McKinley Carter Wealth Services Inc. Purchases 3,002 Shares of Chevron Corporation $CVX

Key Points

• McKinley Carter Wealth Services Inc. increased its stake in Chevron Corporation by 14.3% during the second quarter, now owning a total of 24,014 shares valued at $3,439,000.
• Insider transactions show a significant decrease in holdings, with Director John B. Hess selling 375,000 shares worth over $59 million, representing a 21.09% decrease in his position.
• Chevron recently announced a quarterly dividend of $1.71 per share, reflecting an annualized yield of 4.5% and a payout ratio of 88.03%.

McKinley Carter Wealth Services Inc. grew its position in shares of Chevron Corporation (NYSE:CVX - Free Report) by 14.3% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 24,014 shares of the oil and gas company's stock after purchasing an additional 3,002 shares during the period. McKinley Carter Wealth Services Inc.'s holdings in Chevron were worth $3,439,000 at the end of the most recent reporting period.

Several other hedge funds have also recently added to or reduced their stakes in the company. Greenfield Savings Bank lifted its position in Chevron by 0.6% during the second quarter. Greenfield Savings Bank now owns 11,611 shares of the oil and gas company's stock valued at $1,663,000 after purchasing an additional 68 shares during the period. Atwater Malick LLC lifted its position in Chevron by 2.4% during the second quarter. Atwater Malick LLC now owns 2,886 shares of the oil and gas company's stock valued at $413,000 after purchasing an additional 68 shares during the period. Hubbell Strickland Wealth Management LLC lifted its position in Chevron by 0.7% during the second quarter. Hubbell Strickland Wealth Management LLC now owns 10,081 shares of the oil and gas company's stock valued at $1,443,000 after purchasing an additional 68 shares during the period. Capital Advisors Ltd. LLC lifted its position in Chevron by 4.1% during the second quarter. Capital Advisors Ltd. LLC now owns 1,815 shares of the oil and gas company's stock valued at $260,000 after purchasing an additional 71 shares during the period. Finally, GDS Wealth Management lifted its position in Chevron by 4.4% during the first quarter. GDS Wealth Management now owns 1,706 shares of the oil and gas company's stock valued at $285,000 after purchasing an additional 72 shares during the period. Institutional investors own 72.42% of the company's stock.

Insider Activity

In related news, Director John B. Hess sold 375,000 shares of the company's stock in a transaction dated 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 sale, the director owned 1,403,045 shares of the company's stock, valued at approximately $222,102,023.50. This represents a 21.09% 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, VP Alana K. Knowles sold 3,978 shares of the company'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 sale, 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 disclosure for this sale can be found here. 0.21% of the stock is currently owned by corporate insiders.

Chevron Stock Down 1.4%

CVX opened at $151.63 on Friday. Chevron Corporation has a twelve month low of $132.04 and a twelve 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. The company has a 50-day moving average price of $156.15 and a 200 day moving average price of $148.79. The company has a market cap of $262.02 billion, a PE ratio of 19.51, a price-to-earnings-growth ratio of 1.98 and a beta of 0.84.

Chevron (NYSE:CVX - Get Free Report) last released its quarterly earnings results on Friday, August 1st. The oil and gas company reported $1.77 earnings per share for the quarter, topping the consensus estimate of $1.58 by $0.19. Chevron had a net margin of 7.02% and a return on equity of 9.90%. The firm had revenue of $44.82 billion during the quarter, compared to the consensus estimate of $44.59 billion. During the same quarter in the prior year, the firm earned $2.55 EPS. The company's revenue for the quarter was down 12.4% on a year-over-year basis. Sell-side analysts expect that Chevron Corporation will post 10.79 earnings per share for the current fiscal 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 dividend of $1.71 per share. This represents a $6.84 annualized dividend and a yield of 4.5%. The ex-dividend date of this dividend was Tuesday, August 19th. Chevron's dividend payout ratio is currently 88.03%.

Analysts Set New Price Targets

A number of research firms recently issued reports on CVX. Wells Fargo & Company restated an "overweight" rating and set a $178.00 target price on shares of Chevron in a research report on Friday, August 1st. Barclays decreased their price objective on shares of Chevron from $160.00 to $158.00 and set an "equal weight" rating for the company in a research report on Tuesday. Melius Research started coverage on shares of Chevron in a research report on Wednesday, August 20th. They issued a "hold" rating and a $155.00 price objective for the company. Melius started coverage on shares of Chevron in a research report on Wednesday, August 20th. They issued a "hold" rating and a $155.00 price objective for the company. Finally, Mizuho decreased their price objective 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. Eleven analysts have rated the stock with a Buy rating, nine have given a Hold rating and three have issued a Sell rating to the stock. According to MarketBeat, the stock currently has an average rating of "Hold" and a consensus target price of $165.40.

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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