Promethium Advisors LLC Reduces Stock Position in Chevron Corporation $CVX

Key Points

• Promethium Advisors LLC has reduced its position in Chevron Corporation by 13.7%, selling 2,276 shares, leaving them with a total of 14,285 shares valued at approximately $2,390,000.
• Chevron's recent quarterly earnings report indicated an earnings per share (EPS) of $1.77, surpassing the consensus estimate by $0.19, although revenue decreased by 12.4% year-over-year.
• The company recently announced a quarterly dividend of $1.71 per share, with a dividend yield of 4.3% and an annualized dividend payout of $6.84.

Promethium Advisors LLC lessened its holdings in Chevron Corporation (NYSE:CVX - Free Report) by 13.7% during the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 14,285 shares of the oil and gas company's stock after selling 2,276 shares during the quarter. Chevron accounts for approximately 1.5% of Promethium Advisors LLC's investment portfolio, making the stock its 20th biggest holding. Promethium Advisors LLC's holdings in Chevron were worth $2,390,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently modified their holdings of the stock. Rench Wealth Management Inc. grew its stake in shares of Chevron by 1.3% in the first quarter. Rench Wealth Management Inc. now owns 31,666 shares of the oil and gas company's stock valued at $5,297,000 after acquiring an additional 401 shares in the last quarter. Federation des caisses Desjardins du Quebec raised its holdings in Chevron by 39.5% during the 1st quarter. Federation des caisses Desjardins du Quebec now owns 112,991 shares of the oil and gas company's stock worth $18,905,000 after purchasing an additional 31,993 shares during the last quarter. EP Wealth Advisors LLC grew its position in shares of Chevron by 14.3% during the 1st quarter. EP Wealth Advisors LLC now owns 147,035 shares of the oil and gas company's stock worth $24,597,000 after buying an additional 18,415 shares during the period. Capital Investment Counsel LLC grew its position in shares of Chevron by 1.7% during the 1st quarter. Capital Investment Counsel LLC now owns 76,802 shares of the oil and gas company's stock worth $12,848,000 after buying an additional 1,264 shares during the period. Finally, TIG Advisors LLC acquired a new stake in Chevron in the 1st quarter valued at $4,020,000. 72.42% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling

In other 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 completion of the transaction, the vice president owned 1,181 shares in the company, valued at approximately $188,960. The trade was a 77.11% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed 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 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 position. The disclosure for this sale can be found here. 0.21% of the stock is currently owned by insiders.

Chevron Price Performance

CVX traded down $0.06 on Thursday, hitting $158.00. 7,240,482 shares of the company's stock traded hands, compared to its average volume of 9,288,150. The company's 50 day simple moving average is $153.22 and its 200-day simple moving average is $148.92. The firm has a market cap of $273.03 billion, a price-to-earnings ratio of 20.34, a P/E/G ratio of 2.38 and a beta of 0.90. Chevron Corporation has a one year low of $132.04 and a one year 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.

Chevron (NYSE:CVX - Get Free Report) last released its quarterly earnings data 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 return on equity of 9.90% and a net margin of 7.02%.The business had revenue of $44.82 billion for the quarter, compared to the consensus estimate of $44.59 billion. During the same quarter in the previous year, the company posted $2.55 EPS. The company's revenue was down 12.4% compared to the same quarter last year. As a group, research analysts anticipate that Chevron Corporation will post 10.79 EPS for the current year.

Chevron Dividend Announcement

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

Analyst Upgrades and Downgrades

Several equities analysts have weighed in on the company. HSBC cut Chevron from a "buy" rating to a "hold" rating and dropped their price objective for the company from $176.00 to $158.00 in a research note on Tuesday, May 13th. Wells Fargo & Company reiterated an "overweight" rating and set a $178.00 price target on shares of Chevron in a research report on Friday, August 1st. UBS Group upped their target price on Chevron from $186.00 to $197.00 and gave the stock a "buy" rating in a research note on Wednesday, August 20th. Jefferies Financial Group reissued a "buy" rating on shares of Chevron in a research note on Friday, July 18th. Finally, Evercore ISI restated an "outperform" rating and set a $180.00 target price on shares of Chevron in a report on Thursday, July 31st. Eleven analysts have rated the stock with a Buy rating, eight have assigned a Hold rating and three have issued a Sell rating to the company's stock. According to MarketBeat, the company presently has a consensus rating of "Hold" and an average price target of $163.95.

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.