True North Advisors LLC Has $1.40 Million Stake in Chevron Corporation $CVX

Key Points

• True North Advisors LLC reduced its stake in Chevron Corporation by 21.7% during the second quarter, holding 9,779 shares valued at approximately $1.40 million.
• Several institutional investors made significant changes to their holdings, with Kingstone Capital Partners increasing its stake by an astonishing 652,139.5%, bringing their total to 83.7 million shares, valued at about $13.21 billion.
• Chevron recently announced a quarterly dividend of $1.71 per share, reflecting an annualized dividend of $6.84 and a yield of 4.3%.

True North Advisors LLC lowered its stake in shares of Chevron Corporation (NYSE:CVX - Free Report) by 21.7% during the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 9,779 shares of the oil and gas company's stock after selling 2,707 shares during the period. True North Advisors LLC's holdings in Chevron were worth $1,400,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds also recently modified their holdings of the company. Kingstone Capital Partners Texas LLC grew its holdings in shares of Chevron by 652,139.5% in the 2nd quarter. Kingstone Capital Partners Texas LLC now owns 83,714,936 shares of the oil and gas company's stock valued at $13,214,757,000 after buying an additional 83,702,101 shares during the period. GQG Partners LLC acquired a new stake in Chevron during the 1st quarter worth $1,466,751,000. Nuveen LLC bought a new position in Chevron during the first quarter worth about $1,362,232,000. GAMMA Investing LLC lifted its holdings in Chevron by 21,191.5% during the first quarter. GAMMA Investing LLC now owns 5,408,248 shares of the oil and gas company's stock worth $904,746,000 after acquiring an additional 5,382,847 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. grew its stake in Chevron by 4.9% in the first quarter. Charles Schwab Investment Management Inc. now owns 33,430,030 shares of the oil and gas company's stock valued at $5,592,263,000 after acquiring an additional 1,574,464 shares during the period. 72.42% of the stock is owned by institutional investors.

Analysts Set New Price Targets

CVX has been the topic of a number of research analyst reports. Morgan Stanley began coverage on Chevron in a research report on Monday, August 4th. They set an "overweight" rating and a $174.00 price target on the stock. Evercore ISI restated an "outperform" rating and set a $180.00 target price on shares of Chevron in a report on Thursday, July 31st. UBS Group lifted their price target on shares of Chevron from $186.00 to $197.00 and gave the company a "buy" rating in a research note on Wednesday, August 20th. Raymond James Financial reiterated an "outperform" rating on shares of Chevron in a report on Friday, August 1st. Finally, Barclays reissued an "equal weight" rating on shares of Chevron in a research report on Tuesday, July 15th. Eleven analysts have rated the stock with a Buy rating, eight have given a Hold rating and three have assigned a Sell rating to the company's stock. Based on data from MarketBeat.com, the company presently has a consensus rating of "Hold" and a consensus price target of $165.05.

Chevron Stock Performance

Shares of CVX opened at $160.92 on Friday. The stock has a market capitalization of $278.08 billion, a price-to-earnings ratio of 20.71, a PEG ratio of 1.99 and a beta of 0.90. Chevron Corporation has a 12 month low of $132.04 and a 12 month high of $168.96. The firm has a fifty day simple moving average of $155.83 and a 200 day simple moving average of $149.11. 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 (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, beating 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 firm had revenue of $44.82 billion for the quarter, compared to analyst estimates of $44.59 billion. During the same period in the previous year, the business earned $2.55 EPS. The company's revenue was down 12.4% compared to the same quarter last year. Research analysts forecast that Chevron Corporation will post 10.79 EPS for the current fiscal year.

Chevron Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Wednesday, September 10th. Investors of record on Tuesday, August 19th were issued a dividend of $1.71 per share. This represents a $6.84 annualized dividend and a yield of 4.3%. The ex-dividend date was Tuesday, August 19th. Chevron's dividend payout ratio is presently 88.03%.

Insider Activity at Chevron

In other news, VP Alana K. Knowles sold 3,978 shares of the stock in a transaction that occurred 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 completion of the sale, 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 transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. 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 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 ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 0.21% 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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