Parallel Advisors LLC Sells 5,437 Shares of Chevron Corporation $CVX

Parallel Advisors LLC reduced its position in Chevron Corporation (NYSE:CVX - Free Report) by 4.9% during the second quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 106,396 shares of the oil and gas company's stock after selling 5,437 shares during the period. Parallel Advisors LLC's holdings in Chevron were worth $15,235,000 at the end of the most recent quarter.

A number of other institutional investors also recently bought and sold shares of the stock. Wealth Alliance Advisory Group LLC boosted its stake in Chevron by 8.1% in the 2nd quarter. Wealth Alliance Advisory Group LLC now owns 23,454 shares of the oil and gas company's stock worth $3,358,000 after purchasing an additional 1,765 shares in the last quarter. Teamwork Financial Advisors LLC boosted its stake in Chevron by 7.4% in the 2nd quarter. Teamwork Financial Advisors LLC now owns 3,210 shares of the oil and gas company's stock worth $460,000 after purchasing an additional 220 shares in the last quarter. Capital Asset Advisory Services LLC boosted its stake in Chevron by 3.4% in the 2nd quarter. Capital Asset Advisory Services LLC now owns 27,633 shares of the oil and gas company's stock worth $4,023,000 after purchasing an additional 909 shares in the last quarter. Wesbanco Bank Inc. boosted its stake in Chevron by 20.2% in the 2nd quarter. Wesbanco Bank Inc. now owns 278,071 shares of the oil and gas company's stock worth $39,817,000 after purchasing an additional 46,652 shares in the last quarter. Finally, Modus Advisors LLC boosted its stake in Chevron by 3.1% in the 2nd quarter. Modus Advisors LLC now owns 20,043 shares of the oil and gas company's stock worth $2,870,000 after purchasing an additional 611 shares in the last quarter. 72.42% of the stock is currently owned by institutional investors and hedge funds.

Chevron Stock Performance

CVX opened at $157.23 on Monday. 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 firm has a market capitalization of $271.69 billion, a PE ratio of 20.24, a P/E/G ratio of 1.98 and a beta of 0.90. The firm has a 50 day moving average of $154.67 and a two-hundred day moving average of $148.79.

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 for the quarter, beating the consensus estimate 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 quarterly revenue was down 12.4% on a year-over-year basis. During the same period in the previous year, the firm earned $2.55 EPS. On average, analysts anticipate that Chevron Corporation will post 10.79 EPS for the current year.

Chevron Announces Dividend

The company 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 4.4%. The ex-dividend date of this dividend was Tuesday, August 19th. Chevron's payout ratio is 88.03%.

Wall Street Analysts Forecast Growth

A number of analysts recently commented on CVX shares. Piper Sandler lifted their target price on shares of Chevron from $164.00 to $168.00 and gave the stock an "overweight" rating in a research note on Monday, August 18th. Bank of America lifted their target price on shares of Chevron from $170.00 to $185.00 and gave the stock a "buy" rating in a research note on Wednesday, September 10th. Jefferies Financial Group reiterated a "buy" rating on shares of Chevron in a research note on Friday, July 18th. Scotiabank reissued a "sector perform" rating and set a $160.00 price target (up from $143.00) on shares of Chevron in a research report on Friday, July 11th. Finally, UBS Group raised their price target on shares of Chevron from $186.00 to $197.00 and gave the stock a "buy" rating in a research report on Wednesday, August 20th. Eleven analysts have rated the stock with a Buy rating, eight have given a Hold rating and three have assigned a Sell rating to the company. Based on data from MarketBeat.com, Chevron presently has a consensus rating of "Hold" and a consensus price target of $164.80.

Insider Activity at Chevron

In other news, Director John B. Hess sold 375,000 shares of Chevron stock in a transaction that occurred 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 position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, VP Alana K. Knowles sold 3,978 shares of Chevron stock in a transaction that occurred on Friday, August 29th. The shares were 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 approximately $188,960. This trade represents a 77.11% decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.20% of the stock is owned by insiders.

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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