Delta Investment Management LLC Sells 240 Shares of Chevron Corporation $CVX

Delta Investment Management LLC lowered its stake in shares of Chevron Corporation (NYSE:CVX) by 1.3% during the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 17,585 shares of the oil and gas company’s stock after selling 240 shares during the period. Delta Investment Management LLC’s holdings in Chevron were worth $2,518,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Harvest Fund Management Co. Ltd raised its stake in 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 acquiring an additional 122 shares during the period. Elequin Capital LP acquired a new stake in shares of Chevron during the first quarter worth $31,000. IMG Wealth Management Inc. boosted its position in shares of Chevron by 52.3% in the second quarter. IMG Wealth Management Inc. now owns 265 shares of the oil and gas company’s stock valued at $38,000 after acquiring an additional 91 shares during the period. Cloud Capital Management LLC acquired a new position in shares of Chevron in the first quarter valued at about $39,000. Finally, Investment Management Corp VA ADV grew its stake in shares of Chevron by 171.3% in the first quarter. Investment Management Corp VA ADV now owns 236 shares of the oil and gas company’s stock valued at $39,000 after acquiring an additional 149 shares in the last quarter. Institutional investors own 72.42% of the company’s stock.

Analysts Set New Price Targets

Several equities analysts recently commented on CVX shares. Piper Sandler upped their price target on shares of Chevron from $164.00 to $168.00 and gave the company an “overweight” rating in a research note on Monday, August 18th. Jefferies Financial Group reissued a “buy” rating on shares of Chevron in a report on Friday, July 18th. TD Cowen increased their target price on Chevron from $150.00 to $155.00 and gave the stock a “hold” rating in a report on Monday, August 4th. Melius Research assumed coverage on Chevron in a report on Wednesday, August 20th. They set a “hold” rating and a $155.00 target price on the stock. Finally, Wells Fargo & Company assumed coverage on Chevron in a report on Friday, October 17th. They set an “overweight” rating and a $190.00 target price on the stock. One analyst has rated the stock with a Strong Buy rating, ten have assigned a Buy rating, nine have assigned a Hold rating and three have given a Sell rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Hold” and an average price target of $165.25.

Chevron Stock Performance

Shares of CVX stock opened at $155.63 on Monday. The business’s 50-day moving average price is $156.04 and its 200-day moving average price is $148.48. Chevron Corporation has a 12 month low of $132.04 and a 12 month high of $168.96. The firm 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 current ratio of 1.00, a quick ratio of 0.74 and a debt-to-equity ratio of 0.16.

Chevron (NYSE:CVX) last posted its quarterly earnings data on Friday, August 1st. The oil and gas company reported $1.77 EPS for the quarter, topping 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 firm’s quarterly revenue was down 12.4% on a year-over-year basis. During the same period in the previous year, the firm earned $2.55 earnings per share. Equities research analysts forecast that Chevron Corporation will post 10.79 EPS for the current year.

Chevron Announces Dividend

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

Insider Buying and Selling

In related news, Director John B. Hess sold 375,000 shares of Chevron stock in a transaction that occurred on Friday, August 22nd. The stock was sold at an average price of $158.30, for a total value of $59,362,500.00. Following the transaction, 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 transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, VP Alana K. Knowles sold 3,978 shares of Chevron stock in a transaction that occurred on 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 transaction, the vice president directly owned 1,181 shares in the company, valued at approximately $188,960. This 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 insiders.

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.