Lazard Freres Gestion S.A.S. Lowers Stock Holdings in Chevron Corporation $CVX

Lazard Freres Gestion S.A.S. lowered its holdings in Chevron Corporation (NYSE:CVX) by 43.8% in the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 282,288 shares of the oil and gas company’s stock after selling 220,123 shares during the period. Lazard Freres Gestion S.A.S.’s holdings in Chevron were worth $40,420,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also made changes to their positions in the business. Greenfield Savings Bank grew its position in shares of Chevron by 0.6% in the second quarter. Greenfield Savings Bank now owns 11,611 shares of the oil and gas company’s stock valued at $1,663,000 after purchasing an additional 68 shares during the period. Atwater Malick LLC grew its position in shares of Chevron by 2.4% in the second quarter. Atwater Malick LLC now owns 2,886 shares of the oil and gas company’s stock valued at $413,000 after purchasing an additional 68 shares during the period. Hubbell Strickland Wealth Management LLC grew its position in shares of Chevron by 0.7% in the second quarter. Hubbell Strickland Wealth Management LLC now owns 10,081 shares of the oil and gas company’s stock valued at $1,443,000 after purchasing an additional 68 shares during the period. Mowery & Schoenfeld Wealth Management LLC grew its position in shares of Chevron by 10.3% in the second quarter. Mowery & Schoenfeld Wealth Management LLC now owns 750 shares of the oil and gas company’s stock valued at $107,000 after purchasing an additional 70 shares during the period. Finally, Capital Advisors Ltd. LLC grew its position in shares of Chevron by 4.1% in the second quarter. Capital Advisors Ltd. LLC now owns 1,815 shares of the oil and gas company’s stock valued at $260,000 after purchasing an additional 71 shares during the period. Hedge funds and other institutional investors own 72.42% of the company’s stock.

Insider Activity

In other Chevron news, Director John B. Hess sold 375,000 shares of the company’s stock in a transaction that occurred 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 sale, the director owned 1,403,045 shares in the company, valued at $222,102,023.50. This represents a 21.09% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. Also, VP Alana K. Knowles sold 3,978 shares of the company’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 value of $636,480.00. Following the sale, the vice president owned 1,181 shares in the company, valued at $188,960. The trade was a 77.11% decrease in their position. The disclosure for this sale can be found here. Insiders own 0.21% of the company’s stock.

Analysts Set New Price Targets

A number of research analysts recently weighed in on the company. Piper Sandler lifted their target price on Chevron from $164.00 to $168.00 and gave the company an “overweight” rating in a report on Monday, August 18th. Melius assumed coverage on Chevron in a report on Wednesday, August 20th. They issued a “hold” rating and a $155.00 target price on the stock. Wells Fargo & Company assumed coverage on Chevron in a report on Friday, October 17th. They issued an “overweight” rating and a $190.00 target price on the stock. Melius Research assumed coverage on Chevron in a report on Wednesday, August 20th. They issued a “hold” rating and a $155.00 target price on the stock. Finally, Morgan Stanley assumed coverage on Chevron in a report on Monday, August 4th. They issued an “overweight” rating and a $174.00 target price on the stock. One research analyst has rated the stock with a Strong Buy rating, ten have issued a Buy rating, nine have given a Hold rating and three have issued a Sell rating to the company. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and an average price target of $165.25.

Chevron Trading Up 0.6%

NYSE:CVX opened at $156.48 on Friday. The company has a debt-to-equity ratio of 0.16, a quick ratio of 0.74 and a current ratio of 1.00. Chevron Corporation has a one year low of $132.04 and a one year high of $168.96. The business’s 50-day simple moving average is $156.05 and its 200 day simple moving average is $148.25. The stock has a market cap of $270.39 billion, a price-to-earnings ratio of 20.14, a price-to-earnings-growth ratio of 4.42 and a beta of 0.84.

Chevron (NYSE:CVX) last released its quarterly earnings results on Friday, August 1st. The oil and gas company reported $1.77 EPS 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 business 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 firm posted $2.55 earnings per share. The company’s revenue was down 12.4% compared to the same quarter last year. As a group, sell-side analysts predict that Chevron Corporation will post 10.79 earnings per share for the current fiscal year.

Chevron Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Wednesday, September 10th. Investors of record on Tuesday, August 19th were paid a $1.71 dividend. The ex-dividend date was Tuesday, August 19th. This represents a $6.84 annualized dividend and a dividend yield of 4.4%. Chevron’s payout ratio 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.