Strong Tower Advisory Services Increases Stock Holdings in Chevron Corporation $CVX

Strong Tower Advisory Services lifted its position in Chevron Corporation (NYSE:CVX) by 5.4% during the second quarter, HoldingsChannel reports. The institutional investor owned 19,695 shares of the oil and gas company’s stock after purchasing an additional 1,002 shares during the period. Strong Tower Advisory Services’ holdings in Chevron were worth $2,820,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently modified their holdings of CVX. Harvest Fund Management Co. Ltd raised its stake in Chevron by 420.7% in the first 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 in the last quarter. Elequin Capital LP purchased a new stake in Chevron in the first quarter valued at approximately $31,000. Cloud Capital Management LLC purchased a new stake in Chevron in the first quarter valued at approximately $39,000. Investment Management Corp VA ADV raised 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 purchasing an additional 149 shares in the last quarter. Finally, GFG Capital LLC purchased a new stake in Chevron in the second quarter valued at approximately $42,000. 72.42% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of equities research analysts recently weighed in on CVX shares. Evercore ISI reaffirmed an “outperform” rating and issued a $180.00 target price on shares of Chevron in a research note on Thursday, July 31st. Melius Research started coverage on shares of Chevron in a research report on Wednesday, August 20th. They set a “hold” rating and a $155.00 price target on the stock. Wells Fargo & Company reiterated an “overweight” rating and set a $178.00 price target on shares of Chevron in a research report on Friday, August 1st. Barclays reduced their price target on shares of Chevron from $160.00 to $158.00 and set an “equal weight” rating on the stock in a research report on Tuesday. Finally, Bank of America increased their price target on shares of Chevron from $170.00 to $185.00 and gave the company a “buy” rating in a research report on Wednesday, September 10th. Eleven research analysts have rated the stock with a Buy rating, nine have issued a Hold rating and three have given a Sell rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus price target of $165.40.

Insider Buying and Selling at Chevron

In related news, VP Alana K. Knowles sold 3,978 shares of Chevron stock in a transaction on Friday, August 29th. The shares were sold at an average price of $160.00, for a total value of $636,480.00. Following the sale, the vice president owned 1,181 shares in the company, valued at $188,960. The trade was a 77.11% 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, Director John B. Hess sold 375,000 shares of Chevron stock in a transaction on Friday, August 22nd. The shares were 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 owned 1,403,045 shares in the company, valued at approximately $222,102,023.50. This trade represents a 21.09% decrease in their position. The disclosure for this sale can be found here. Insiders own 0.21% of the company’s stock.

Chevron Stock Down 1.7%

Shares of NYSE CVX opened at $149.11 on Friday. 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 Corporation has a 52 week low of $132.04 and a 52 week high of $168.96. The firm’s fifty day moving average is $156.10 and its 200 day moving average is $148.67. The company has a market cap of $257.66 billion, a price-to-earnings ratio of 19.19, a PEG ratio of 1.95 and a beta of 0.84.

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

Chevron Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Wednesday, September 10th. Investors of record on Tuesday, August 19th were issued a $1.71 dividend. The ex-dividend date was Tuesday, August 19th. This represents a $6.84 annualized dividend and a yield of 4.6%. Chevron’s payout ratio is 88.03%.

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.