NorthRock Partners LLC Reduces Stock Holdings in Chevron Corporation $CVX

Key Points

• NorthRock Partners LLC reduced its holdings in Chevron Corporation by 5.5% during the second quarter, selling 2,245 shares and holding a total of 38,841 shares worth approximately $5.56 million.
• Chevron reported earnings of $1.77 per share for the last quarter, exceeding analyst expectations, but its revenue was down 12.4% year-over-year, totaling $44.82 billion.
• The company declared a quarterly dividend of $1.71 per share, representing an annualized yield of 4.6%, with a payout ratio of 88.03%.

NorthRock Partners LLC reduced its holdings in Chevron Corporation (NYSE:CVX - Free Report) by 5.5% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 38,841 shares of the oil and gas company's stock after selling 2,245 shares during the period. NorthRock Partners LLC's holdings in Chevron were worth $5,562,000 at the end of the most recent quarter.

Several other large investors have also made changes to their positions in the business. Greenfield Savings Bank boosted its position in shares of Chevron by 0.6% in the 2nd 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 in the last quarter. Atwater Malick LLC boosted its position in shares of Chevron by 2.4% in the 2nd 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 in the last quarter. Hubbell Strickland Wealth Management LLC boosted its position in shares of Chevron by 0.7% in the 2nd 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 in the last quarter. Capital Advisors Ltd. LLC boosted its position in shares of Chevron by 4.1% in the 2nd 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 in the last quarter. Finally, GDS Wealth Management boosted its position in shares of Chevron by 4.4% in the 1st quarter. GDS Wealth Management now owns 1,706 shares of the oil and gas company's stock worth $285,000 after buying an additional 72 shares in the last quarter. 72.42% of the stock is owned by hedge funds and other institutional investors.

Chevron Trading Down 1.7%

NYSE CVX opened at $149.11 on Monday. The company has a 50-day moving average of $156.10 and a 200-day moving average of $148.41. The company has a market cap of $257.66 billion, a P/E ratio of 19.19, a P/E/G ratio of 1.93 and a beta of 0.84. Chevron Corporation has a 12 month low of $132.04 and a 12 month high of $168.96. 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 (NYSE:CVX - Get Free Report) last posted its earnings results on Friday, August 1st. The oil and gas company reported $1.77 earnings per share (EPS) 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 the consensus estimate of $44.59 billion. During the same quarter in the prior year, the company earned $2.55 EPS. The company's revenue was down 12.4% on a year-over-year basis. As a group, equities analysts predict that Chevron Corporation will post 10.79 earnings per share for the current year.

Chevron Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, September 10th. Shareholders 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 annualized dividend and a yield of 4.6%. Chevron's dividend payout ratio (DPR) is 88.03%.

Wall Street Analyst Weigh In

Several research firms recently commented on CVX. Mizuho decreased their price objective on shares of Chevron from $192.00 to $191.00 and set an "outperform" rating on the stock in a research report on Monday, September 15th. Evercore ISI reissued an "outperform" rating and issued a $180.00 target price on shares of Chevron in a research note on Thursday, July 31st. Scotiabank boosted their target price on shares of Chevron from $160.00 to $165.00 and gave the company a "sector perform" rating in a research note on Thursday. Melius Research began 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. Finally, Melius began 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 analysts have rated the stock with a Buy rating, nine have issued a Hold rating and three have issued a Sell rating to the stock. According to MarketBeat, the company currently has an average rating of "Hold" and a consensus price target of $165.40.

Insider Activity at Chevron

In other news, VP Alana K. Knowles sold 3,978 shares of the 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 directly owned 1,181 shares in the company, valued at approximately $188,960. This represents a 77.11% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, Director John B. Hess sold 375,000 shares of the 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 owned 1,403,045 shares of the company's stock, valued at approximately $222,102,023.50. This trade represents a 21.09% decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 0.20% of the company's stock.

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.

Want to see what other hedge funds are holding CVX? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Chevron Corporation (NYSE:CVX - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.