Tcfg Wealth Management LLC Trims Stock Holdings in Chevron Corporation $CVX

Key Points

• Tcfg Wealth Management LLC reduced its stake in Chevron Corporation by 23.1% in the second quarter, now holding 15,945 shares valued at approximately $2.28 million.
• Chevron recently reported earnings per share (EPS) of $1.77 for the most recent quarter, exceeding analysts' expectations and reflecting a 12.4% decline in revenue year-over-year.
• The company's dividend yield stands at 4.4%, with an annualized dividend of $6.84 and a payout ratio of 88.03%.

Tcfg Wealth Management LLC lowered its position in shares of Chevron Corporation (NYSE:CVX - Free Report) by 23.1% in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 15,945 shares of the oil and gas company's stock after selling 4,795 shares during the quarter. Chevron comprises approximately 1.0% of Tcfg Wealth Management LLC's portfolio, making the stock its 17th biggest position. Tcfg Wealth Management LLC's holdings in Chevron were worth $2,283,000 at the end of the most recent quarter.

Several other institutional investors also recently modified their holdings of the business. Harvest Fund Management Co. Ltd boosted its position in shares of Chevron by 420.7% in the 1st 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 in the last quarter. Elequin Capital LP purchased a new stake in shares of Chevron in the first quarter worth $31,000. Cloud Capital Management LLC bought a new position in shares of Chevron during the first quarter valued at $39,000. Investment Management Corp VA ADV raised its position in shares of Chevron by 171.3% in the 1st 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, 1 North Wealth Services LLC bought a new position in Chevron in the 1st quarter worth about $45,000. 72.42% of the stock is currently owned by institutional investors.

Chevron Stock Performance

Shares of CVX opened at $153.99 on Tuesday. The firm has a market capitalization of $266.09 billion, a P/E ratio of 19.82, a PEG ratio of 1.99 and a beta of 0.84. The company has a debt-to-equity ratio of 0.16, a current ratio of 1.00 and a quick ratio of 0.74. Chevron Corporation has a one year low of $132.04 and a one year high of $168.96. The business has a fifty day moving average of $156.19 and a 200 day moving average of $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 (EPS) for the quarter, topping the consensus estimate of $1.58 by $0.19. The business had revenue of $44.82 billion for the quarter, compared to analysts' expectations of $44.59 billion. Chevron had a return on equity of 9.90% and a net margin of 7.02%.The business's revenue for the quarter was down 12.4% on a year-over-year basis. During the same period last year, the firm posted $2.55 earnings per share. As a group, sell-side analysts anticipate that Chevron Corporation will post 10.79 EPS 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%.

Wall Street Analysts Forecast Growth

Several research analysts have recently issued reports on the stock. Mizuho dropped their target price on shares of Chevron from $192.00 to $191.00 and set an "outperform" rating on the stock in a research note on Monday, September 15th. Piper Sandler lifted their target price on Chevron from $164.00 to $168.00 and gave the stock an "overweight" rating in a report on Monday, August 18th. Jefferies Financial Group reaffirmed a "buy" rating on shares of Chevron in a report on Friday, July 18th. Morgan Stanley assumed coverage on Chevron in a report on Monday, August 4th. They issued an "overweight" rating and a $174.00 price objective for the company. Finally, Scotiabank reissued a "sector perform" rating and issued a $160.00 target price (up previously from $143.00) on shares of Chevron in a research report on Friday, July 11th. Eleven research analysts have rated the stock with a Buy rating, nine have assigned a Hold rating and three have assigned a Sell rating to the company. According to MarketBeat, the company currently has a consensus rating of "Hold" and a consensus target price of $165.05.

Insider Activity at Chevron

In other Chevron news, Director John B. Hess sold 375,000 shares of the company'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 transaction 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 approximately $222,102,023.50. This represents a 21.09% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, VP Alana K. Knowles sold 3,978 shares of Chevron stock in a transaction on Friday, August 29th. The stock was 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. This represents a 77.11% decrease in their position. The disclosure for this sale can be found here. Insiders own 0.20% of the company's stock.

About Chevron

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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