Sequoia Financial Advisors LLC Boosts Stake in Chevron Corporation $CVX

Key Points

• Sequoia Financial Advisors LLC increased its stake in Chevron Corporation by 2.7% in the second quarter, owning a total of 138,070 shares valued at approximately $19.77 million.
• Chevron recently reported a quarterly earnings per share (EPS) of $1.77, exceeding analysts' expectations, with its revenue hitting $44.82 billion, a 12.4% year-over-year decline.
• The company declared a quarterly dividend of $1.71, resulting in an annualized dividend yield of 4.6%, with a current dividend payout ratio of 88.03%.

Sequoia Financial Advisors LLC lifted its holdings in Chevron Corporation (NYSE:CVX - Free Report) by 2.7% in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 138,070 shares of the oil and gas company's stock after purchasing an additional 3,611 shares during the quarter. Sequoia Financial Advisors LLC's holdings in Chevron were worth $19,770,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds have also recently modified their holdings of the company. Harvest Fund Management Co. Ltd increased 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 acquiring an additional 122 shares during the last quarter. Elequin Capital LP purchased a new stake in Chevron during the first quarter valued at $31,000. Cloud Capital Management LLC purchased a new stake in Chevron during the first quarter valued at $39,000. Investment Management Corp VA ADV increased its position in Chevron by 171.3% during 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 acquiring an additional 149 shares during the last quarter. Finally, GFG Capital LLC purchased a new stake in Chevron during the second quarter valued at $42,000. Hedge funds and other institutional investors own 72.42% of the company's stock.

Chevron Price Performance

Shares of Chevron stock opened at $149.11 on Monday. The stock has a 50 day moving average of $156.10 and a 200 day moving average of $148.41. Chevron Corporation has a 12 month low of $132.04 and a 12 month high of $168.96. The firm has a market cap of $257.66 billion, a PE ratio of 19.19, a PEG ratio of 1.93 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.

Chevron (NYSE:CVX - Get Free Report) last announced its quarterly earnings results on Friday, August 1st. The oil and gas company reported $1.77 EPS for the quarter, beating 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 company had revenue of $44.82 billion during the quarter, compared to analyst estimates of $44.59 billion. During the same period in the prior year, the company earned $2.55 earnings per share. The firm's revenue was down 12.4% on a year-over-year basis. On average, research analysts expect that Chevron Corporation will post 10.79 EPS for the current fiscal year.

Chevron Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, September 10th. Stockholders of record on Tuesday, August 19th were paid a $1.71 dividend. This represents a $6.84 annualized dividend and a dividend yield of 4.6%. The ex-dividend date of this dividend was Tuesday, August 19th. Chevron's dividend payout ratio (DPR) is presently 88.03%.

Insider Activity at Chevron

In other news, VP Alana K. Knowles sold 3,978 shares of the firm'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 completion of the sale, the vice president directly owned 1,181 shares of the company's stock, valued at $188,960. This trade represents a 77.11% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at 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 shares were sold at an average price of $158.30, for a total value of $59,362,500.00. Following the completion of the sale, the director directly 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 disclosure for this sale can be found here. 0.20% of the stock is owned by company insiders.

Analyst Upgrades and Downgrades

Several analysts have issued reports on CVX shares. Melius started coverage on Chevron in a report on Wednesday, August 20th. They set a "hold" rating and a $155.00 price target for the company. Weiss Ratings reissued a "hold (c)" rating on shares of Chevron in a report on Wednesday, October 8th. Raymond James Financial reissued an "outperform" rating on shares of Chevron in a report on Friday, August 1st. Scotiabank boosted their price target on Chevron from $160.00 to $165.00 and gave the company a "sector perform" rating in a report on Thursday. Finally, Evercore ISI reaffirmed an "outperform" rating and issued a $180.00 price objective on shares of Chevron in a research note on Thursday, July 31st. Eleven 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. According to MarketBeat.com, Chevron presently has a consensus rating of "Hold" and an average price target of $165.40.

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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