Chevron Corporation $CVX Shares Sold by NewEdge Advisors LLC

Key Points

• NewEdge Advisors LLC reduced its holdings in Chevron Corporation by 3.5%, now owning 512,304 shares valued at $85.70 million, following the first quarter.
• The company announced a quarterly dividend of $1.71 per share, representing a yield of 4.3%, set to be paid on September 10th to investors of record on August 19th.
• Chevron's recent earnings report revealed $1.77 EPS, exceeding analysts' expectations, despite a 12.4% decline in year-over-year revenue.

NewEdge Advisors LLC lowered its position in Chevron Corporation (NYSE:CVX - Free Report) by 3.5% in the 1st quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 512,304 shares of the oil and gas company's stock after selling 18,397 shares during the period. NewEdge Advisors LLC's holdings in Chevron were worth $85,703,000 as of its most recent SEC filing.

Several other institutional investors have also recently made changes to their positions in CVX. Sage Capital Advisors llc increased its stake in shares of Chevron by 2.2% in the 1st quarter. Sage Capital Advisors llc now owns 42,421 shares of the oil and gas company's stock worth $7,097,000 after acquiring an additional 919 shares in the last quarter. CCG Wealth Management LLC increased its position in Chevron by 2.3% during the 1st quarter. CCG Wealth Management LLC now owns 6,334 shares of the oil and gas company's stock valued at $1,060,000 after buying an additional 145 shares in the last quarter. Ignite Planners LLC increased its position in Chevron by 14.1% during the 1st quarter. Ignite Planners LLC now owns 12,316 shares of the oil and gas company's stock valued at $2,060,000 after buying an additional 1,519 shares in the last quarter. Vista Capital Partners Inc. increased its position in Chevron by 9.1% during the 1st quarter. Vista Capital Partners Inc. now owns 5,938 shares of the oil and gas company's stock valued at $993,000 after buying an additional 495 shares in the last quarter. Finally, Oregon Public Employees Retirement Fund increased its position in Chevron by 0.5% during the 1st quarter. Oregon Public Employees Retirement Fund now owns 143,914 shares of the oil and gas company's stock valued at $24,075,000 after buying an additional 675 shares in the last quarter. Institutional investors own 72.42% of the company's stock.

Chevron Trading Up 0.3%

Shares of CVX traded up $0.51 during trading hours on Monday, reaching $154.17. 9,259,192 shares of the company traded hands, compared to its average volume of 9,297,258. The firm has a market cap of $266.41 billion, a price-to-earnings ratio of 19.84, a PEG ratio of 2.28 and a beta of 0.90. Chevron Corporation has a 12-month low of $132.04 and a 12-month high of $168.96. The company has a current ratio of 1.00, a quick ratio of 0.74 and a debt-to-equity ratio of 0.16. The stock's fifty day moving average price is $153.69 and its 200 day moving average price is $148.80.

Chevron (NYSE:CVX - Get Free Report) last issued its earnings results on Friday, August 1st. The oil and gas company reported $1.77 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.58 by $0.19. The firm had revenue of $44.82 billion during 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 was down 12.4% on a year-over-year basis. During the same period in the previous year, the firm earned $2.55 earnings per share. Sell-side analysts forecast that Chevron Corporation will post 10.79 earnings per share for the current year.

Chevron Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, September 10th. Investors of record on Tuesday, August 19th will be paid a $1.71 dividend. The ex-dividend date of this dividend is Tuesday, August 19th. This represents a $6.84 annualized dividend and a yield of 4.4%. Chevron's dividend payout ratio is 88.03%.

Wall Street Analysts Forecast Growth

CVX has been the topic of several recent analyst reports. Melius Research initiated coverage on Chevron in a research note on Wednesday, August 20th. They set a "hold" rating and a $155.00 target price on the stock. Evercore ISI restated an "outperform" rating and issued a $180.00 price target on shares of Chevron in a research note on Thursday, July 31st. Piper Sandler raised their price target on Chevron from $164.00 to $168.00 and gave the stock an "overweight" rating in a research note on Monday, August 18th. HSBC cut shares of Chevron from a "buy" rating to a "hold" rating and decreased their target price for the stock from $176.00 to $158.00 in a research note on Tuesday, May 13th. Finally, Mizuho lowered their price objective on Chevron from $188.00 to $186.00 and set an "outperform" rating on the stock in a research report on Tuesday, May 13th. Eleven research analysts have rated the stock with a Buy rating, eight have assigned a Hold rating and three have given a Sell rating to the stock. Based on data from MarketBeat.com, Chevron presently has a consensus rating of "Hold" and an average price target of $163.95.

Insider Activity at Chevron

In other Chevron news, VP Alana K. Knowles sold 3,978 shares of the business's stock in a transaction dated Friday, August 29th. The shares were sold at an average price of $160.00, for a total value of $636,480.00. Following the completion of the transaction, the vice president directly owned 1,181 shares in the company, valued at approximately $188,960. The trade was a 77.11% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Director John B. Hess sold 375,000 shares of the business's stock in a transaction dated Friday, August 22nd. The stock was sold at an average price of $158.30, for a total transaction of $59,362,500.00. Following the completion of the transaction, the director 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 owned by corporate insiders.

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.