Convergence Investment Partners LLC Lowers Stock Position in Chevron Corporation $CVX

Convergence Investment Partners LLC lowered its position in Chevron Corporation (NYSE:CVX) by 30.4% in the 2nd quarter, HoldingsChannel.com reports. The firm owned 17,039 shares of the oil and gas company’s stock after selling 7,457 shares during the period. Convergence Investment Partners LLC’s holdings in Chevron were worth $2,440,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently made changes to their positions in the company. Schmidt P J Investment Management Inc. raised its holdings in shares of Chevron by 9.7% in the second quarter. Schmidt P J Investment Management Inc. now owns 7,675 shares of the oil and gas company’s stock valued at $1,099,000 after purchasing an additional 679 shares during the last quarter. GoalVest Advisory LLC raised its holdings in shares of Chevron by 6.8% in the second quarter. GoalVest Advisory LLC now owns 8,350 shares of the oil and gas company’s stock valued at $1,196,000 after purchasing an additional 528 shares during the last quarter. Solstein Capital LLC raised its holdings in shares of Chevron by 3.2% in the second quarter. Solstein Capital LLC now owns 2,271 shares of the oil and gas company’s stock valued at $325,000 after purchasing an additional 70 shares during the last quarter. Bolthouse Investments LLC raised its holdings in shares of Chevron by 7.1% in the second quarter. Bolthouse Investments LLC now owns 7,871 shares of the oil and gas company’s stock valued at $1,127,000 after purchasing an additional 525 shares during the last quarter. Finally, Chilton Capital Management LLC raised its holdings in shares of Chevron by 6.2% in the second quarter. Chilton Capital Management LLC now owns 13,839 shares of the oil and gas company’s stock valued at $1,982,000 after purchasing an additional 813 shares during the last quarter. Hedge funds and other institutional investors own 72.42% of the company’s stock.

Chevron Price Performance

CVX opened at $155.63 on Monday. The company has a market capitalization of $268.92 billion, a price-to-earnings ratio of 20.03, a PEG ratio of 4.42 and a beta of 0.84. The company has a quick ratio of 0.74, a current ratio of 1.00 and a debt-to-equity ratio of 0.16. The firm has a 50-day moving average price of $156.04 and a 200-day moving average price of $148.48. Chevron Corporation has a twelve month low of $132.04 and a twelve month high of $168.96.

Chevron (NYSE:CVX) last posted its earnings results 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. The firm had revenue of $44.82 billion during the quarter, compared to the consensus estimate of $44.59 billion. Chevron had a net margin of 7.02% and a return on equity of 9.90%. The company’s revenue was down 12.4% on a year-over-year basis. During the same quarter last year, the company earned $2.55 earnings per share. Equities analysts expect that Chevron Corporation will post 10.79 EPS for the current year.

Chevron Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Wednesday, September 10th. Stockholders 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 dividend payout ratio (DPR) is presently 88.03%.

Insider Activity

In other news, Director John B. Hess sold 375,000 shares of the firm’s stock in a transaction that occurred on 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 transaction, the director directly owned 1,403,045 shares in the company, valued at approximately $222,102,023.50. This trade represents a 21.09% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, VP Alana K. Knowles sold 3,978 shares of the firm’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 transaction of $636,480.00. Following the completion of the transaction, the vice president owned 1,181 shares of the company’s stock, 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. 0.20% of the stock is owned by company insiders.

Analysts Set New Price Targets

Several analysts have recently commented on CVX shares. Weiss Ratings reiterated a “hold (c)” rating on shares of Chevron in a report on Friday. UBS Group raised their price objective on shares of Chevron from $186.00 to $197.00 and gave the stock a “buy” rating in a report on Wednesday, August 20th. Melius Research began coverage on shares of Chevron in a report on Wednesday, August 20th. They set a “hold” rating and a $155.00 price objective for the company. Raymond James Financial restated an “outperform” rating and set a $160.00 price objective (down previously from $170.00) on shares of Chevron in a report on Friday, October 17th. Finally, Bank of America raised their price objective on shares of Chevron from $170.00 to $185.00 and gave the stock a “buy” rating in a report on Wednesday, September 10th. One analyst has rated the stock with a Strong Buy rating, ten have given a Buy rating, nine have assigned a Hold rating and three have assigned a Sell rating to the company’s stock. According to data from MarketBeat, Chevron presently has an average rating of “Hold” and a consensus target price of $165.25.

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.