NBC Securities Inc. Cuts Stock Position in Chevron Corporation $CVX

Key Points

• NBC Securities Inc. reduced its holdings in Chevron Corporation by 5.6%, owning 37,691 shares valued at approximately $5.4 million at the end of the second quarter.
• Chevron's recent quarterly earnings exceeded analyst estimates, reporting $1.77 EPS and revenue of $44.82 billion, although revenue was down 12.4% year-over-year.
• Chevron announced a quarterly dividend of $1.71 per share, yielding 4.4%, with a payout ratio of 88.03%.

NBC Securities Inc. cut its holdings in Chevron Corporation (NYSE:CVX - Free Report) by 5.6% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 37,691 shares of the oil and gas company's stock after selling 2,241 shares during the period. NBC Securities Inc.'s holdings in Chevron were worth $5,397,000 at the end of the most recent quarter.

Other large investors have also added to or reduced their stakes in the company. Sage Capital Advisors llc increased its holdings in Chevron by 2.2% during the first quarter. Sage Capital Advisors llc now owns 42,421 shares of the oil and gas company's stock worth $7,097,000 after buying an additional 919 shares during the last quarter. CCG Wealth Management LLC increased its holdings in Chevron by 2.3% during the first quarter. CCG Wealth Management LLC now owns 6,334 shares of the oil and gas company's stock worth $1,060,000 after buying an additional 145 shares during the last quarter. Ignite Planners LLC increased its holdings in Chevron by 14.1% during the first quarter. Ignite Planners LLC now owns 12,316 shares of the oil and gas company's stock worth $2,060,000 after buying an additional 1,519 shares during the last quarter. Vista Capital Partners Inc. increased its holdings in Chevron by 9.1% during the first quarter. Vista Capital Partners Inc. now owns 5,938 shares of the oil and gas company's stock worth $993,000 after buying an additional 495 shares during the last quarter. Finally, Oregon Public Employees Retirement Fund increased its holdings in Chevron by 0.5% during the first quarter. Oregon Public Employees Retirement Fund now owns 143,914 shares of the oil and gas company's stock worth $24,075,000 after buying an additional 675 shares during the last quarter. Hedge funds and other institutional investors own 72.42% of the company's stock.

Insider Transactions at Chevron

In other 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 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 position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, VP Alana K. Knowles sold 3,978 shares of the 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 in the company, valued at $188,960. This trade 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.

Analyst Ratings Changes

A number of analysts recently issued reports on the stock. Piper Sandler raised their price objective on shares of Chevron from $164.00 to $168.00 and gave the stock an "overweight" rating in a report on Monday, August 18th. 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. Wells Fargo & Company reiterated an "overweight" rating and issued a $178.00 target price on shares of Chevron in a research note on Friday, August 1st. Jefferies Financial Group reiterated a "buy" rating on shares of Chevron in a research note on Friday, July 18th. Finally, Melius Research initiated coverage on shares of Chevron in a research note on Wednesday, August 20th. They issued a "hold" rating and a $155.00 target price for the company. Eleven investment analysts have rated the stock with a Buy rating, eight have given a Hold rating and three have assigned a Sell rating to the company's stock. According to data from MarketBeat.com, Chevron currently has an average rating of "Hold" and a consensus target price of $165.05.

Chevron Price Performance

CVX stock traded up $2.25 during midday trading on Tuesday, reaching $159.56. The company had a trading volume of 8,008,054 shares, compared to its average volume of 7,495,309. 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 Corporation has a 1 year low of $132.04 and a 1 year high of $168.96. The company has a market capitalization of $275.72 billion, a P/E ratio of 18.46, a P/E/G ratio of 1.97 and a beta of 0.90. The firm has a 50-day moving average price of $154.87 and a 200-day moving average price of $148.78.

Chevron (NYSE:CVX - Get Free Report) last announced 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 firm had revenue of $44.82 billion during the quarter, compared to analyst estimates of $44.59 billion. During the same period in the previous year, the business posted $2.55 EPS. The business's quarterly revenue was down 12.4% on a year-over-year basis. On average, research analysts anticipate that Chevron Corporation will post 10.79 earnings per share for the current fiscal year.

Chevron Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Wednesday, September 10th. Stockholders of record on Tuesday, August 19th were given 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 4.3%. Chevron's dividend payout ratio is currently 88.03%.

Chevron Company 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.