Johnson Financial Group Inc. Sells 5,613 Shares of Chevron Corporation $CVX

Johnson Financial Group Inc. cut its stake in Chevron Corporation (NYSE:CVX) by 20.8% in the 2nd quarter, according to its most recent disclosure with the SEC. The institutional investor owned 21,436 shares of the oil and gas company’s stock after selling 5,613 shares during the period. Johnson Financial Group Inc.’s holdings in Chevron were worth $3,069,000 as of its most recent SEC filing.

A number of other large investors have also added to or reduced their stakes in CVX. Harvest Fund Management Co. Ltd increased 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 valued at $25,000 after purchasing an additional 122 shares during the last quarter. Elequin Capital LP purchased a new stake in Chevron in the first quarter worth approximately $31,000. Quaker Wealth Management LLC boosted its stake 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 buying an additional 439 shares in the last quarter. Vermillion & White Wealth Management Group LLC grew its position in Chevron by 86.1% during the second quarter. Vermillion & White Wealth Management Group LLC now owns 255 shares of the oil and gas company’s stock valued at $37,000 after acquiring an additional 118 shares during the last quarter. Finally, IMG Wealth Management Inc. raised its stake in shares of Chevron by 52.3% during 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. Hedge funds and other institutional investors own 72.42% of the company’s stock.

Chevron Stock Performance

Shares of NYSE:CVX opened at $149.72 on Thursday. The company has a current ratio of 1.00, a quick ratio of 0.74 and a debt-to-equity ratio of 0.16. The company has a 50-day moving average price of $154.25 and a 200-day moving average price of $151.10. The company has a market cap of $301.47 billion, a price-to-earnings ratio of 19.27, a price-to-earnings-growth 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.

Chevron (NYSE:CVX) last announced its quarterly earnings results on Friday, October 31st. The oil and gas company reported $1.85 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.71 by $0.14. Chevron had a return on equity of 9.90% and a net margin of 7.02%.The company had revenue of $48.17 billion for the quarter, compared to the consensus estimate of $46.99 billion. During the same quarter in the previous year, the business earned $2.48 EPS. Chevron’s revenue was down 1.9% compared to the same quarter last year. As a group, equities analysts anticipate that Chevron Corporation will post 10.79 EPS for the current year.

Chevron Dividend Announcement

The firm also recently announced 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 dividend yield of 4.6%. The ex-dividend date is Tuesday, November 18th. Chevron’s dividend payout ratio is currently 96.20%.

Insiders Place Their Bets

In related news, Director John B. Hess sold 275,000 shares of Chevron stock in a transaction on Thursday, November 20th. The shares were sold at an average price of $150.75, for a total value of $41,456,250.00. Following the sale, the director owned 1,128,045 shares in the company, valued at $170,052,783.75. The trade was a 19.60% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, VP Alana K. Knowles sold 3,978 shares of the business’s stock in a transaction 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 transaction, the vice president directly 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. The SEC filing for this sale provides additional information. Company insiders own 0.21% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently issued reports on the stock. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Chevron in a research note on Wednesday, October 8th. Wall Street Zen raised shares of Chevron from a “sell” rating to a “hold” rating in a research note on Saturday, November 8th. Piper Sandler reduced their price objective on Chevron from $171.00 to $169.00 and set an “overweight” rating on the stock in a research note on Monday, November 10th. Mizuho boosted their target price on Chevron from $191.00 to $204.00 and gave the company an “outperform” rating in a research note on Thursday, November 13th. Finally, Raymond James Financial restated an “outperform” rating and set a $160.00 target price (down from $170.00) on shares of Chevron in a report on Friday, October 17th. Ten equities research analysts have rated the stock with a Buy rating, nine have given a Hold rating and four have issued a Sell rating to the company’s stock. According to MarketBeat.com, Chevron has an average rating of “Hold” and an average price target of $165.58.

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.