New Century Financial Group LLC Cuts Position in Chevron Corporation $CVX

New Century Financial Group LLC lessened its stake in Chevron Corporation (NYSE:CVX) by 88.3% in the second quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 1,872 shares of the oil and gas company’s stock after selling 14,147 shares during the quarter. New Century Financial Group LLC’s holdings in Chevron were worth $268,000 at the end of the most recent quarter.

A number of other large investors have also made changes to their positions in the stock. Greenfield Savings Bank increased its holdings in Chevron by 0.6% during the 2nd quarter. Greenfield Savings Bank now owns 11,611 shares of the oil and gas company’s stock valued at $1,663,000 after acquiring an additional 68 shares in the last quarter. Atwater Malick LLC increased its holdings in Chevron by 2.4% during the 2nd quarter. Atwater Malick LLC now owns 2,886 shares of the oil and gas company’s stock valued at $413,000 after acquiring an additional 68 shares in the last quarter. GDS Wealth Management increased its holdings in Chevron by 4.4% during the 1st quarter. GDS Wealth Management now owns 1,706 shares of the oil and gas company’s stock valued at $285,000 after acquiring an additional 72 shares in the last quarter. AIMZ Investment Advisors LLC increased its holdings in Chevron by 4.2% during the 1st quarter. AIMZ Investment Advisors LLC now owns 1,783 shares of the oil and gas company’s stock valued at $298,000 after acquiring an additional 72 shares in the last quarter. Finally, Garde Capital Inc. increased its holdings in Chevron by 3.2% during the 2nd quarter. Garde Capital Inc. now owns 2,355 shares of the oil and gas company’s stock valued at $337,000 after acquiring an additional 72 shares in the last quarter. Hedge funds and other institutional investors own 72.42% of the company’s stock.

Insider Activity at Chevron

In related news, Director John B. Hess sold 375,000 shares of the firm’s stock in a transaction that occurred 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 sale, 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 legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, VP Alana K. Knowles sold 3,978 shares of the firm’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 transaction of $636,480.00. Following the completion of the sale, the vice president directly owned 1,181 shares in the company, valued at $188,960. This represents a 77.11% decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.21% of the stock is currently owned by company insiders.

Chevron Price Performance

CVX opened at $153.59 on Friday. The company’s 50 day simple moving average is $156.23 and its 200 day simple moving average is $149.09. The company has a debt-to-equity ratio of 0.16, a quick ratio of 0.74 and a current ratio of 1.00. Chevron Corporation has a 1 year low of $132.04 and a 1 year high of $168.96. The stock has a market capitalization of $265.40 billion, a PE ratio of 19.77, a P/E/G ratio of 1.98 and a beta of 0.84.

Chevron (NYSE:CVX) last released its earnings results on Friday, August 1st. The oil and gas company reported $1.77 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.58 by $0.19. Chevron had a net margin of 7.02% and a return on equity of 9.90%. The business had revenue of $44.82 billion for the quarter, compared to analysts’ expectations of $44.59 billion. During the same period last year, the company earned $2.55 earnings per share. The company’s quarterly revenue was down 12.4% on a year-over-year basis. As a group, sell-side analysts expect that Chevron Corporation will post 10.79 EPS for the current year.

Chevron Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Wednesday, September 10th. Investors of record on Tuesday, August 19th were given a $1.71 dividend. The ex-dividend date of this dividend was Tuesday, August 19th. This represents a $6.84 annualized dividend and a dividend yield of 4.5%. Chevron’s dividend payout ratio (DPR) is currently 88.03%.

Wall Street Analysts Forecast Growth

CVX has been the subject of several recent research reports. Bank of America raised their target price on shares of Chevron from $170.00 to $185.00 and gave the company a “buy” rating in a report on Wednesday, September 10th. Jefferies Financial Group restated a “buy” rating on shares of Chevron in a report on Friday, July 18th. Mizuho decreased their price target on shares of Chevron from $192.00 to $191.00 and set an “outperform” rating on the stock in a research note on Monday, September 15th. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Chevron in a research note on Saturday, September 27th. Finally, Morgan Stanley assumed coverage on shares of Chevron in a research note on Monday, August 4th. They set an “overweight” rating and a $174.00 price target on the stock. Eleven investment analysts have rated the stock with a Buy rating, nine have assigned a Hold rating and three have issued a Sell rating to the stock. According to MarketBeat.com, the company currently has an average rating of “Hold” and an average price target of $165.05.

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.