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Securian Asset Management Inc. Sells 3,558 Shares of Chevron Corporation $CVX

Chevron logo with Energy background

Key Points

  • Securian Asset Management Inc. has reduced its stake in Chevron Corporation by 4.0%, selling 3,558 shares, while currently holding 84,915 shares valued at approximately $12.16 million.
  • Chevron reported earnings of $1.77 per share for the last quarter, exceeding analysts' expectations, but its revenue was down 12.4% year-over-year.
  • The company's recent dividend payout was $1.71 per share, translating to an annualized dividend yield of 4.4% with a payout ratio of 88.03%.
  • Five stocks we like better than Chevron.

Securian Asset Management Inc. trimmed its holdings in Chevron Corporation (NYSE:CVX - Free Report) by 4.0% in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 84,915 shares of the oil and gas company's stock after selling 3,558 shares during the quarter. Securian Asset Management Inc.'s holdings in Chevron were worth $12,159,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors also recently modified their holdings of CVX. Harvest Fund Management Co. Ltd raised its holdings 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 worth $25,000 after buying an additional 122 shares during the last quarter. Elequin Capital LP purchased a new position in Chevron in the first quarter worth about $31,000. Cloud Capital Management LLC purchased a new position in Chevron in the first quarter worth about $39,000. Investment Management Corp VA ADV raised its holdings 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 worth $39,000 after buying an additional 149 shares during the last quarter. Finally, 1 North Wealth Services LLC purchased a new position in Chevron in the first quarter worth about $45,000. 72.42% of the stock is currently owned by institutional investors.

Chevron Stock Performance

Shares of CVX stock opened at $154.53 on Tuesday. The company has a 50 day moving average price of $156.05 and a 200-day moving average price of $148.04. Chevron Corporation has a 52 week low of $132.04 and a 52 week high of $168.96. The firm has a market capitalization of $267.02 billion, a PE ratio of 19.89, a P/E/G ratio of 2.02 and a beta of 0.84. 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 (NYSE:CVX - Get Free Report) last posted 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. The company had revenue of $44.82 billion for the quarter, compared to the consensus estimate of $44.59 billion. Chevron had a net margin of 7.02% and a return on equity of 9.90%. The firm's revenue was down 12.4% compared to the same quarter last year. During the same quarter last year, the firm posted $2.55 earnings per share. As a group, equities research analysts expect that Chevron Corporation will post 10.79 earnings per share for the current year.

Chevron Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, September 10th. Investors of record on Tuesday, August 19th were issued 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 dividend payout ratio (DPR) is presently 88.03%.

Insider Buying and Selling

In related news, VP Alana K. Knowles sold 3,978 shares of the firm's stock in a transaction that occurred on Friday, August 29th. The shares were sold at an average price of $160.00, for a total value of $636,480.00. Following the transaction, the vice president owned 1,181 shares of the company's stock, valued at approximately $188,960. This trade represents a 77.11% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, Director John B. Hess sold 375,000 shares of the firm'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 completion of the transaction, the director directly owned 1,403,045 shares in the company, valued at approximately $222,102,023.50. The trade was a 21.09% decrease in their position. The disclosure for this sale can be found here. Company insiders own 0.20% of the company's stock.

Analyst Upgrades and Downgrades

Several brokerages have issued reports on CVX. Raymond James Financial reaffirmed an "outperform" rating and issued a $160.00 target price (down from $170.00) on shares of Chevron in a report on Friday. Melius began coverage on shares of Chevron in a report on Wednesday, August 20th. They issued a "hold" rating and a $155.00 target price for the company. UBS Group lifted their target price on shares of Chevron from $186.00 to $197.00 and gave the stock a "buy" rating in a report on Wednesday, August 20th. Piper Sandler lifted their price target on shares of Chevron from $164.00 to $168.00 and gave the stock an "overweight" rating in a research note on Monday, August 18th. Finally, Scotiabank lifted their price target on shares of Chevron from $160.00 to $165.00 and gave the stock a "sector perform" rating in a research note on Thursday, October 9th. Eleven equities research analysts have rated the stock with a Buy rating, nine have given a Hold rating and three have issued a Sell rating to the company's stock. Based on data from MarketBeat, Chevron has a consensus rating of "Hold" and a consensus price target of $165.25.

Read Our Latest Analysis on CVX

About Chevron

(Free Report)

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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Institutional Ownership by Quarter for Chevron (NYSE:CVX)

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