Merrion Investment Management Co LLC Trims Stock Position in Chevron Corporation $CVX

Merrion Investment Management Co LLC lowered its position in shares of Chevron Corporation (NYSE:CVX) by 18.7% in the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 4,361 shares of the oil and gas company’s stock after selling 1,000 shares during the period. Merrion Investment Management Co LLC’s holdings in Chevron were worth $624,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors have also recently made changes to their positions in the company. Ignite Planners LLC lifted its holdings in Chevron by 14.1% during the 1st quarter. Ignite Planners LLC now owns 12,316 shares of the oil and gas company’s stock worth $2,060,000 after buying an additional 1,519 shares during the last quarter. Vista Capital Partners Inc. raised its position in shares of Chevron by 9.1% during the 1st quarter. Vista Capital Partners Inc. now owns 5,938 shares of the oil and gas company’s stock worth $993,000 after acquiring an additional 495 shares in the last quarter. GW&K Investment Management LLC raised its position in shares of Chevron by 33.8% during the 1st quarter. GW&K Investment Management LLC now owns 1,260 shares of the oil and gas company’s stock worth $211,000 after acquiring an additional 318 shares in the last quarter. Mutual Advisors LLC lifted its stake in Chevron by 7.3% during the second quarter. Mutual Advisors LLC now owns 88,759 shares of the oil and gas company’s stock worth $13,743,000 after purchasing an additional 6,058 shares during the last quarter. Finally, Costello Asset Management INC boosted its holdings in Chevron by 26.9% in the second quarter. Costello Asset Management INC now owns 16,694 shares of the oil and gas company’s stock valued at $2,390,000 after purchasing an additional 3,541 shares in the last quarter. Hedge funds and other institutional investors own 72.42% of the company’s stock.

Chevron Trading Up 1.4%

NYSE CVX opened at $155.10 on Friday. Chevron Corporation has a 52-week low of $132.04 and a 52-week high of $168.96. The firm has a 50-day moving average price of $155.55 and a 200 day moving average price of $149.71. The stock has a market capitalization of $268.01 billion, a P/E ratio of 19.96, a P/E/G ratio of 4.40 and a beta of 0.83. 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 released its earnings results on Friday, October 31st. The oil and gas company reported $1.85 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.71 by $0.14. The company had revenue of $48.17 billion for the quarter, compared to analysts’ expectations of $46.99 billion. Chevron had a return on equity of 9.90% and a net margin of 7.02%.The firm’s quarterly revenue was down 1.9% on a year-over-year basis. During the same quarter in the previous year, the firm posted $2.48 EPS. Equities research analysts expect that Chevron Corporation will post 10.79 EPS for the current year.

Chevron Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Wednesday, December 10th. Shareholders of record on Tuesday, November 18th will be given a dividend of $1.71 per share. This represents a $6.84 annualized dividend and a dividend yield of 4.4%. The ex-dividend date is Tuesday, November 18th. Chevron’s payout ratio is presently 96.20%.

Analyst Upgrades and Downgrades

CVX has been the topic of a number of research analyst reports. 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. Wall Street Zen upgraded shares of Chevron from a “sell” rating to a “hold” rating in a research note on Saturday. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Chevron in a report on Wednesday, October 8th. Morgan Stanley raised their price target on Chevron from $174.00 to $177.00 and gave the stock an “overweight” rating in a research note on Monday, November 3rd. Finally, Piper Sandler raised their target price on shares of Chevron from $164.00 to $168.00 and gave the stock an “overweight” rating in a research report on Monday, August 18th. One equities research analyst has rated the stock with a Strong Buy rating, ten have issued a Buy rating, nine have assigned a Hold rating and three have given a Sell rating to the stock. According to data from MarketBeat, Chevron currently has an average rating of “Hold” and an average price target of $165.40.

Insiders Place Their Bets

In other news, VP Alana K. Knowles sold 3,978 shares of the stock in a transaction dated Friday, August 29th. The shares were 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 owned 1,181 shares in the company, valued at $188,960. This trade represents a 77.11% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director John B. Hess sold 375,000 shares of the business’s stock in a transaction dated 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 directly owned 1,403,045 shares in the company, valued at approximately $222,102,023.50. This represents a 21.09% decrease in their position. The SEC filing for this sale provides additional information. Corporate insiders own 0.21% of the company’s stock.

About Chevron

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.