Westbourne Investments Inc. Boosts Stock Holdings in Chevron Corporation $CVX

Key Points

• Westbourne Investments Inc. increased its Chevron stock holdings by 269.5% in Q2, now owning 21,081 shares valued at approximately $3 million.
• Chevron recently announced a quarterly dividend of $1.71 per share, reflecting an annualized yield of 4.3%.
• Despite a year-over-year revenue decrease of 12.4%, Chevron reported quarterly earnings of $1.77 per share, surpassing analyst expectations.

Westbourne Investments Inc. raised its holdings in shares of Chevron Corporation (NYSE:CVX - Free Report) by 269.5% during the second quarter, according to its most recent filing with the SEC. The firm owned 21,081 shares of the oil and gas company's stock after purchasing an additional 15,375 shares during the period. Chevron accounts for about 1.6% of Westbourne Investments Inc.'s portfolio, making the stock its 16th largest position. Westbourne Investments Inc.'s holdings in Chevron were worth $3,019,000 as of its most recent SEC filing.

Other institutional investors have also added to or reduced their stakes in the company. Sage Capital Advisors llc grew its position in shares of Chevron by 2.2% in the 1st quarter. Sage Capital Advisors llc now owns 42,421 shares of the oil and gas company's stock worth $7,097,000 after buying an additional 919 shares during the last quarter. CCG Wealth Management LLC grew its position in shares of Chevron by 2.3% in the 1st quarter. CCG Wealth Management LLC now owns 6,334 shares of the oil and gas company's stock worth $1,060,000 after buying an additional 145 shares during the last quarter. Ignite Planners LLC grew its position in shares of Chevron by 14.1% in the 1st quarter. Ignite Planners LLC now owns 12,316 shares of the oil and gas company's stock worth $2,060,000 after buying an additional 1,519 shares during the last quarter. Vista Capital Partners Inc. grew its position in shares of Chevron by 9.1% in the 1st quarter. Vista Capital Partners Inc. now owns 5,938 shares of the oil and gas company's stock worth $993,000 after buying an additional 495 shares during the last quarter. Finally, Oregon Public Employees Retirement Fund grew its position in shares of Chevron by 0.5% in the 1st quarter. Oregon Public Employees Retirement Fund now owns 143,914 shares of the oil and gas company's stock worth $24,075,000 after buying an additional 675 shares during the last quarter. Hedge funds and other institutional investors own 72.42% of the company's stock.

Insiders Place Their Bets

In other news, 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 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 transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, VP Alana K. Knowles sold 3,978 shares of the company's stock in a transaction on Friday, August 29th. The stock was sold at an average price of $160.00, for a total transaction of $636,480.00. Following the sale, the vice president directly owned 1,181 shares of the company's stock, valued at $188,960. The trade was a 77.11% decrease in their position. The disclosure for this sale can be found here. 0.20% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

A number of brokerages have recently issued reports on CVX. Evercore ISI reaffirmed an "outperform" rating and issued a $180.00 price objective on shares of Chevron in a research report on Thursday, July 31st. Raymond James Financial reiterated an "outperform" rating on shares of Chevron in a research note on Friday, August 1st. Piper Sandler lifted their target price 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. Jefferies Financial Group reiterated a "buy" rating on shares of Chevron in a research note on Friday, July 18th. Finally, Morgan Stanley initiated coverage on shares of Chevron in a research note on Monday, August 4th. They issued an "overweight" rating and a $174.00 target price for the company. Eleven research analysts have rated the stock with a Buy rating, eight have issued 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 a consensus target price of $165.05.

Chevron Stock Performance

NYSE:CVX opened at $159.56 on Wednesday. The company has a debt-to-equity ratio of 0.16, a quick ratio of 0.74 and a current ratio of 1.00. The company has a fifty day moving average of $155.00 and a two-hundred day moving average of $148.86. The stock has a market capitalization of $275.72 billion, a PE ratio of 20.54, a P/E/G ratio of 1.97 and a beta of 0.90. Chevron Corporation has a fifty-two week low of $132.04 and a fifty-two week high of $168.96.

Chevron (NYSE:CVX - Get Free Report) last posted its quarterly earnings data on Friday, August 1st. The oil and gas company reported $1.77 earnings per share 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 analysts' expectations of $44.59 billion. Chevron had a net margin of 7.02% and a return on equity of 9.90%. The firm's revenue for the quarter was down 12.4% on a year-over-year basis. During the same period in the prior year, the business posted $2.55 earnings per share. As a group, research analysts forecast that Chevron Corporation will post 10.79 earnings per share for the current fiscal year.

Chevron Announces Dividend

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

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.