Chemung Canal Trust Co. Lowers Stock Position in Chevron Corporation $CVX

Chemung Canal Trust Co. lessened its stake in shares of Chevron Corporation (NYSE:CVX) by 2.9% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 13,183 shares of the oil and gas company’s stock after selling 389 shares during the quarter. Chemung Canal Trust Co.’s holdings in Chevron were worth $1,888,000 as of its most recent SEC filing.

Several other hedge funds also recently bought and sold shares of the stock. Wealthcare Advisory Partners LLC boosted its stake in Chevron by 21.2% during the second quarter. Wealthcare Advisory Partners LLC now owns 34,293 shares of the oil and gas company’s stock worth $4,910,000 after buying an additional 5,990 shares during the period. Tandem Investment Partners LLC raised its holdings in shares of Chevron by 17.0% in the 2nd quarter. Tandem Investment Partners LLC now owns 1,999 shares of the oil and gas company’s stock valued at $286,000 after buying an additional 290 shares during the period. Firethorn Wealth Partners LLC lifted its stake in Chevron by 4.2% during the 2nd quarter. Firethorn Wealth Partners LLC now owns 4,195 shares of the oil and gas company’s stock worth $601,000 after acquiring an additional 169 shares in the last quarter. Talbot Financial LLC boosted its holdings in Chevron by 29.5% during the 2nd quarter. Talbot Financial LLC now owns 147,048 shares of the oil and gas company’s stock valued at $21,056,000 after acquiring an additional 33,466 shares during the period. Finally, Silvia Mccoll Wealth Management LLC boosted its holdings in Chevron by 0.8% during the 2nd quarter. Silvia Mccoll Wealth Management LLC now owns 39,995 shares of the oil and gas company’s stock valued at $5,727,000 after acquiring an additional 330 shares during the period. Hedge funds and other institutional investors own 72.42% of the company’s stock.

Analyst Ratings Changes

Several research firms have recently commented on CVX. Melius Research assumed coverage on shares of Chevron in a research note on Wednesday, August 20th. They issued a “hold” rating and a $155.00 price objective for the company. Raymond James Financial restated an “outperform” rating on shares of Chevron in a research note on Friday, August 1st. Jefferies Financial Group reiterated a “buy” rating on shares of Chevron in a research note on Friday, July 18th. UBS Group lifted their target price on Chevron from $186.00 to $197.00 and gave the company a “buy” rating in a report on Wednesday, August 20th. Finally, Weiss Ratings restated a “hold (c)” rating on shares of Chevron in a report on Saturday, September 27th. Eleven analysts have rated the stock with a Buy rating, nine have given a Hold rating and three have given a Sell rating to the company. According to MarketBeat, the company currently has a consensus rating of “Hold” and a consensus price target of $165.05.

Chevron Trading Up 0.1%

CVX opened at $153.59 on Friday. Chevron Corporation has a one year low of $132.04 and a one year high of $168.96. The company has a market cap of $265.40 billion, a P/E ratio of 19.77, a PEG ratio of 1.99 and a beta of 0.84. 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 business’s 50-day simple moving average is $156.23 and its 200-day simple moving average is $148.99.

Chevron (NYSE:CVX) last released its quarterly earnings data on Friday, August 1st. The oil and gas company reported $1.77 EPS for the quarter, beating analysts’ consensus estimates of $1.58 by $0.19. Chevron had a return on equity of 9.90% and a net margin of 7.02%.The business had revenue of $44.82 billion for the quarter, compared to the consensus estimate of $44.59 billion. During the same quarter in the prior year, the business posted $2.55 EPS. The business’s revenue for the quarter was down 12.4% on a year-over-year basis. As a group, equities research analysts expect that Chevron Corporation will post 10.79 EPS for the current fiscal 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 issued a $1.71 dividend. The ex-dividend date was Tuesday, August 19th. This represents a $6.84 dividend on an annualized basis and a dividend yield of 4.5%. Chevron’s dividend payout ratio is presently 88.03%.

Insider Buying and Selling

In related news, VP Alana K. Knowles sold 3,978 shares of the firm’s stock in a transaction that occurred 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 transaction, the vice president owned 1,181 shares in the company, valued at $188,960. This trade represents a 77.11% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director John B. Hess sold 375,000 shares of the firm’s stock in a transaction that occurred 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 transaction, the director owned 1,403,045 shares in the company, valued at $222,102,023.50. This represents a 21.09% decrease in their position. The disclosure for this sale can be found here. Company insiders own 0.21% of the company’s stock.

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.