WBI Investments LLC Sells 4,762 Shares of Chevron Corporation $CVX

Key Points

• WBI Investments LLC reduced its holdings in Chevron Corporation by 48.5% during the first quarter, now owning 5,057 shares valued at $846,000.
• Other institutional investors have significantly increased their stakes in Chevron, with GAMMA Investing LLC raising its position by an astonishing 21,191.5%, now holding over 5.4 million shares.
• Chevron announced a quarterly dividend of $1.71 per share, representing a 4.3% annual yield, after posting earnings that exceeded analyst expectations.

WBI Investments LLC decreased its holdings in Chevron Corporation (NYSE:CVX - Free Report) by 48.5% in the 1st quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 5,057 shares of the oil and gas company's stock after selling 4,762 shares during the quarter. WBI Investments LLC's holdings in Chevron were worth $846,000 as of its most recent filing with the SEC.

Several other large investors have also bought and sold shares of the company. Westbourne Investments Inc. boosted its stake in Chevron by 72.1% during the first quarter. Westbourne Investments Inc. now owns 5,706 shares of the oil and gas company's stock valued at $955,000 after buying an additional 2,390 shares in the last quarter. Indiana Trust & Investment Management Co lifted its holdings in shares of Chevron by 2.9% during the first quarter. Indiana Trust & Investment Management Co now owns 7,297 shares of the oil and gas company's stock valued at $1,221,000 after purchasing an additional 205 shares during the last quarter. MBL Wealth LLC lifted its holdings in shares of Chevron by 6.5% during the first quarter. MBL Wealth LLC now owns 6,720 shares of the oil and gas company's stock valued at $1,124,000 after purchasing an additional 411 shares during the last quarter. Acadian Asset Management LLC lifted its holdings in shares of Chevron by 278.1% during the first quarter. Acadian Asset Management LLC now owns 50,514 shares of the oil and gas company's stock valued at $8,447,000 after purchasing an additional 37,155 shares during the last quarter. Finally, Geneos Wealth Management Inc. lifted its holdings in shares of Chevron by 7.1% during the first quarter. Geneos Wealth Management Inc. now owns 42,143 shares of the oil and gas company's stock valued at $7,050,000 after purchasing an additional 2,781 shares during the last quarter. Institutional investors own 72.42% of the company's stock.

Chevron Stock Performance

Shares of CVX stock traded down $1.02 during mid-day trading on Friday, reaching $157.23. The stock had a trading volume of 5,545,397 shares, compared to its average volume of 7,956,036. The firm's 50 day simple moving average is $154.67 and its 200 day simple moving average is $148.89. The company has a quick ratio of 0.74, a current ratio of 1.00 and a debt-to-equity ratio of 0.16. Chevron Corporation has a one year low of $132.04 and a one year high of $168.96. The firm has a market cap of $271.69 billion, a PE ratio of 20.24, a P/E/G ratio of 2.00 and a beta of 0.90.

Chevron (NYSE:CVX - Get Free Report) last announced its quarterly earnings data on Friday, August 1st. The oil and gas company reported $1.77 EPS for the quarter, topping analysts' consensus estimates of $1.58 by $0.19. The company had revenue of $44.82 billion during 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 company's quarterly revenue was down 12.4% on a year-over-year basis. During the same quarter last year, the company earned $2.55 EPS. On average, analysts forecast that Chevron Corporation will post 10.79 EPS for the current year.

Chevron Dividend Announcement

The firm also recently declared 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 dividend on an annualized basis and a yield of 4.4%. The ex-dividend date of this dividend was Tuesday, August 19th. Chevron's dividend payout ratio (DPR) is currently 88.03%.

Insiders Place Their Bets

In other news, Director John B. Hess sold 375,000 shares of Chevron stock in a transaction on Friday, August 22nd. The stock was sold at an average price of $158.30, for a total value 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 trade represents a 21.09% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, 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 value of $636,480.00. Following the completion of the sale, the vice president directly owned 1,181 shares of the company's stock, valued at $188,960. This trade represents a 77.11% decrease in their ownership of the stock. The disclosure for this sale can be found here. Company insiders own 0.21% of the company's stock.

Analysts Set New Price Targets

Several equities research analysts recently issued reports on CVX shares. Evercore ISI reissued an "outperform" rating and issued a $180.00 price objective on shares of Chevron in a research note on Thursday, July 31st. Bank of America increased their price objective on Chevron from $170.00 to $185.00 and gave the stock a "buy" rating in a research note on Wednesday. Barclays reissued an "equal weight" rating on shares of Chevron in a research note on Tuesday, July 15th. Wells Fargo & Company reaffirmed an "overweight" rating and issued a $178.00 target price on shares of Chevron in a research report on Friday, August 1st. Finally, Melius Research initiated coverage on Chevron in a research report on Wednesday, August 20th. They issued a "hold" rating and a $155.00 target price on the stock. Eleven equities research analysts have rated the stock with a Buy rating, eight have assigned a Hold rating and three have assigned a Sell rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of "Hold" and an average price target of $164.80.

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.