Phoenix Financial Ltd. Has $5.67 Million Holdings in Chevron Corporation $CVX

Key Points

• Phoenix Financial Ltd. reduced its stake in Chevron Corporation by 21.0%, holding 39,504 shares worth approximately $5.67 million after selling 10,505 shares in the second quarter.
• Chevron reported $1.77 earnings per share for the recent quarter, exceeding analyst expectations of $1.58, but showed a 12.4% revenue decline compared to the prior year.
• The company has announced a quarterly dividend of $1.71, resulting in an annualized dividend yield of 4.4%, with a payout ratio of 88.03%.

Phoenix Financial Ltd. lessened its stake in Chevron Corporation (NYSE:CVX - Free Report) by 21.0% in the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 39,504 shares of the oil and gas company's stock after selling 10,505 shares during the quarter. Phoenix Financial Ltd.'s holdings in Chevron were worth $5,668,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Harvest Fund Management Co. Ltd raised its stake in Chevron by 420.7% in the first quarter. Harvest Fund Management Co. Ltd now owns 151 shares of the oil and gas company's stock valued at $25,000 after purchasing an additional 122 shares in the last quarter. Elequin Capital LP acquired a new position in Chevron in the first quarter valued at about $31,000. Cloud Capital Management LLC acquired a new position in Chevron in the first quarter valued at about $39,000. Investment Management Corp VA ADV raised its stake in Chevron by 171.3% in the first quarter. Investment Management Corp VA ADV now owns 236 shares of the oil and gas company's stock valued at $39,000 after purchasing an additional 149 shares in the last quarter. Finally, GFG Capital LLC acquired a new position in Chevron in the second quarter valued at about $42,000. Institutional investors and hedge funds own 72.42% of the company's stock.

Chevron Stock Performance

NYSE:CVX opened at $154.53 on Tuesday. The stock has a market cap of $267.02 billion, a P/E ratio of 19.89, a price-to-earnings-growth ratio of 2.02 and a beta of 0.84. 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 stock's 50-day moving average is $156.05 and its 200-day moving average is $148.04. 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 released 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. The company had revenue of $44.82 billion for the quarter, compared to analysts' expectations of $44.59 billion. Chevron had a return on equity of 9.90% and a net margin of 7.02%.The business's quarterly revenue was down 12.4% compared to the same quarter last year. During the same period in the previous year, the business posted $2.55 earnings per share. Equities research analysts anticipate that Chevron Corporation will post 10.79 earnings per share for the current year.

Chevron Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, September 10th. Investors of record on Tuesday, August 19th were paid a $1.71 dividend. This represents a $6.84 dividend on an annualized basis and a dividend yield of 4.4%. The ex-dividend date of this dividend was Tuesday, August 19th. Chevron's payout ratio is currently 88.03%.

Wall Street Analysts Forecast Growth

A number of research analysts have issued reports on the company. Mizuho decreased their target price on Chevron from $192.00 to $191.00 and set an "outperform" rating on the stock in a research report on Monday, September 15th. Weiss Ratings reiterated a "hold (c)" rating on shares of Chevron in a research report on Wednesday, October 8th. Morgan Stanley assumed coverage on Chevron in a research report on Monday, August 4th. They issued an "overweight" rating and a $174.00 target price on the stock. Melius assumed coverage on Chevron in a research report on Wednesday, August 20th. They issued a "hold" rating and a $155.00 target price on the stock. Finally, TD Cowen lifted their target price on Chevron from $150.00 to $155.00 and gave the company a "hold" rating in a research report on Monday, August 4th. Eleven research analysts have rated the stock with a Buy rating, nine have given a Hold rating and three have assigned a Sell rating to the stock. Based on data from MarketBeat.com, the company has an average rating of "Hold" and an average target price of $165.25.

Insider Buying and Selling

In related news, VP Alana K. Knowles sold 3,978 shares of Chevron stock in a transaction that occurred on Friday, August 29th. The stock was sold at an average price of $160.00, for a total value 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 transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director John B. Hess sold 375,000 shares of Chevron stock in a transaction that occurred on Friday, August 22nd. The stock was sold at an average price of $158.30, for a total value of $59,362,500.00. Following the completion of the transaction, the director directly owned 1,403,045 shares in the company, 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. 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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