Vident Advisory LLC Sells 168,535 Shares of Chevron Corporation $CVX

Key Points

• Vident Advisory LLC reduced its holdings in Chevron Corporation by 70.2% in the first quarter, leaving them with $11.99 million worth of shares.
• Chevron reported earnings of $1.77 per share for the last quarter, exceeding analysts' expectations by $0.19, despite a 12.4% decline in revenue year-over-year.
• The company's latest dividend announcement includes a $1.71 per share payout, reflecting a 4.3% dividend yield and a payout ratio of 88.03%.

Vident Advisory LLC trimmed its position in shares of Chevron Corporation (NYSE:CVX - Free Report) by 70.2% in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 71,666 shares of the oil and gas company's stock after selling 168,535 shares during the quarter. Vident Advisory LLC's holdings in Chevron were worth $11,990,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other large investors also recently modified their holdings of the company. CoreCap Advisors LLC increased its position in shares of Chevron by 0.3% during the fourth quarter. CoreCap Advisors LLC now owns 28,248 shares of the oil and gas company's stock valued at $4,091,000 after purchasing an additional 71 shares during the period. GDS Wealth Management lifted its stake in shares of Chevron by 4.4% during the first quarter. GDS Wealth Management now owns 1,706 shares of the oil and gas company's stock valued at $285,000 after acquiring an additional 72 shares during the period. AIMZ Investment Advisors LLC lifted its stake in Chevron by 4.2% in the first quarter. AIMZ Investment Advisors LLC now owns 1,783 shares of the oil and gas company's stock valued at $298,000 after buying an additional 72 shares during the period. Clayton Financial Group LLC increased its holdings in shares of Chevron by 4.6% in the first quarter. Clayton Financial Group LLC now owns 1,702 shares of the oil and gas company's stock worth $285,000 after acquiring an additional 75 shares in the last quarter. Finally, Gill Capital Partners LLC grew its holdings in shares of Chevron by 4.9% during the first quarter. Gill Capital Partners LLC now owns 1,619 shares of the oil and gas company's stock worth $271,000 after buying an additional 75 shares in the last quarter. 72.42% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling at Chevron

In other news, Director John B. Hess sold 375,000 shares of the 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 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 transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. 0.21% of the stock is owned by insiders.

Analysts Set New Price Targets

Several brokerages have recently commented on CVX. Raymond James Financial reiterated an "outperform" rating on shares of Chevron in a research note on Friday, August 1st. DZ Bank cut Chevron from a "buy" rating to a "sell" rating and set a $130.00 target price for the company. in a report on Tuesday, May 6th. Scotiabank restated a "sector perform" rating and set a $160.00 target price (up previously from $143.00) on shares of Chevron in a research report on Friday, July 11th. Piper Sandler increased their price target on Chevron from $164.00 to $168.00 and gave the stock an "overweight" rating in a report on Monday, August 18th. Finally, Barclays reissued an "equal weight" rating on shares of Chevron in a research report on Tuesday, July 15th. Eleven investment analysts have rated the stock with a Buy rating, eight have given a Hold rating and three have given a Sell rating to the stock. Based on data from MarketBeat, Chevron currently has a consensus rating of "Hold" and a consensus target price of $163.95.

Chevron Stock Up 0.8%

Shares of CVX stock traded up $1.32 during midday trading on Monday, reaching $160.64. 6,932,144 shares of the stock were exchanged, compared to its average volume of 7,870,647. The company has a current ratio of 1.00, a quick ratio of 0.74 and a debt-to-equity ratio of 0.16. The firm has a market cap of $277.59 billion, a PE ratio of 20.67, a price-to-earnings-growth ratio of 2.38 and a beta of 0.90. The company's 50 day moving average is $152.29 and its two-hundred day moving average is $148.73. Chevron Corporation has a 1 year low of $132.04 and a 1 year high of $168.96.

Chevron (NYSE:CVX - Get Free Report) last posted 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. The company 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 firm's quarterly revenue was down 12.4% compared to the same quarter last year. During the same quarter in the prior year, the business posted $2.55 EPS. On average, equities research analysts predict that Chevron Corporation will post 10.79 EPS for the current year.

Chevron Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, September 10th. Shareholders of record on Tuesday, August 19th will be paid a dividend of $1.71 per share. This represents a $6.84 annualized dividend and a yield of 4.3%. The ex-dividend date is Tuesday, August 19th. Chevron's dividend payout ratio (DPR) is currently 88.03%.

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.