Chevron Corporation $CVX Shares Sold by PGIM Custom Harvest LLC

Key Points

• PGIM Custom Harvest LLC reduced its stake in Chevron Corporation by 41.7%, holding 3,545 shares valued at approximately $593,000 after selling 2,538 shares.
• Chevron reported a net margin of 7.02% and $44.82 billion in revenue for the last quarter, with earnings per share of $1.77, surpassing analysts' expectations.
• The company announced a quarterly dividend of $1.71 per share, reflecting an annualized yield of 4.5% and a payout ratio of 88.03%.

PGIM Custom Harvest LLC reduced its holdings in shares of Chevron Corporation (NYSE:CVX - Free Report) by 41.7% during the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 3,545 shares of the oil and gas company's stock after selling 2,538 shares during the period. PGIM Custom Harvest LLC's holdings in Chevron were worth $593,000 at the end of the most recent quarter.

Several other large investors have also recently added to or reduced their stakes in the business. Sage Capital Advisors llc increased its position in shares of Chevron by 2.2% in the 1st quarter. Sage Capital Advisors llc now owns 42,421 shares of the oil and gas company's stock valued at $7,097,000 after purchasing an additional 919 shares during the last quarter. CCG Wealth Management LLC increased its position in shares of Chevron by 2.3% in the 1st quarter. CCG Wealth Management LLC now owns 6,334 shares of the oil and gas company's stock valued at $1,060,000 after purchasing an additional 145 shares during the last quarter. Ignite Planners LLC increased its position in shares of Chevron by 14.1% in the 1st quarter. Ignite Planners LLC now owns 12,316 shares of the oil and gas company's stock valued at $2,060,000 after purchasing an additional 1,519 shares during the last quarter. Vista Capital Partners Inc. increased its position in shares of Chevron by 9.1% in the 1st quarter. Vista Capital Partners Inc. now owns 5,938 shares of the oil and gas company's stock valued at $993,000 after purchasing an additional 495 shares during the last quarter. Finally, Oregon Public Employees Retirement Fund increased its position in shares of Chevron by 0.5% in the 1st quarter. Oregon Public Employees Retirement Fund now owns 143,914 shares of the oil and gas company's stock valued at $24,075,000 after purchasing an additional 675 shares during the last quarter. 72.42% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of equities research analysts have commented on CVX shares. Mizuho dropped their price objective on shares of Chevron from $188.00 to $186.00 and set an "outperform" rating on the stock in a research report on Tuesday, May 13th. Raymond James Financial reaffirmed an "outperform" rating on shares of Chevron in a research report on Friday, August 1st. Melius Research initiated coverage on shares of Chevron in a research report on Wednesday. They issued a "hold" rating and a $155.00 target price on the stock. HSBC downgraded shares of Chevron from a "buy" rating to a "hold" rating and dropped their target price for the company from $176.00 to $158.00 in a research report on Tuesday, May 13th. Finally, Piper Sandler increased their target price on shares of Chevron from $164.00 to $168.00 and gave the company an "overweight" rating in a research report on Monday, August 18th. Eleven research analysts have rated the stock with a Buy rating, eight have assigned a Hold rating and three have given a Sell rating to the stock. Based on data from MarketBeat, Chevron presently has an average rating of "Hold" and an average price target of $163.95.

Chevron Stock Performance

NYSE:CVX traded up $2.3470 during trading hours on Friday, reaching $157.8970. 9,080,229 shares of the company's stock were exchanged, compared to its average volume of 8,166,027. The firm has a market capitalization of $272.84 billion, a price-to-earnings ratio of 20.32, a P/E/G ratio of 2.31 and a beta of 0.87. The company has a 50-day moving average of $151.21 and a 200 day moving average of $148.66. The company has a quick ratio of 0.74, a current ratio of 1.00 and a debt-to-equity ratio of 0.16. Chevron Corporation has a 1-year low of $132.04 and a 1-year high of $168.96.

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

Chevron Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, September 10th. Investors of record on Tuesday, August 19th will be paid a dividend of $1.71 per share. The ex-dividend date is Tuesday, August 19th. This represents a $6.84 dividend on an annualized basis and a yield of 4.3%. Chevron's dividend payout ratio is currently 88.03%.

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.