Talbot Financial LLC Boosts Stock Holdings in Chevron Corporation $CVX

Key Points

• Talbot Financial LLC increased its holdings in Chevron Corporation by 29.5% during the second quarter, now owning 147,048 shares valued at approximately $21 million.
• Several institutional investors have also significantly altered their stakes in Chevron, with some increasing their positions by over 400% in recent months.
• Chevron recently announced a quarterly dividend of $1.71, reflecting an annual yield of 4.5%, with a high dividend payout ratio of approximately 88%.

Talbot Financial LLC lifted its position in shares of Chevron Corporation (NYSE:CVX - Free Report) by 29.5% in the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 147,048 shares of the oil and gas company's stock after acquiring an additional 33,466 shares during the period. Chevron makes up approximately 2.0% of Talbot Financial LLC's portfolio, making the stock its 16th largest position. Talbot Financial LLC's holdings in Chevron were worth $21,056,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in the business. Harvest Fund Management Co. Ltd raised its stake in shares of 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 purchasing an additional 122 shares during the last quarter. Elequin Capital LP purchased a new position in shares of Chevron in the first quarter worth $31,000. Cloud Capital Management LLC purchased a new position in shares of Chevron in the first quarter worth $39,000. Investment Management Corp VA ADV raised its stake in shares of 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 purchasing an additional 149 shares during the last quarter. Finally, Cooksen Wealth LLC bought a new position in Chevron during the first quarter valued at approximately $43,000. 72.42% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of research analysts recently weighed in on CVX shares. Barclays restated an "equal weight" rating on shares of Chevron in a research report on Tuesday, July 15th. Bank of America increased their price objective on shares of Chevron from $170.00 to $185.00 and gave the company a "buy" rating in a research report on Wednesday, September 10th. UBS Group increased their price objective on shares of Chevron from $186.00 to $197.00 and gave the company a "buy" rating in a research report on Wednesday, August 20th. Weiss Ratings restated a "hold (c)" rating on shares of Chevron in a research report on Saturday, September 27th. Finally, Wells Fargo & Company restated an "overweight" rating and set a $178.00 price objective on shares of Chevron in a research report on Friday, August 1st. Eleven analysts have rated the stock with a Buy rating, nine have issued a Hold rating and three have issued a Sell rating to the stock. According to MarketBeat, the company currently has a consensus rating of "Hold" and a consensus price target of $165.05.

Insider Activity at Chevron

In other news, VP Alana K. Knowles sold 3,978 shares of the stock in a transaction 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 completion of the sale, the vice president directly owned 1,181 shares of the company's stock, valued at $188,960. This represents a 77.11% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director John B. Hess sold 375,000 shares of the firm's stock in a transaction on 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 sale, the director owned 1,403,045 shares in the company, 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. 0.21% of the stock is currently owned by company insiders.

Chevron Stock Up 0.1%

CVX opened at $153.59 on Friday. 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 company has a market capitalization of $265.40 billion, a PE ratio of 19.77, a PEG ratio of 1.99 and a beta of 0.84. The firm's 50 day simple moving average is $156.23 and its two-hundred day simple moving average is $148.99.

Chevron (NYSE:CVX - Get Free Report) last released its quarterly earnings results 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. Chevron had a net margin of 7.02% and a return on equity of 9.90%. The business had revenue of $44.82 billion for the quarter, compared to the consensus estimate of $44.59 billion. During the same period last year, the firm earned $2.55 earnings per share. The company's quarterly revenue was down 12.4% on a year-over-year basis. As a group, equities analysts forecast that Chevron Corporation will post 10.79 EPS 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 given a $1.71 dividend. The ex-dividend date was Tuesday, August 19th. This represents a $6.84 annualized dividend and a yield of 4.5%. Chevron's dividend payout ratio (DPR) is presently 88.03%.

Chevron Company 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.

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.