Novare Capital Management LLC Reduces Stock Holdings in Chevron Corporation $CVX

Key Points

• Novare Capital Management LLC has reduced its stake in Chevron Corporation by 3.4% during the second quarter, owning 61,610 shares valued at about $8.82 million at the end of the reporting period.
• Research firms are optimistic about Chevron's prospects, with eleven analysts giving a Buy rating and a consensus target price of $165.25 for the stock.
• Chevron recently announced a quarterly dividend of $1.71 per share, resulting in an annual yield of 4.5%, while the company reported $1.77 earnings per share, beating expectations.

Novare Capital Management LLC lessened its stake in Chevron Corporation (NYSE:CVX - Free Report) by 3.4% in the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 61,610 shares of the oil and gas company's stock after selling 2,171 shares during the quarter. Novare Capital Management LLC's holdings in Chevron were worth $8,822,000 at the end of the most recent reporting period.

Other large investors have also added to or reduced their stakes in the company. Arnhold LLC purchased a new stake in Chevron during the 2nd quarter worth approximately $3,139,000. First National Bank of Hutchinson increased its holdings in Chevron by 7.4% during the 2nd quarter. First National Bank of Hutchinson now owns 2,321 shares of the oil and gas company's stock worth $332,000 after purchasing an additional 160 shares during the last quarter. CapWealth Advisors LLC increased its holdings in Chevron by 14.8% during the 2nd quarter. CapWealth Advisors LLC now owns 200,330 shares of the oil and gas company's stock worth $28,685,000 after purchasing an additional 25,881 shares during the last quarter. Citizens Business Bank increased its holdings in Chevron by 6.1% during the 2nd quarter. Citizens Business Bank now owns 32,473 shares of the oil and gas company's stock worth $4,829,000 after purchasing an additional 1,881 shares during the last quarter. Finally, Bell & Brown Wealth Advisors LLC increased its holdings in Chevron by 1.9% during the 2nd quarter. Bell & Brown Wealth Advisors LLC now owns 29,412 shares of the oil and gas company's stock worth $4,212,000 after purchasing an additional 555 shares during the last quarter. 72.42% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several research firms have issued reports on CVX. Weiss Ratings restated a "hold (c)" rating on shares of Chevron in a report on Wednesday, October 8th. TD Cowen lifted their price objective on Chevron from $150.00 to $155.00 and gave the stock a "hold" rating in a report on Monday, August 4th. Bank of America boosted their price target on Chevron from $170.00 to $185.00 and gave the company a "buy" rating in a report on Wednesday, September 10th. Wells Fargo & Company started coverage on Chevron in a report on Friday. They issued an "overweight" rating and a $190.00 price target for the company. Finally, Morgan Stanley assumed coverage on Chevron in a report on Monday, August 4th. They issued an "overweight" rating and a $174.00 price target for the company. Eleven analysts have rated the stock with a Buy rating, nine have assigned a Hold rating and three have given a Sell rating to the company. According to data from MarketBeat, the company presently has an average rating of "Hold" and a consensus target price of $165.25.

Chevron Trading Up 0.9%

Shares of Chevron stock opened at $153.12 on Friday. The company has a quick ratio of 0.74, a current ratio of 1.00 and a debt-to-equity ratio of 0.16. The firm has a market cap of $264.58 billion, a price-to-earnings ratio of 19.71, a price-to-earnings-growth ratio of 2.00 and a beta of 0.84. The business has a fifty day simple moving average of $156.03 and a 200-day simple moving average of $148.15. Chevron Corporation has a fifty-two week low of $132.04 and a fifty-two week high of $168.96.

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, beating the consensus estimate 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%.The company's revenue was down 12.4% on a year-over-year basis. During the same quarter in the prior year, the firm posted $2.55 earnings per share. On average, equities analysts forecast that Chevron Corporation will post 10.79 EPS for the current fiscal year.

Chevron Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Wednesday, September 10th. Stockholders of record on Tuesday, August 19th were issued a dividend of $1.71 per share. This represents a $6.84 annualized dividend and a dividend yield of 4.5%. The ex-dividend date of this dividend was Tuesday, August 19th. Chevron's dividend payout ratio is currently 88.03%.

Insider Buying and Selling at Chevron

In other news, VP Alana K. Knowles sold 3,978 shares of the company's 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 completion of the sale, the vice president directly owned 1,181 shares of the company's stock, valued at $188,960. This represents a 77.11% decrease in their ownership of the stock. The sale 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 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 sale, the director directly owned 1,403,045 shares of the company's stock, valued at approximately $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. Corporate insiders own 0.21% of the company's stock.

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.

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