Pittenger & Anderson Inc. Has $3.19 Million Stake in Chevron Corporation $CVX

Pittenger & Anderson Inc. lifted its position in shares of Chevron Corporation (NYSE:CVX) by 13.7% during the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 22,261 shares of the oil and gas company’s stock after acquiring an additional 2,690 shares during the quarter. Pittenger & Anderson Inc.’s holdings in Chevron were worth $3,188,000 at the end of the most recent reporting period.

Several other hedge funds also recently modified their holdings of the company. Harvest Fund Management Co. Ltd raised its position in Chevron by 420.7% during the 1st quarter. Harvest Fund Management Co. Ltd now owns 151 shares of the oil and gas company’s stock worth $25,000 after purchasing an additional 122 shares during the last quarter. Elequin Capital LP bought a new position in Chevron during the 1st quarter worth $31,000. Cloud Capital Management LLC bought a new position in Chevron during the 1st quarter worth $39,000. Investment Management Corp VA ADV raised its position in Chevron by 171.3% during the 1st 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 2nd quarter worth $42,000. Institutional investors and hedge funds own 72.42% of the company’s stock.

Chevron Stock Up 0.9%

NYSE CVX opened at $154.53 on Tuesday. 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 stock has a market capitalization of $267.02 billion, a PE ratio of 19.89, a PEG ratio of 2.02 and a beta of 0.84. Chevron Corporation has a 1 year low of $132.04 and a 1 year high of $168.96. The business’s 50-day moving average is $156.05 and its 200 day moving average is $148.04.

Chevron (NYSE:CVX) last posted its earnings results 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 company had revenue of $44.82 billion for 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%.Chevron’s quarterly revenue was down 12.4% on a year-over-year basis. During the same period last year, the firm earned $2.55 earnings per share. Sell-side analysts forecast that Chevron Corporation will post 10.79 earnings per share for the current year.

Chevron Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Wednesday, September 10th. Shareholders of record on Tuesday, August 19th were paid a dividend of $1.71 per share. The ex-dividend date was Tuesday, August 19th. This represents a $6.84 dividend on an annualized basis and a yield of 4.4%. Chevron’s payout ratio is currently 88.03%.

Insiders Place Their Bets

In other news, VP Alana K. Knowles sold 3,978 shares of the business’s stock in a transaction 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 completion of the sale, the vice president 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 legal filing with the SEC, which is available at this link. Also, Director John B. Hess sold 375,000 shares of the company’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 completion of the transaction, the director directly owned 1,403,045 shares of the company’s stock, valued at $222,102,023.50. This represents a 21.09% decrease in their position. The disclosure for this sale can be found here. Insiders own 0.20% of the company’s stock.

Analysts Set New Price Targets

Several research analysts recently issued reports on the company. Bank of America raised their target price on Chevron from $170.00 to $185.00 and gave the stock a “buy” rating in a research report on Wednesday, September 10th. Scotiabank raised their target price on Chevron from $160.00 to $165.00 and gave the stock a “sector perform” rating in a research report on Thursday, October 9th. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Chevron in a research report on Wednesday, October 8th. Raymond James Financial reissued an “outperform” rating and issued a $160.00 price objective (down from $170.00) on shares of Chevron in a research report on Friday. Finally, Barclays dropped their price objective on Chevron from $160.00 to $158.00 and set an “equal weight” rating on the stock in a research note on Tuesday, October 7th. Eleven equities research analysts have rated the stock with a Buy rating, nine have given a Hold rating and three have issued a Sell rating to the stock. According to data from MarketBeat, Chevron presently has a consensus rating of “Hold” and an average price target of $165.25.

Chevron 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.