MCF Advisors LLC Boosts Stock Position in Chevron Corporation $CVX

Key Points

• MCF Advisors LLC increased its stake in Chevron Corporation by 19.2%, owning a total of 10,851 shares after acquiring 1,745 additional shares in the second quarter.
• Chevron's quarterly earnings report showed earnings per share of $1.77, surpassing analyst expectations, while revenue decreased 12.4% from the same quarter last year.
• Chevron's recent dividend was $1.71, providing an annualized yield of 4.4%, with a dividend payout ratio of 88.03%.

MCF Advisors LLC boosted its stake in shares of Chevron Corporation (NYSE:CVX - Free Report) by 19.2% in the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 10,851 shares of the oil and gas company's stock after buying an additional 1,745 shares during the period. MCF Advisors LLC's holdings in Chevron were worth $1,554,000 at the end of the most recent reporting period.

Several other hedge funds have also added to or reduced their stakes in the stock. Harvest Fund Management Co. Ltd raised its holdings in Chevron by 420.7% in the first quarter. Harvest Fund Management Co. Ltd now owns 151 shares of the oil and gas company's stock worth $25,000 after buying an additional 122 shares during the last quarter. Elequin Capital LP purchased a new position in Chevron in the 1st quarter worth about $31,000. IFS Advisors LLC raised its position in Chevron by 119.6% in the 1st quarter. IFS Advisors LLC now owns 213 shares of the oil and gas company's stock worth $36,000 after buying an additional 116 shares during the last quarter. Cloud Capital Management LLC purchased a new position in Chevron in the 1st quarter worth about $39,000. Finally, 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 buying an additional 149 shares during the last quarter. 72.42% of the stock is owned by institutional investors.

Insider Transactions at Chevron

In other news, Director John B. Hess sold 375,000 shares of the firm's stock in a transaction dated Friday, August 22nd. The shares were 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 in the company, valued at approximately $222,102,023.50. This trade represents a 21.09% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, VP Alana K. Knowles sold 3,978 shares of the firm's stock in a transaction dated Friday, August 29th. The shares were 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 owned 1,181 shares in the company, valued at $188,960. This represents a 77.11% decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.20% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

CVX has been the topic of a number of recent research reports. Wells Fargo & Company reaffirmed an "overweight" rating and issued a $178.00 target price on shares of Chevron in a report on Friday, August 1st. Mizuho dropped their target price on shares of Chevron from $192.00 to $191.00 and set an "outperform" rating for the company in a research report on Monday, September 15th. Jefferies Financial Group restated a "buy" rating on shares of Chevron in a research report on Friday, July 18th. Barclays restated an "equal weight" rating on shares of Chevron in a research report on Tuesday, July 15th. Finally, TD Cowen boosted their price target on shares of Chevron from $150.00 to $155.00 and gave the stock a "hold" rating in a research report on Monday, August 4th. Eleven analysts have rated the stock with a Buy rating, eight have given a Hold rating and three have given a Sell rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of "Hold" and a consensus target price of $165.05.

Chevron Stock Down 0.0%

Shares of CVX opened at $156.16 on Tuesday. Chevron Corporation has a 12-month low of $132.04 and a 12-month high of $168.96. The firm has a fifty day moving average price of $155.33 and a 200-day moving average price of $148.96. The firm has a market capitalization of $269.84 billion, a P/E ratio of 20.10, a P/E/G ratio of 1.96 and a beta of 0.90. The company has a current ratio of 1.00, a quick ratio of 0.74 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 earnings per share for the quarter, topping 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 company had revenue of $44.82 billion during the quarter, compared to analyst estimates of $44.59 billion. During the same period in the prior year, the firm earned $2.55 earnings per share. The firm's revenue for the quarter was down 12.4% compared to the same quarter last year. Equities research analysts expect that Chevron Corporation will post 10.79 earnings per share for the current year.

Chevron Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, September 10th. Investors of record on Tuesday, August 19th were paid 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 yield of 4.4%. Chevron's dividend payout ratio is 88.03%.

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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