Stanley Laman Group Ltd. Lowers Position in Chevron Corporation $CVX

Key Points

• Stanley Laman Group Ltd. reduced its position in Chevron Corporation by 8.4% during the second quarter, holding 22,644 shares worth approximately $3.24 million at quarter-end.
• Chevron reported earnings of $1.77 per share for the last quarter, exceeding analysts' expectations of $1.58, despite a 12.4% year-over-year revenue decline.
• The company announced a quarterly dividend of $1.71 per share, representing an annualized dividend yield of 4.5% with a payout ratio of 88.03%.

Stanley Laman Group Ltd. lowered its position in shares of Chevron Corporation (NYSE:CVX - Free Report) by 8.4% in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 22,644 shares of the oil and gas company's stock after selling 2,072 shares during the quarter. Stanley Laman Group Ltd.'s holdings in Chevron were worth $3,242,000 at the end of the most recent quarter.

Several other hedge funds have also added to or reduced their stakes in CVX. CCG Wealth Management LLC lifted its holdings in shares of Chevron by 2.3% during the 1st quarter. CCG Wealth Management LLC now owns 6,334 shares of the oil and gas company's stock valued at $1,060,000 after buying an additional 145 shares during the period. Ignite Planners LLC increased its stake in shares of Chevron by 14.1% in the first quarter. Ignite Planners LLC now owns 12,316 shares of the oil and gas company's stock worth $2,060,000 after purchasing an additional 1,519 shares in the last quarter. Vista Capital Partners Inc. lifted its holdings in shares of Chevron by 9.1% in the first quarter. Vista Capital Partners Inc. now owns 5,938 shares of the oil and gas company's stock worth $993,000 after buying an additional 495 shares in the last quarter. Oregon Public Employees Retirement Fund boosted its holdings in shares of Chevron by 0.5% during the 1st quarter. Oregon Public Employees Retirement Fund now owns 143,914 shares of the oil and gas company's stock valued at $24,075,000 after purchasing an additional 675 shares during the last quarter. Finally, Capital Advisors Inc. OK grew its position in shares of Chevron by 0.3% during the first quarter. Capital Advisors Inc. OK now owns 569,258 shares of the oil and gas company's stock valued at $95,231,000 after purchasing an additional 1,755 shares in the last quarter. 72.42% of the stock is owned by institutional investors.

Chevron Stock Up 0.9%

Shares of Chevron stock opened at $153.12 on Friday. Chevron Corporation has a 52-week low of $132.04 and a 52-week high of $168.96. The firm's 50 day moving average price is $156.03 and its 200-day moving average price is $148.15. 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 company has a market cap of $264.58 billion, a P/E ratio of 19.71, a PEG ratio of 2.00 and a beta of 0.84.

Chevron (NYSE:CVX - Get Free Report) last issued its quarterly earnings results 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 business had revenue of $44.82 billion for the quarter, compared to the consensus estimate of $44.59 billion. Chevron had a return on equity of 9.90% and a net margin of 7.02%.The business's quarterly revenue was down 12.4% on a year-over-year basis. During the same period in the prior year, the firm posted $2.55 earnings per share. On average, sell-side analysts predict that Chevron Corporation will post 10.79 EPS for the current fiscal year.

Chevron Dividend Announcement

The firm also recently declared 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 4.5%. Chevron's payout ratio is presently 88.03%.

Wall Street Analyst Weigh In

A number of equities research analysts have issued reports on the company. Piper Sandler upped their price objective on Chevron from $164.00 to $168.00 and gave the company an "overweight" rating in a research report on Monday, August 18th. Melius started coverage on shares of Chevron in a report on Wednesday, August 20th. They set a "hold" rating and a $155.00 price objective for the company. Wells Fargo & Company initiated coverage on Chevron in a report on Friday. They issued an "overweight" rating and a $190.00 target price for the company. Bank of America upped their price target on shares of Chevron from $170.00 to $185.00 and gave the stock a "buy" rating in a research report on Wednesday, September 10th. Finally, Jefferies Financial Group reissued a "buy" rating on shares of Chevron in a report on Friday, July 18th. Eleven equities research analysts have rated the stock with a Buy rating, nine have issued a Hold rating and three have given a Sell rating to the stock. According to data from MarketBeat.com, the stock has an average rating of "Hold" and an average target price of $165.25.

Insider Activity

In related news, Director John B. Hess sold 375,000 shares of Chevron 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 in the company, valued at $222,102,023.50. This trade represents a 21.09% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, VP Alana K. Knowles sold 3,978 shares of the company'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 transaction of $636,480.00. Following the transaction, the vice president owned 1,181 shares in the company, valued at $188,960. The trade was a 77.11% decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 0.21% of the company's stock.

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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