Solitude Financial Services Buys 1,913 Shares of Chevron Corporation $CVX

Key Points

• Solitude Financial Services increased its stake in Chevron Corporation by 8.2% during Q2, owning 25,325 shares worth approximately $3.63 million, making Chevron its 14th largest investment.
• Chevron's recent earnings report indicated a $1.77 earnings per share, surpassing analysts' expectations, but showed a 12.4% decrease in revenue year-over-year.
• The company announced a quarterly dividend of $1.71 per share, yielding 4.4%, with a dividend payout ratio of 88.03%.

Solitude Financial Services lifted its stake in Chevron Corporation (NYSE:CVX - Free Report) by 8.2% during the second quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 25,325 shares of the oil and gas company's stock after acquiring an additional 1,913 shares during the period. Chevron accounts for about 1.3% of Solitude Financial Services' investment portfolio, making the stock its 14th largest position. Solitude Financial Services' holdings in Chevron were worth $3,626,000 as of its most recent filing with the SEC.

A number of other institutional investors have also made changes to their positions in CVX. Greenfield Savings Bank boosted its position in shares of Chevron by 0.6% during the second quarter. Greenfield Savings Bank now owns 11,611 shares of the oil and gas company's stock worth $1,663,000 after buying an additional 68 shares during the period. Atwater Malick LLC boosted its position in Chevron by 2.4% during the second quarter. Atwater Malick LLC now owns 2,886 shares of the oil and gas company's stock valued at $413,000 after purchasing an additional 68 shares during the last quarter. Hubbell Strickland Wealth Management LLC boosted its position in Chevron by 0.7% during the second quarter. Hubbell Strickland Wealth Management LLC now owns 10,081 shares of the oil and gas company's stock valued at $1,443,000 after purchasing an additional 68 shares during the last quarter. GDS Wealth Management boosted its position in Chevron by 4.4% during the first quarter. GDS Wealth Management now owns 1,706 shares of the oil and gas company's stock valued at $285,000 after purchasing an additional 72 shares during the last quarter. Finally, AIMZ Investment Advisors LLC boosted its position in Chevron by 4.2% during the first quarter. AIMZ Investment Advisors LLC now owns 1,783 shares of the oil and gas company's stock valued at $298,000 after purchasing an additional 72 shares during the last quarter. 72.42% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

CVX has been the subject of several recent research reports. Piper Sandler increased their price target on Chevron from $164.00 to $168.00 and gave the company an "overweight" rating in a research report on Monday, August 18th. Wells Fargo & Company restated an "overweight" rating and issued a $178.00 price objective on shares of Chevron in a research note on Friday, August 1st. Weiss Ratings restated a "hold (c)" rating on shares of Chevron in a research note on Saturday, September 27th. Jefferies Financial Group restated a "buy" rating on shares of Chevron in a research note on Friday, July 18th. Finally, UBS Group upped their price objective on Chevron from $186.00 to $197.00 and gave the company a "buy" rating in a research note on Wednesday, August 20th. Eleven equities research analysts have rated the stock with a Buy rating, nine have assigned a Hold rating and three have given a Sell rating to the company. According to MarketBeat.com, the stock currently has an average rating of "Hold" and a consensus price target of $165.05.

Insider Buying and Selling

In other news, Director John B. Hess sold 375,000 shares of the stock in a transaction 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 sale, the director directly owned 1,403,045 shares of the company's stock, valued at approximately $222,102,023.50. This represents a 21.09% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, VP Alana K. Knowles sold 3,978 shares of the stock in a transaction 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 sale, 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 ownership of the stock. The disclosure for this sale can be found here. 0.20% of the stock is currently owned by company insiders.

Chevron Price Performance

Shares of NYSE CVX opened at $153.99 on Tuesday. The firm has a market cap of $266.09 billion, a P/E ratio of 19.82, a price-to-earnings-growth ratio of 1.99 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 Corporation has a 1-year low of $132.04 and a 1-year high of $168.96. The business's 50 day moving average is $156.19 and its 200-day moving average is $148.80.

Chevron (NYSE:CVX - Get Free Report) last announced its earnings results on Friday, August 1st. The oil and gas company reported $1.77 earnings per share 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 analyst estimates of $44.59 billion. Chevron had a return on equity of 9.90% and a net margin of 7.02%.The firm's quarterly revenue was down 12.4% compared to the same quarter last year. During the same quarter last year, the company earned $2.55 earnings per share. Equities research analysts predict that Chevron Corporation will post 10.79 earnings per share for the current year.

Chevron Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Wednesday, September 10th. Stockholders of record on Tuesday, August 19th were paid a dividend of $1.71 per share. The ex-dividend date 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 88.03%.

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.

Want to see what other hedge funds are holding CVX? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Chevron Corporation (NYSE:CVX - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.