Violich Capital Management Inc. Cuts Stake in Chevron Corporation $CVX

Key Points

• Violich Capital Management Inc. has decreased its stake in Chevron Corporation by 8.6%, resulting in ownership of 69,398 shares worth approximately $9.94 million, making it the firm's 17th largest investment.
• Several other institutional investors also increased or established new positions in Chevron during the first quarter of this year, suggesting a mixed sentiment towards the stock.
• Chevron reported a quarterly EPS of $1.77, exceeding analysts' expectations, but its revenue declined 12.4% compared to the same period last year, highlighting challenges in the current market environment.

Violich Capital Management Inc. lowered its stake in shares of Chevron Corporation (NYSE:CVX - Free Report) by 8.6% in the second quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 69,398 shares of the oil and gas company's stock after selling 6,560 shares during the period. Chevron comprises 1.4% of Violich Capital Management Inc.'s investment portfolio, making the stock its 17th biggest position. Violich Capital Management Inc.'s holdings in Chevron were worth $9,937,000 as of its most recent filing with the Securities & Exchange Commission.

Several other large investors also recently bought and sold shares of CVX. Harvest Fund Management Co. Ltd increased 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 valued at $25,000 after purchasing an additional 122 shares during the last quarter. Elequin Capital LP purchased a new stake in shares of Chevron in the 1st quarter valued at approximately $31,000. Cloud Capital Management LLC purchased a new stake in shares of Chevron in the 1st quarter valued at approximately $39,000. Investment Management Corp VA ADV grew 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 valued at $39,000 after buying an additional 149 shares during the last quarter. Finally, GFG Capital LLC acquired a new stake in Chevron during the 2nd quarter worth $42,000. Hedge funds and other institutional investors own 72.42% of the company's stock.

Insider Buying and Selling at Chevron

In related news, VP Alana K. Knowles sold 3,978 shares of Chevron stock in a transaction on Friday, August 29th. The shares were sold at an average price of $160.00, for a total transaction of $636,480.00. Following the sale, the vice president owned 1,181 shares of the company's stock, valued at $188,960. The trade was a 77.11% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Director John B. Hess sold 375,000 shares of the company'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 sale, the director directly owned 1,403,045 shares in the company, 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. 0.21% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

CVX has been the topic of several research analyst reports. Weiss Ratings reiterated a "hold (c)" rating on shares of Chevron in a research note on Wednesday, October 8th. Raymond James Financial reiterated an "outperform" rating and set a $160.00 price target (down from $170.00) on shares of Chevron in a research note on Friday. Mizuho cut their price target 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 price target on shares of Chevron from $164.00 to $168.00 and gave the stock an "overweight" rating in a research note on Monday, August 18th. Finally, Scotiabank raised their price objective 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. Eleven investment 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's stock. Based on data from MarketBeat.com, the stock presently has an average rating of "Hold" and an average target price of $165.25.

Chevron Stock Performance

NYSE:CVX opened at $153.12 on Friday. Chevron Corporation has a 1-year low of $132.04 and a 1-year high of $168.96. The firm has a 50 day simple moving average of $156.03 and a 200-day simple moving average of $148.02. The firm has a market cap of $264.58 billion, a PE ratio of 19.71, a P/E/G ratio of 2.01 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 (NYSE:CVX - Get Free Report) last released its earnings results 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 period in the previous year, the firm earned $2.55 earnings per share. Chevron's revenue was down 12.4% compared to the same quarter last year. On average, equities analysts expect that Chevron Corporation will post 10.79 EPS for the current year.

Chevron Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, September 10th. Stockholders of record on Tuesday, August 19th were given a $1.71 dividend. The ex-dividend date of this dividend was Tuesday, August 19th. This represents a $6.84 annualized dividend and a dividend yield of 4.5%. Chevron's dividend payout ratio 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.

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