Cerro Pacific Wealth Advisors LLC Trims Stake in Chevron Corporation $CVX

Cerro Pacific Wealth Advisors LLC lowered its holdings in Chevron Corporation (NYSE:CVX) by 9.9% during the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 24,883 shares of the oil and gas company’s stock after selling 2,741 shares during the quarter. Chevron accounts for 1.0% of Cerro Pacific Wealth Advisors LLC’s holdings, making the stock its 26th largest holding. Cerro Pacific Wealth Advisors LLC’s holdings in Chevron were worth $3,563,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in CVX. CCG Wealth Management LLC grew its stake in shares of Chevron by 2.3% in the first quarter. CCG Wealth Management LLC now owns 6,334 shares of the oil and gas company’s stock valued at $1,060,000 after buying an additional 145 shares in the last quarter. Ignite Planners LLC grew its stake in shares of Chevron by 14.1% in the first quarter. Ignite Planners LLC now owns 12,316 shares of the oil and gas company’s stock valued at $2,060,000 after buying an additional 1,519 shares in the last quarter. Vista Capital Partners Inc. grew its stake in shares of Chevron by 9.1% in the first quarter. Vista Capital Partners Inc. now owns 5,938 shares of the oil and gas company’s stock valued at $993,000 after buying an additional 495 shares in the last quarter. Oregon Public Employees Retirement Fund grew its stake in shares of Chevron by 0.5% in the first quarter. Oregon Public Employees Retirement Fund now owns 143,914 shares of the oil and gas company’s stock valued at $24,075,000 after buying an additional 675 shares in the last quarter. Finally, Capital Advisors Inc. OK grew its stake in shares of Chevron by 0.3% in the first quarter. Capital Advisors Inc. OK now owns 569,258 shares of the oil and gas company’s stock valued at $95,231,000 after buying an additional 1,755 shares in the last quarter. Hedge funds and other institutional investors own 72.42% of the company’s stock.

Insider Activity

In other news, Director John B. Hess sold 375,000 shares of the company’s stock in a transaction dated Friday, August 22nd. The stock was 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 directly owned 1,403,045 shares of the company’s stock, valued at approximately $222,102,023.50. This represents a 21.09% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, VP Alana K. Knowles sold 3,978 shares of the company’s stock in a transaction dated Friday, August 29th. The stock was sold at an average price of $160.00, for a total value of $636,480.00. Following the transaction, the vice president directly owned 1,181 shares of the company’s stock, valued at approximately $188,960. This represents a 77.11% decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 0.21% of the company’s stock.

Chevron Trading Down 1.7%

CVX opened at $149.11 on Friday. The business has a fifty day moving average price of $156.10 and a 200 day moving average price of $148.54. The stock has a market capitalization of $257.66 billion, a price-to-earnings ratio of 19.19, a PEG ratio of 1.92 and a beta of 0.84. Chevron Corporation has a 12 month low of $132.04 and a 12 month 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.

Chevron (NYSE:CVX) last released its quarterly earnings data on Friday, August 1st. The oil and gas company reported $1.77 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.58 by $0.19. The business had revenue of $44.82 billion during the quarter, compared to analysts’ expectations of $44.59 billion. Chevron had a return on equity of 9.90% and a net margin of 7.02%.The business’s quarterly revenue was down 12.4% compared to the same quarter last year. During the same period in the prior year, the firm posted $2.55 EPS. Sell-side analysts expect that Chevron Corporation will post 10.79 earnings per share 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 given a dividend of $1.71 per share. This represents a $6.84 annualized dividend and a dividend yield of 4.6%. The ex-dividend date of this dividend was Tuesday, August 19th. Chevron’s dividend payout ratio is currently 88.03%.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently weighed in on CVX shares. Scotiabank lifted their price objective on Chevron from $160.00 to $165.00 and gave the company a “sector perform” rating in a research note on Thursday. Evercore ISI reaffirmed an “outperform” rating and issued a $180.00 price objective on shares of Chevron in a research note on Thursday, July 31st. UBS Group lifted their price objective on Chevron from $186.00 to $197.00 and gave the company a “buy” rating in a research note on Wednesday, August 20th. Piper Sandler boosted their target price on Chevron from $164.00 to $168.00 and gave the stock an “overweight” rating in a research note on Monday, August 18th. Finally, Barclays lowered their target price on Chevron from $160.00 to $158.00 and set an “equal weight” rating for the company in a research note on Tuesday, October 7th. Eleven investment analysts have rated the stock with a Buy rating, nine have assigned a Hold rating and three have issued a Sell rating to the stock. According to data from MarketBeat, Chevron currently has an average rating of “Hold” and an average price target of $165.40.

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.