Ridgewood Investments LLC Has $1.26 Million Stake in Chevron Corporation $CVX

Key Points

• Ridgewood Investments LLC increased its stake in Chevron Corporation by 115.9%, bringing its total ownership to $1.26 million in the second quarter.
• Chevron's Director, John B. Hess, sold 375,000 shares for approximately $59.4 million, representing a 21.09% decrease in his position.
• The company declared a quarterly dividend of $1.71 per share, yielding 4.4%, and has a payout ratio of 88.03%.

Ridgewood Investments LLC increased its stake in shares of Chevron Corporation (NYSE:CVX - Free Report) by 115.9% in the 2nd quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 8,771 shares of the oil and gas company's stock after purchasing an additional 4,709 shares during the quarter. Ridgewood Investments LLC's holdings in Chevron were worth $1,256,000 as of its most recent filing with the SEC.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in the stock. Harvest Fund Management Co. Ltd boosted its position in Chevron by 420.7% during 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 during the last quarter. Elequin Capital LP acquired a new position in Chevron in the 1st quarter worth about $31,000. IFS Advisors LLC raised its stake in shares of Chevron by 119.6% during the 1st quarter. IFS Advisors LLC now owns 213 shares of the oil and gas company's stock worth $36,000 after purchasing an additional 116 shares in the last quarter. Cloud Capital Management LLC acquired a new stake in shares of Chevron during the 1st quarter valued at about $39,000. Finally, Investment Management Corp VA ADV lifted its holdings in shares of Chevron by 171.3% during 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. 72.42% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other news, Director John B. Hess sold 375,000 shares of the firm's stock in a transaction dated 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 approximately $222,102,023.50. This trade represents a 21.09% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, VP Alana K. Knowles sold 3,978 shares of Chevron stock in a transaction dated Friday, August 29th. The shares were sold at an average price of $160.00, for a total transaction of $636,480.00. Following the sale, the vice president owned 1,181 shares in the company, 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. Corporate insiders own 0.20% of the company's stock.

Wall Street Analyst Weigh In

CVX has been the topic of a number of research reports. Barclays restated an "equal weight" rating on shares of Chevron in a report on Tuesday, July 15th. UBS Group boosted their target price 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. Scotiabank restated a "sector perform" rating and set a $160.00 price target (up previously from $143.00) on shares of Chevron in a report on Friday, July 11th. TD Cowen lifted their price objective on shares of Chevron from $150.00 to $155.00 and gave the company a "hold" rating in a research note on Monday, August 4th. Finally, Jefferies Financial Group reiterated a "buy" rating on shares of Chevron in a report on Friday, July 18th. Eleven investment 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 stock presently has a consensus rating of "Hold" and a consensus price target of $165.05.

Chevron Trading Down 1.7%

Shares of CVX opened at $156.11 on Monday. The stock's 50-day moving average price is $155.24 and its 200 day moving average price is $148.96. The company has a quick ratio of 0.74, a current ratio of 1.00 and a debt-to-equity ratio of 0.16. The firm has a market capitalization of $269.76 billion, a price-to-earnings ratio of 20.09, a P/E/G ratio of 1.96 and a beta of 0.90. Chevron Corporation has a 12-month low of $132.04 and a 12-month high of $168.96.

Chevron (NYSE:CVX - Get Free Report) last announced its quarterly earnings data 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 analyst estimates of $44.59 billion. Chevron had a return on equity of 9.90% and a net margin of 7.02%.Chevron's revenue for the quarter was down 12.4% compared to the same quarter last year. During the same quarter last year, the firm earned $2.55 EPS. As a group, research analysts predict that Chevron Corporation will post 10.79 earnings per share for the current year.

Chevron Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Wednesday, September 10th. Shareholders of record on Tuesday, August 19th were issued a $1.71 dividend. This represents a $6.84 annualized dividend and a yield of 4.4%. The ex-dividend date of this dividend was Tuesday, August 19th. Chevron's payout ratio is 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.

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