Wrapmanager Inc. Sells 1,242 Shares of Chevron Corporation $CVX

Wrapmanager Inc. decreased its position in Chevron Corporation (NYSE:CVX) by 16.1% in the 2nd quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 6,493 shares of the oil and gas company’s stock after selling 1,242 shares during the period. Wrapmanager Inc.’s holdings in Chevron were worth $930,000 at the end of the most recent quarter.

Several other hedge funds have also added to or reduced their stakes in CVX. Edgestream Partners L.P. lifted its holdings in shares of Chevron by 58.9% during the 1st quarter. Edgestream Partners L.P. now owns 19,412 shares of the oil and gas company’s stock valued at $3,247,000 after purchasing an additional 7,198 shares in the last quarter. Verdence Capital Advisors LLC increased its stake in Chevron by 10.2% during the 1st quarter. Verdence Capital Advisors LLC now owns 33,431 shares of the oil and gas company’s stock worth $5,593,000 after purchasing an additional 3,095 shares in the last quarter. Graypoint LLC raised its holdings in Chevron by 5.6% during the 1st quarter. Graypoint LLC now owns 27,109 shares of the oil and gas company’s stock worth $4,535,000 after buying an additional 1,435 shares during the period. Concord Wealth Partners lifted its stake in Chevron by 6.1% in the first quarter. Concord Wealth Partners now owns 8,268 shares of the oil and gas company’s stock valued at $1,383,000 after buying an additional 478 shares in the last quarter. Finally, Woodward Diversified Capital LLC boosted its holdings in shares of Chevron by 0.5% in the first quarter. Woodward Diversified Capital LLC now owns 30,957 shares of the oil and gas company’s stock valued at $5,179,000 after buying an additional 160 shares during the period. Institutional investors and hedge funds own 72.42% of the company’s stock.

Chevron Trading Up 1.4%

Shares of NYSE:CVX opened at $155.42 on Friday. The company’s 50-day moving average price is $155.19 and its two-hundred day moving average price is $150.10. Chevron Corporation has a one year low of $132.04 and a one year high of $168.96. The company has a debt-to-equity ratio of 0.16, a current ratio of 1.00 and a quick ratio of 0.74. The stock has a market capitalization of $312.95 billion, a PE ratio of 20.00, a price-to-earnings-growth ratio of 4.40 and a beta of 0.83.

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 business had revenue of $48.17 billion for the quarter, compared to analyst estimates of $46.99 billion. Chevron had a return on equity of 9.90% and a net margin of 7.02%.Chevron’s revenue was down 1.9% on a year-over-year basis. During the same quarter in the prior year, the company posted $2.48 earnings per share. On average, equities analysts forecast that Chevron Corporation will post 10.79 EPS for the current fiscal year.

Chevron Dividend Announcement

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

Analysts Set New Price Targets

Several equities research analysts have recently issued reports on CVX shares. Scotiabank increased their price objective on shares of Chevron from $160.00 to $165.00 and gave the stock a “sector perform” rating in a research report on Thursday, October 9th. Morgan Stanley upped their target price on shares of Chevron from $177.00 to $180.00 and gave the stock an “overweight” rating in a research note on Thursday. Jefferies Financial Group reissued a “buy” rating on shares of Chevron in a research note on Friday, July 18th. Melius Research assumed coverage on Chevron in a report on Wednesday, August 20th. They issued a “hold” rating and a $155.00 price target on the stock. Finally, TD Cowen increased their price objective on Chevron from $150.00 to $155.00 and gave the stock a “hold” rating in a report on Monday, August 4th. One equities research analyst has rated the stock with a Strong Buy rating, ten have given a Buy rating, nine have given a Hold rating and three have given a Sell rating to the company. According to MarketBeat, the company currently has a consensus rating of “Hold” and an average target price of $166.25.

Insider Buying and Selling at Chevron

In related news, Director John B. Hess sold 375,000 shares of the firm’s stock in a transaction 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 of the company’s stock, 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 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 business’s stock in a transaction on Friday, August 29th. The stock was sold at an average price of $160.00, for a total transaction of $636,480.00. Following the transaction, the vice president owned 1,181 shares in the company, valued at approximately $188,960. The trade was a 77.11% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. 0.21% of the stock is currently owned by company insiders.

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.