Griffin Asset Management Inc. Has $10.20 Million Stake in Chevron Corporation $CVX

Griffin Asset Management Inc. decreased its position in shares of Chevron Corporation (NYSE:CVX) by 0.9% during the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 71,260 shares of the oil and gas company’s stock after selling 628 shares during the quarter. Chevron makes up approximately 1.2% of Griffin Asset Management Inc.’s portfolio, making the stock its 28th biggest position. Griffin Asset Management Inc.’s holdings in Chevron were worth $10,204,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. CCG Wealth Management LLC lifted its holdings in Chevron by 2.3% during 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 period. Ignite Planners LLC lifted its holdings in Chevron by 14.1% during 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 period. Vista Capital Partners Inc. lifted its holdings in Chevron by 9.1% during 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 period. Oregon Public Employees Retirement Fund lifted its holdings in Chevron by 0.5% during 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 period. Finally, Capital Advisors Inc. OK lifted its holdings in Chevron by 0.3% during the 1st quarter. Capital Advisors Inc. OK now owns 569,258 shares of the oil and gas company’s stock worth $95,231,000 after buying an additional 1,755 shares during the period. 72.42% of the stock is owned by institutional investors and hedge funds.

Insider Transactions at Chevron

In related news, VP Alana K. Knowles sold 3,978 shares of the business’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 completion of 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 sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director John B. Hess sold 375,000 shares of the business’s stock in a transaction dated Friday, August 22nd. The shares were 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 $222,102,023.50. The trade was a 21.09% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 0.20% of the company’s stock.

Wall Street Analyst Weigh In

Several research analysts have commented on the company. Piper Sandler lifted their target price on Chevron from $164.00 to $168.00 and gave the stock an “overweight” rating in a report on Monday, August 18th. Raymond James Financial reaffirmed an “outperform” rating on shares of Chevron in a report on Friday, August 1st. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Chevron in a report on Wednesday, October 8th. Melius Research started coverage on Chevron in a research report on Wednesday, August 20th. They issued a “hold” rating and a $155.00 price objective for the company. Finally, Scotiabank lifted their price objective on Chevron from $160.00 to $165.00 and gave the stock a “sector perform” rating in a research report on Thursday. Eleven equities research analysts have rated the stock with a Buy rating, nine have issued a Hold rating and three have issued a Sell rating to the company’s stock. According to MarketBeat.com, Chevron has an average rating of “Hold” and a consensus price target of $165.40.

Chevron Stock Performance

CVX stock opened at $149.11 on Monday. The stock has a 50-day moving average price of $156.10 and a 200-day moving average price of $148.41. Chevron Corporation has a 1-year low of $132.04 and a 1-year high of $168.96. The company has a current ratio of 1.00, a quick ratio of 0.74 and a debt-to-equity ratio of 0.16. The firm has a market cap of $257.66 billion, a PE ratio of 19.19, a price-to-earnings-growth ratio of 1.93 and a beta of 0.84.

Chevron (NYSE:CVX) 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 the consensus estimate of $1.58 by $0.19. Chevron had a return on equity of 9.90% and a net margin of 7.02%.The firm had revenue of $44.82 billion during the quarter, compared to analyst estimates of $44.59 billion. During the same period last year, the company posted $2.55 EPS. The business’s quarterly revenue was down 12.4% on a year-over-year basis. As a group, equities research analysts expect that Chevron Corporation will post 10.79 earnings per share for the current year.

Chevron Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Wednesday, September 10th. Investors of record on Tuesday, August 19th were given a $1.71 dividend. This represents a $6.84 dividend on an annualized basis and a yield of 4.6%. The ex-dividend date of this dividend was Tuesday, August 19th. Chevron’s payout ratio is presently 88.03%.

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.