%.

Martin Capital Partners LLC increased its holdings in shares of Chevron Corporation (NYSE:CVX - Free Report) by 226.6% in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 39,912 shares of the oil and gas company's stock after purchasing an additional 27,691 shares during the quarter. Chevron makes up 2.2% of Martin Capital Partners LLC's portfolio, making the stock its 21st biggest holding. Martin Capital Partners LLC's holdings in Chevron were worth $5,715,000 as of its most recent SEC filing.

Several other institutional investors have also recently made changes to their positions in CVX. Harvest Fund Management Co. Ltd grew its position in shares of Chevron by 420.7% during the first 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 in the last quarter. 10Elms LLP purchased a new stake in shares of Chevron during the fourth quarter worth about $29,000. Elequin Capital LP purchased a new stake in shares of Chevron during the first quarter worth about $31,000. IFS Advisors LLC grew its position in shares of Chevron by 119.6% during the first 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 in the last quarter. Finally, Cloud Capital Management LLC purchased a new position in Chevron during the 1st quarter valued at approximately $39,000. Hedge funds and other institutional investors own 72.42% of the company's stock.

Insider Buying and Selling

In related news, VP Alana K. Knowles sold 3,978 shares of the firm's stock in a transaction that occurred on Friday, August 29th. The stock was sold at an average price of $160.00, for a total transaction of $636,480.00. Following the completion of the sale, the vice president directly 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 sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director John B. Hess sold 375,000 shares of the firm's stock in a transaction that occurred on Friday, August 22nd. The stock was sold at an average price of $158.30, for a total value of $59,362,500.00. Following the sale, the director directly owned 1,403,045 shares of the company's stock, valued at $222,102,023.50. This represents 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 currently owned by company insiders.

Chevron Price Performance

NYSE:CVX opened at $157.23 on Monday. The firm has a market capitalization of $271.69 billion, a price-to-earnings ratio of 20.24, a PEG ratio of 1.98 and a beta of 0.90. Chevron Corporation has a 1 year low of $132.04 and a 1 year high of $168.96. The business has a 50 day simple moving average of $154.67 and a 200-day simple moving average of $148.79. 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 posted its quarterly earnings data on Friday, August 1st. The oil and gas company reported $1.77 earnings per share (EPS) for the quarter, beating the consensus estimate 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 during the quarter, compared to analyst estimates of $44.59 billion. During the same period last year, the company earned $2.55 EPS. The company's revenue for the quarter was down 12.4% on a year-over-year basis. Equities analysts forecast that Chevron Corporation will post 10.79 EPS for the current year.

Chevron Dividend Announcement

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

Analyst Ratings Changes

CVX has been the subject of several research analyst reports. Jefferies Financial Group restated a "buy" rating on shares of Chevron in a report on Friday, July 18th. Melius Research initiated coverage on Chevron in a report on Wednesday, August 20th. They set a "hold" rating and a $155.00 price target for the company. Evercore ISI restated an "outperform" rating and set a $180.00 price target on shares of Chevron in a report on Thursday, July 31st. Raymond James Financial restated an "outperform" rating on shares of Chevron in a report on Friday, August 1st. Finally, Morgan Stanley assumed coverage on Chevron in a report on Monday, August 4th. They set an "overweight" rating and a $174.00 price target for the company. Eleven equities research analysts have rated the stock with a Buy rating, eight have assigned a Hold rating and three have assigned a Sell rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of "Hold" and an average target price 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.

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