Folger Nolan Fleming Douglas Capital Management Inc. Cuts Stake in Chevron Corporation $CVX

Folger Nolan Fleming Douglas Capital Management Inc. decreased its holdings in Chevron Corporation (NYSE:CVX) by 2.5% in the second quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 46,700 shares of the oil and gas company’s stock after selling 1,215 shares during the period. Folger Nolan Fleming Douglas Capital Management Inc.’s holdings in Chevron were worth $6,687,000 as of its most recent SEC filing.

A number of other institutional investors also recently made changes to their positions in CVX. GAMMA Investing LLC boosted its stake in shares of Chevron by 27.3% in the 1st quarter. GAMMA Investing LLC now owns 32,329 shares of the oil and gas company’s stock valued at $5,408,000 after purchasing an additional 6,928 shares in the last quarter. Zhang Financial LLC boosted its stake in shares of Chevron by 58.4% in the 1st quarter. Zhang Financial LLC now owns 5,507 shares of the oil and gas company’s stock valued at $921,000 after purchasing an additional 2,030 shares in the last quarter. Thomasville National Bank boosted its position in Chevron by 7.7% during the 1st quarter. Thomasville National Bank now owns 6,057 shares of the oil and gas company’s stock valued at $1,013,000 after buying an additional 433 shares during the period. Legacy Trust grew its holdings in Chevron by 3.9% in the 1st quarter. Legacy Trust now owns 3,250 shares of the oil and gas company’s stock worth $544,000 after acquiring an additional 121 shares during the last quarter. Finally, BTS Asset Management Inc. bought a new stake in Chevron in the 1st quarter worth $218,000. Hedge funds and other institutional investors own 72.42% of the company’s stock.

Insider Buying and Selling

In other Chevron news, Director John B. Hess sold 375,000 shares of the firm’s stock in a transaction that occurred 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 transaction, the director 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 ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, VP Alana K. Knowles sold 3,978 shares of the firm’s stock in a transaction that occurred 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 transaction, the vice president directly owned 1,181 shares of the company’s stock, valued at $188,960. This represents a 77.11% decrease in their position. The disclosure for this sale can be found here. 0.21% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

A number of equities research analysts have issued reports on the stock. TD Cowen raised their price target on shares of Chevron from $150.00 to $155.00 and gave the stock a “hold” rating in a report on Monday, August 4th. Bank of America raised their price target on shares of Chevron from $170.00 to $185.00 and gave the stock a “buy” rating in a report on Wednesday, September 10th. Barclays cut their price target on shares of Chevron from $160.00 to $158.00 and set an “equal weight” rating on the stock in a report on Tuesday. Scotiabank raised their price target on shares of Chevron from $160.00 to $165.00 and gave the stock a “sector perform” rating in a report on Thursday. Finally, Evercore ISI reissued an “outperform” rating and issued a $180.00 price target on shares of Chevron in a report on Thursday, July 31st. 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. According to data from MarketBeat.com, Chevron presently has an average rating of “Hold” and a consensus price target of $165.40.

Chevron Price Performance

Shares of NYSE CVX opened at $149.11 on Friday. Chevron Corporation has a 1 year low of $132.04 and a 1 year high of $168.96. The company has a debt-to-equity ratio of 0.16, a current ratio of 1.00 and a quick ratio of 0.74. The company’s 50-day moving average is $156.10 and its 200 day moving average is $148.67. The stock has a market capitalization of $257.66 billion, a P/E ratio of 19.19, a P/E/G ratio of 1.95 and a beta of 0.84.

Chevron (NYSE:CVX) last announced its quarterly earnings results on Friday, August 1st. The oil and gas company reported $1.77 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.58 by $0.19. Chevron had a net margin of 7.02% and a return on equity of 9.90%. The company had revenue of $44.82 billion for the quarter, compared to analysts’ expectations of $44.59 billion. During the same quarter in the previous year, the company earned $2.55 earnings per share. Chevron’s quarterly revenue was down 12.4% on a year-over-year basis. On average, sell-side analysts expect that Chevron Corporation will post 10.79 earnings per share for the current year.

Chevron Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, September 10th. Investors of record on Tuesday, August 19th were paid a dividend of $1.71 per share. The ex-dividend date of this dividend was Tuesday, August 19th. This represents a $6.84 annualized dividend and a yield of 4.6%. Chevron’s payout ratio is presently 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.