Northeast Investment Management Reduces Stock Position in Chevron Corporation $CVX

Key Points

• Northeast Investment Management reduced its stake in Chevron Corporation by 1.7%, selling 1,891 shares during the second quarter, leaving it with 108,053 shares valued at approximately $15.47 million.
• Chevron reported $1.77 earnings per share for the last quarter, exceeding analysts' expectations, with a revenue of $44.82 billion, although this was down 12.4% compared to the previous year.
• The company's most recent dividend payout was $1.71 per share, yielding 4.5%, with a payout ratio of 88.03% as of the last filing.

Northeast Investment Management lessened its stake in shares of Chevron Corporation (NYSE:CVX - Free Report) by 1.7% during the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 108,053 shares of the oil and gas company's stock after selling 1,891 shares during the quarter. Northeast Investment Management's holdings in Chevron were worth $15,472,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently made changes to their positions in the business. Greenfield Savings Bank boosted its holdings in shares of Chevron by 0.6% in the second quarter. Greenfield Savings Bank now owns 11,611 shares of the oil and gas company's stock worth $1,663,000 after buying an additional 68 shares during the last quarter. Atwater Malick LLC boosted its holdings in shares of Chevron by 2.4% in the second quarter. Atwater Malick LLC now owns 2,886 shares of the oil and gas company's stock worth $413,000 after buying an additional 68 shares during the last quarter. Hubbell Strickland Wealth Management LLC boosted its holdings in shares of Chevron by 0.7% in the second quarter. Hubbell Strickland Wealth Management LLC now owns 10,081 shares of the oil and gas company's stock worth $1,443,000 after buying an additional 68 shares during the last quarter. Mowery & Schoenfeld Wealth Management LLC boosted its holdings in shares of Chevron by 10.3% in the second quarter. Mowery & Schoenfeld Wealth Management LLC now owns 750 shares of the oil and gas company's stock worth $107,000 after buying an additional 70 shares during the last quarter. Finally, Capital Advisors Ltd. LLC boosted its holdings in shares of Chevron by 4.1% in the second quarter. Capital Advisors Ltd. LLC now owns 1,815 shares of the oil and gas company's stock worth $260,000 after buying an additional 71 shares during the last quarter. Hedge funds and other institutional investors own 72.42% of the company's stock.

Chevron Trading Up 0.9%

Shares of CVX opened at $153.12 on Friday. The company's fifty day moving average is $156.03 and its 200 day moving average is $148.02. Chevron Corporation has a fifty-two week low of $132.04 and a fifty-two week high of $168.96. The stock has a market capitalization of $264.58 billion, a PE ratio of 19.71, a P/E/G ratio of 2.01 and a beta of 0.84. 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 announced 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 company had revenue of $44.82 billion for the quarter, compared to analysts' expectations of $44.59 billion. During the same quarter in the previous year, the business posted $2.55 earnings per share. Chevron's quarterly revenue 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 company also recently disclosed a quarterly dividend, which was paid on Wednesday, September 10th. Shareholders 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 payout ratio is presently 88.03%.

Wall Street Analyst Weigh In

Several equities analysts have weighed in on CVX shares. Barclays lowered their price target on shares of Chevron from $160.00 to $158.00 and set an "equal weight" rating on the stock in a report on Tuesday, October 7th. UBS Group lifted their price objective on shares of Chevron from $186.00 to $197.00 and gave the company a "buy" rating in a research report on Wednesday, August 20th. TD Cowen lifted their price objective on shares of Chevron from $150.00 to $155.00 and gave the company a "hold" rating in a research report on Monday, August 4th. Jefferies Financial Group reiterated a "buy" rating on shares of Chevron in a research report on Friday, July 18th. Finally, Wells Fargo & Company began coverage on shares of Chevron in a research report on Friday. They set an "overweight" rating and a $190.00 price objective on the stock. Eleven equities research analysts have rated the stock with a Buy rating, nine have assigned a Hold rating and three have issued a Sell rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of "Hold" and a consensus target price of $165.25.

Insider Buying and Selling at Chevron

In other Chevron news, Director John B. Hess sold 375,000 shares of Chevron stock in a transaction on 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 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 ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, VP Alana K. Knowles sold 3,978 shares of Chevron stock in a transaction 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 transaction, the vice president directly owned 1,181 shares of the company's stock, valued at $188,960. The trade was a 77.11% decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.21% of the stock is owned by 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.

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