TD Asset Management Inc Lowers Stock Holdings in Chevron Corporation $CVX

Key Points

• TD Asset Management Inc reduced its holdings in Chevron Corporation by 1.7% in the second quarter, resulting in ownership of 838,893 shares worth approximately $120 million.
• Chevron's quarterly earnings report showed an EPS of $1.77, beating analyst estimates, despite a 12.4% decline in revenue compared to the previous year.
• Recent analyst ratings for Chevron include a target price increase from $170.00 to $185.00 by Bank of America, indicating a generally positive outlook among investment analysts.

TD Asset Management Inc trimmed its holdings in shares of Chevron Corporation (NYSE:CVX - Free Report) by 1.7% in the 2nd quarter, according to its most recent disclosure with the SEC. The fund owned 838,893 shares of the oil and gas company's stock after selling 14,684 shares during the period. TD Asset Management Inc's holdings in Chevron were worth $120,121,000 as of its most recent SEC filing.

A number of other hedge funds also recently added to or reduced their stakes in CVX. GAMMA Investing LLC raised its holdings in Chevron by 27.3% in the 1st quarter. GAMMA Investing LLC now owns 32,329 shares of the oil and gas company's stock worth $5,408,000 after acquiring an additional 6,928 shares during the last quarter. Wealth Enhancement Advisory Services LLC raised its holdings in Chevron by 10.1% in the 1st quarter. Wealth Enhancement Advisory Services LLC now owns 1,133,752 shares of the oil and gas company's stock worth $189,666,000 after acquiring an additional 104,103 shares during the last quarter. Keystone Wealth Services LLC purchased a new position in Chevron in the 1st quarter worth approximately $236,000. Cyndeo Wealth Partners LLC raised its holdings in Chevron by 0.5% in the 1st quarter. Cyndeo Wealth Partners LLC now owns 19,761 shares of the oil and gas company's stock worth $3,306,000 after acquiring an additional 99 shares during the last quarter. Finally, Stockman Wealth Management Inc. raised its holdings in Chevron by 6.0% in the 1st quarter. Stockman Wealth Management Inc. now owns 72,145 shares of the oil and gas company's stock worth $12,069,000 after acquiring an additional 4,081 shares during the last quarter. 72.42% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

CVX has been the subject of a number of research analyst reports. Bank of America lifted their target price 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. Melius Research initiated coverage on shares of Chevron in a research report on Wednesday, August 20th. They issued a "hold" rating and a $155.00 target price for the company. Barclays cut their target price on shares of Chevron from $160.00 to $158.00 and set an "equal weight" rating for the company in a research report on Tuesday, October 7th. Scotiabank lifted their target price on shares of Chevron from $160.00 to $165.00 and gave the stock a "sector perform" rating in a research report on Thursday, October 9th. Finally, Evercore ISI reaffirmed an "outperform" rating and issued a $180.00 target price on shares of Chevron in a research report on Thursday, July 31st. Eleven investment analysts have rated the stock with a Buy rating, nine have assigned a Hold rating and three have given a Sell rating to the stock. Based on data from MarketBeat.com, Chevron currently has an average rating of "Hold" and an average target price of $165.40.

Chevron Trading Up 0.4%

Shares of CVX stock opened at $152.47 on Wednesday. Chevron Corporation has a 1 year low of $132.04 and a 1 year high of $168.96. The firm has a fifty day moving average price of $156.12 and a 200-day moving average price of $148.34. The company has a debt-to-equity ratio of 0.16, a current ratio of 1.00 and a quick ratio of 0.74. The company has a market cap of $263.47 billion, a price-to-earnings ratio of 19.62, a PEG ratio of 1.97 and a beta of 0.84.

Chevron (NYSE:CVX - Get Free Report) last issued its quarterly earnings data on Friday, August 1st. The oil and gas company reported $1.77 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.58 by $0.19. Chevron had a net margin of 7.02% and a return on equity of 9.90%. The firm had revenue of $44.82 billion during the quarter, compared to the consensus estimate of $44.59 billion. During the same quarter in the previous year, the firm posted $2.55 EPS. The company's revenue for the quarter was down 12.4% compared to the same quarter last year. As a group, equities 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. 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 annualized dividend and a yield of 4.5%. Chevron's dividend payout ratio is currently 88.03%.

Insider Buying and Selling at Chevron

In related news, VP Alana K. Knowles sold 3,978 shares of the company's 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 transaction, the vice president owned 1,181 shares of the company's stock, valued at approximately $188,960. This represents a 77.11% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, Director John B. Hess sold 375,000 shares of the company's 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 completion of the transaction, the director directly owned 1,403,045 shares of the company's stock, valued at $222,102,023.50. This represents a 21.09% decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 0.20% 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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