NorthCrest Asset Manangement LLC Cuts Holdings in Chevron Corporation $CVX

Key Points

• NorthCrest Asset Management LLC reduced its stake in Chevron Corporation by 1.5%, selling 2,930 shares and bringing its total holdings to 190,765 shares worth approximately $28.3 million.
• Chevron's Director sold 375,000 shares at an average price of $158.30, leading to a 21.09% decrease in their ownership position.
• Equities analysts have raised Chevron's price targets, with UBS Group setting a new target of $197 and Piper Sandler raising it to $168, reflecting continued positive sentiment towards the stock.

NorthCrest Asset Manangement LLC cut its position in Chevron Corporation (NYSE:CVX - Free Report) by 1.5% during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 190,765 shares of the oil and gas company's stock after selling 2,930 shares during the quarter. Chevron comprises about 0.8% of NorthCrest Asset Manangement LLC's holdings, making the stock its 28th largest position. NorthCrest Asset Manangement LLC's holdings in Chevron were worth $28,304,000 at the end of the most recent reporting period.

Several other hedge funds have also recently made changes to their positions in the company. Strathmore Capital Advisors Inc. bought a new stake in shares of Chevron in the second quarter valued at $428,000. Aua Capital Management LLC bought a new stake in shares of Chevron in the second quarter valued at $337,000. Baader Bank Aktiengesellschaft raised its stake in shares of Chevron by 20.0% in the second quarter. Baader Bank Aktiengesellschaft now owns 2,500 shares of the oil and gas company's stock valued at $358,000 after buying an additional 416 shares during the period. Sumitomo Mitsui DS Asset Management Company Ltd raised its stake in shares of Chevron by 3.0% in the second quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 608,901 shares of the oil and gas company's stock valued at $87,189,000 after buying an additional 17,805 shares during the period. Finally, Shira Ridge Wealth Management raised its stake in shares of Chevron by 58.0% in the second quarter. Shira Ridge Wealth Management now owns 2,150 shares of the oil and gas company's stock valued at $308,000 after buying an additional 789 shares during the period. 72.42% of the stock is currently owned by institutional investors.

Chevron Trading Down 1.7%

CVX stock traded down $2.73 during trading on Friday, hitting $156.11. 16,709,599 shares of the company traded hands, compared to its average volume of 7,286,043. The firm has a market capitalization of $269.76 billion, a PE ratio of 20.09, a P/E/G ratio of 1.96 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 company has a 50-day moving average of $155.24 and a 200-day moving average of $148.99. The company has a debt-to-equity ratio of 0.16, a quick ratio of 0.74 and a current ratio of 1.00.

Chevron (NYSE:CVX - Get Free Report) last released its quarterly earnings results on Friday, August 1st. The oil and gas company reported $1.77 EPS for the quarter, beating analysts' consensus estimates of $1.58 by $0.19. The business had revenue of $44.82 billion during the quarter, compared to analyst estimates of $44.59 billion. Chevron had a return on equity of 9.90% and a net margin of 7.02%.Chevron's quarterly revenue was down 12.4% compared to the same quarter last year. During the same quarter in the prior year, the company posted $2.55 EPS. Analysts predict that Chevron Corporation will post 10.79 earnings per share for the current fiscal year.

Chevron Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Wednesday, September 10th. Shareholders of record on Tuesday, August 19th were given a dividend of $1.71 per share. 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 presently 88.03%.

Analyst Upgrades and Downgrades

A number of analysts recently issued reports on the company. Wells Fargo & Company reiterated an "overweight" rating and set a $178.00 price objective on shares of Chevron in a research note on Friday, August 1st. Piper Sandler boosted their price objective on Chevron from $164.00 to $168.00 and gave the company an "overweight" rating in a research note on Monday, August 18th. Melius Research assumed coverage on Chevron in a research note on Wednesday, August 20th. They set a "hold" rating and a $155.00 price objective on the stock. Bank of America boosted their target price on Chevron from $170.00 to $185.00 and gave the stock a "buy" rating in a research report on Wednesday, September 10th. Finally, Morgan Stanley assumed coverage on Chevron in a research report on Monday, August 4th. They set an "overweight" rating and a $174.00 target price 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 data from MarketBeat, the stock has an average rating of "Hold" and an average price target of $165.05.

Insider Buying and Selling

In other Chevron news, VP Alana K. Knowles sold 3,978 shares of the company'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 transaction, the vice president owned 1,181 shares of the company's stock, valued at $188,960. This represents a 77.11% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Director John B. Hess sold 375,000 shares of the company's stock in a transaction that occurred on 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 transaction, the director directly owned 1,403,045 shares of the company's stock, valued at $222,102,023.50. The trade was a 21.09% decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 0.21% of the company's stock.

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.