Chevron Corporation $CVX Position Trimmed by Bristlecone Advisors LLC

Bristlecone Advisors LLC lessened its holdings in shares of Chevron Corporation (NYSE:CVX) by 16.9% during the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 13,866 shares of the oil and gas company’s stock after selling 2,820 shares during the quarter. Bristlecone Advisors LLC’s holdings in Chevron were worth $1,986,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently bought and sold shares of CVX. Harvest Fund Management Co. Ltd grew its stake 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 valued at $25,000 after acquiring an additional 122 shares in the last quarter. Elequin Capital LP bought a new stake in shares of Chevron in the 1st quarter valued at approximately $31,000. Quaker Wealth Management LLC grew its stake in shares of Chevron by 197.7% in the 2nd quarter. Quaker Wealth Management LLC now owns 217 shares of the oil and gas company’s stock valued at $31,000 after buying an additional 439 shares in the last quarter. IMG Wealth Management Inc. grew its stake in shares of Chevron by 52.3% in the 2nd quarter. IMG Wealth Management Inc. now owns 265 shares of the oil and gas company’s stock valued at $38,000 after buying an additional 91 shares in the last quarter. Finally, Cloud Capital Management LLC bought a new stake in shares of Chevron in the 1st quarter valued at approximately $39,000. Hedge funds and other institutional investors own 72.42% of the company’s stock.

Chevron Stock Down 0.7%

Shares of CVX stock opened at $154.16 on Wednesday. Chevron Corporation has a 12 month low of $132.04 and a 12 month high of $168.96. The firm has a market cap of $266.39 billion, a PE ratio of 19.84, a price-to-earnings-growth ratio of 4.41 and a beta of 0.84. The stock has a 50 day moving average of $156.07 and a 200-day moving average of $148.68. The company has a quick ratio of 0.74, a current ratio of 1.00 and a debt-to-equity ratio of 0.16.

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, topping analysts’ consensus estimates of $1.58 by $0.19. Chevron had a return on equity of 9.90% and a net margin of 7.02%.The company had revenue of $44.82 billion during the quarter, compared to analyst estimates of $44.59 billion. During the same period in the previous year, the company earned $2.55 earnings per share. The company’s quarterly revenue was down 12.4% compared to the same quarter last year. On average, equities analysts predict 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. The ex-dividend date was Tuesday, August 19th. This represents a $6.84 dividend on an annualized basis and a dividend yield of 4.4%. Chevron’s payout ratio is 88.03%.

Wall Street Analyst Weigh In

CVX has been the subject of several recent research reports. TD Cowen boosted their price target on Chevron from $150.00 to $155.00 and gave the company a “hold” rating in a research note on Monday, August 4th. Barclays lowered their price target on Chevron from $160.00 to $158.00 and set an “equal weight” rating for the company in a research note on Tuesday, October 7th. Piper Sandler boosted their price target on Chevron from $164.00 to $168.00 and gave the company an “overweight” rating in a research note on Monday, August 18th. Evercore ISI restated an “outperform” rating and issued a $180.00 target price on shares of Chevron in a report on Thursday, July 31st. Finally, Scotiabank boosted their target price on Chevron from $160.00 to $165.00 and gave the stock a “sector perform” rating in a report on Thursday, October 9th. One investment 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 assigned a Sell rating to the company. According to data from MarketBeat, the company currently has an average rating of “Hold” and a consensus target price of $165.25.

Insider Buying and Selling

In other 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 completion of the transaction, the director directly owned 1,403,045 shares in the company, valued at $222,102,023.50. The trade was a 21.09% decrease in their ownership of the stock. The sale was disclosed in a 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 company’s 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 transaction, the vice president owned 1,181 shares of the company’s stock, valued at approximately $188,960. This trade represents a 77.11% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. 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.