Rice Partnership LLC Has $1.63 Million Stake in Chevron Corporation $CVX

Key Points

• Rice Partnership LLC increased its stake in Chevron Corporation by 18% during the second quarter, bringing its total investment value to approximately $1.63 million after acquiring an additional 1,733 shares.
• Chevron's recent quarterly earnings report showed an EPS of $1.77, exceeding estimates, although revenue declined 12.4% year-over-year to $44.82 billion.
• The company announced a quarterly dividend of $1.71, resulting in an annualized total of $6.84 and a dividend yield of 4.4%, with a payout ratio of 88.03%.

Rice Partnership LLC boosted its holdings in shares of Chevron Corporation (NYSE:CVX - Free Report) by 18.0% in the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 11,353 shares of the oil and gas company's stock after purchasing an additional 1,733 shares during the period. Rice Partnership LLC's holdings in Chevron were worth $1,626,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Harvest Fund Management Co. Ltd increased its holdings in Chevron by 420.7% during the 1st 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 bought a new position in Chevron in the 1st quarter valued at $31,000. Cloud Capital Management LLC bought a new position in Chevron in the 1st quarter valued at $39,000. Investment Management Corp VA ADV boosted its position in Chevron by 171.3% in the 1st quarter. Investment Management Corp VA ADV now owns 236 shares of the oil and gas company's stock valued at $39,000 after buying an additional 149 shares during the last quarter. Finally, GFG Capital LLC bought a new position in Chevron in the 2nd quarter valued at $42,000. 72.42% of the stock is owned by institutional investors and hedge funds.

Chevron Stock Performance

CVX opened at $153.76 on Thursday. The business's 50-day moving average price is $156.15 and its two-hundred day moving average price is $148.88. Chevron Corporation has a 1 year low of $132.04 and a 1 year high of $168.96. The company has a market capitalization of $265.70 billion, a price-to-earnings ratio of 19.79, a P/E/G ratio of 1.99 and a beta of 0.84. The company has a debt-to-equity ratio of 0.16, a current ratio of 1.00 and a quick ratio of 0.74.

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 (EPS) for the quarter, beating the consensus estimate of $1.58 by $0.19. Chevron had a return on equity of 9.90% and a net margin of 7.02%.The firm had revenue of $44.82 billion for the quarter, compared to the consensus estimate of $44.59 billion. During the same quarter last year, the business posted $2.55 EPS. The company's revenue for the quarter was down 12.4% on a year-over-year basis. Equities analysts expect that Chevron Corporation will post 10.79 EPS for the current fiscal year.

Chevron Announces Dividend

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

Wall Street Analyst Weigh In

A number of research analysts have commented on the company. Raymond James Financial reiterated an "outperform" rating on shares of Chevron in a research report on Friday, August 1st. UBS Group raised their price target on Chevron from $186.00 to $197.00 and gave the stock a "buy" rating in a research report on Wednesday, August 20th. Piper Sandler raised their price target on Chevron from $164.00 to $168.00 and gave the stock an "overweight" rating in a research report on Monday, August 18th. Weiss Ratings restated a "hold (c)" rating on shares of Chevron in a research report on Wednesday. Finally, Melius initiated coverage on Chevron in a research report on Wednesday, August 20th. They issued a "hold" rating and a $155.00 price target on the stock. Eleven analysts have rated the stock with a Buy rating, nine have given a Hold rating and three have given a Sell rating to the stock. According to MarketBeat.com, Chevron currently has an average rating of "Hold" and an average price target of $165.15.

Insider Transactions at Chevron

In other Chevron news, Director John B. Hess sold 375,000 shares of the business's stock in a transaction that occurred on Friday, August 22nd. The stock was sold at an average price of $158.30, for a total transaction of $59,362,500.00. Following the transaction, the director 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 ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, VP Alana K. Knowles sold 3,978 shares of the business's 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 in the company, valued at approximately $188,960. This trade represents a 77.11% decrease in their position. The disclosure for this sale can be found here. 0.21% of the stock is currently owned by insiders.

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.

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