Burling Wealth Partners LLC Sells 782 Shares of Chevron Corporation $CVX

Burling Wealth Partners LLC lowered its stake in Chevron Corporation (NYSE:CVX) by 5.5% in the 2nd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 13,540 shares of the oil and gas company’s stock after selling 782 shares during the quarter. Burling Wealth Partners LLC’s holdings in Chevron were worth $1,939,000 at the end of the most recent reporting period.

Other large investors have also bought and sold shares of the company. Harvest Fund Management Co. Ltd boosted its position in shares of 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 worth $25,000 after purchasing an additional 122 shares in the last quarter. Elequin Capital LP acquired a new position in Chevron during the 1st quarter worth approximately $31,000. Quaker Wealth Management LLC boosted its holdings in Chevron by 197.7% in the second quarter. Quaker Wealth Management LLC now owns 217 shares of the oil and gas company’s stock worth $31,000 after acquiring an additional 439 shares in the last quarter. IMG Wealth Management Inc. boosted its holdings in Chevron by 52.3% in the second quarter. IMG Wealth Management Inc. now owns 265 shares of the oil and gas company’s stock worth $38,000 after acquiring an additional 91 shares in the last quarter. Finally, Investment Management Corp VA ADV grew its stake in 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 during the period. 72.42% of the stock is currently owned by institutional investors and hedge funds.

Chevron Stock Performance

Shares of CVX opened at $155.42 on Friday. The stock has a 50 day moving average of $155.19 and a 200 day moving average of $150.10. The company has a market capitalization of $312.95 billion, a price-to-earnings ratio of 20.00, a PEG ratio of 4.40 and a beta of 0.83. Chevron Corporation has a 12 month low of $132.04 and a 12 month high of $168.96. 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, October 31st. The oil and gas company reported $1.85 earnings per share for the quarter, topping the consensus estimate of $1.71 by $0.14. Chevron had a return on equity of 9.90% and a net margin of 7.02%.The business had revenue of $48.17 billion for the quarter, compared to analysts’ expectations of $46.99 billion. During the same quarter in the previous year, the firm earned $2.48 earnings per share. The business’s revenue was down 1.9% on a year-over-year basis. As a group, sell-side analysts forecast that Chevron Corporation will post 10.79 earnings per share for the current year.

Chevron Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, December 10th. Investors of record on Tuesday, November 18th will be issued a dividend of $1.71 per share. This represents a $6.84 dividend on an annualized basis and a yield of 4.4%. The ex-dividend date is Tuesday, November 18th. Chevron’s dividend payout ratio (DPR) is 96.20%.

Insider Activity

In other news, 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 sale, 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 at this hyperlink. Also, 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 transaction of $59,362,500.00. Following the completion of the sale, the director directly owned 1,403,045 shares in the company, valued at $222,102,023.50. This trade represents a 21.09% decrease in their position. The SEC filing for this sale provides additional information. Insiders own 0.21% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities analysts have recently weighed in on the company. Morgan Stanley upped their target price on Chevron from $177.00 to $180.00 and gave the stock an “overweight” rating in a research report on Thursday. Melius assumed coverage on shares of Chevron in a research note on Wednesday, August 20th. They set a “hold” rating and a $155.00 price target for the company. Piper Sandler lowered their price objective on shares of Chevron from $171.00 to $169.00 and set an “overweight” rating on the stock in a report on Monday. Mizuho raised their price objective on shares of Chevron from $191.00 to $204.00 and gave the company an “outperform” rating in a research note on Thursday. Finally, Jefferies Financial Group reissued a “buy” rating on shares of Chevron in a research report on Friday, July 18th. One investment 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 assigned a Sell rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus price target of $166.25.

Chevron 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.