Chevron Corporation $CVX Shares Sold by Patten & Patten Inc. TN

Patten & Patten Inc. TN trimmed its holdings in Chevron Corporation (NYSE:CVX) by 2.7% during the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 55,991 shares of the oil and gas company’s stock after selling 1,531 shares during the period. Patten & Patten Inc. TN’s holdings in Chevron were worth $8,017,000 as of its most recent SEC filing.

A number of other institutional investors also recently made changes to their positions in CVX. Harvest Fund Management Co. Ltd raised its position in shares of Chevron by 420.7% in the 1st quarter. Harvest Fund Management Co. Ltd now owns 151 shares of the oil and gas company’s stock valued at $25,000 after purchasing an additional 122 shares in the last quarter. Elequin Capital LP bought a new position in Chevron during the first quarter worth $31,000. Cloud Capital Management LLC bought a new position in Chevron during the first quarter worth $39,000. Investment Management Corp VA ADV lifted its stake in Chevron by 171.3% during the first quarter. Investment Management Corp VA ADV now owns 236 shares of the oil and gas company’s stock worth $39,000 after purchasing an additional 149 shares during the last quarter. Finally, GFG Capital LLC bought a new position in Chevron during the second quarter worth $42,000. 72.42% of the stock is owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other news, Director John B. Hess sold 375,000 shares of the firm’s stock in a transaction on 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 transaction, the director directly 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 the SEC website. Also, VP Alana K. Knowles sold 3,978 shares of the firm’s stock in a transaction on Friday, August 29th. The shares were 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 in the company, valued at $188,960. This trade represents a 77.11% decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.21% of the stock is currently owned by company insiders.

Analyst Ratings Changes

Several equities analysts recently issued reports on CVX shares. Raymond James Financial restated an “outperform” rating on shares of Chevron in a research note on Friday, August 1st. Melius started coverage on Chevron in a research note on Wednesday, August 20th. They set a “hold” rating and a $155.00 price objective on the stock. TD Cowen raised their price objective on Chevron from $150.00 to $155.00 and gave the stock a “hold” rating in a research note on Monday, August 4th. Morgan Stanley started coverage on Chevron in a research note on Monday, August 4th. They set an “overweight” rating and a $174.00 price objective on the stock. Finally, Melius Research started coverage on Chevron in a research note on Wednesday, August 20th. They set a “hold” rating and a $155.00 price objective on the stock. Eleven research analysts have rated the stock with a Buy rating, nine have assigned a Hold rating and three have given a Sell rating to the stock. According to MarketBeat.com, Chevron has an average rating of “Hold” and a consensus price target of $165.40.

Chevron Price Performance

Shares of NYSE CVX opened at $151.99 on Thursday. 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 business’s fifty day moving average price is $156.10 and its two-hundred day moving average price is $148.36. The firm has a market capitalization of $262.63 billion, a PE ratio of 19.56, a P/E/G ratio of 1.99 and a beta of 0.84.

Chevron (NYSE:CVX) last issued its quarterly earnings results 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. The company had revenue of $44.82 billion for the quarter, compared to analyst estimates of $44.59 billion. Chevron had a return on equity of 9.90% and a net margin of 7.02%.The company’s quarterly revenue was down 12.4% compared to the same quarter last year. During the same period last year, the company earned $2.55 earnings per share. On average, research analysts expect that Chevron Corporation will post 10.79 EPS for the current year.

Chevron Announces Dividend

The firm also recently declared 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. This represents a $6.84 dividend on an annualized basis and a dividend yield of 4.5%. The ex-dividend date of this dividend was Tuesday, August 19th. Chevron’s dividend payout ratio (DPR) is 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.