waypoint wealth counsel Cuts Position in Chevron Corporation $CVX

waypoint wealth counsel decreased its holdings in Chevron Corporation (NYSE:CVX) by 13.7% during the 2nd quarter, according to its most recent disclosure with the SEC. The firm owned 2,006 shares of the oil and gas company’s stock after selling 319 shares during the period. waypoint wealth counsel’s holdings in Chevron were worth $287,000 at the end of the most recent reporting period.

A number of other hedge funds have also made changes to their positions in the business. Harvest Fund Management Co. Ltd raised its holdings 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 buying an additional 122 shares during the period. Elequin Capital LP purchased a new stake in shares of Chevron during the first quarter valued at approximately $31,000. Cloud Capital Management LLC purchased a new stake in shares of Chevron during the first quarter valued at approximately $39,000. Investment Management Corp VA ADV raised its stake in shares of Chevron by 171.3% during 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 during the period. Finally, GFG Capital LLC purchased a new stake in Chevron during the 2nd quarter worth $42,000. Hedge funds and other institutional investors own 72.42% of the company’s stock.

Analysts Set New Price Targets

Several research firms recently issued reports on CVX. Evercore ISI reaffirmed an “outperform” rating and set a $180.00 price target on shares of Chevron in a research note on Thursday, July 31st. Melius Research initiated coverage on Chevron in a research report on Wednesday, August 20th. They set a “hold” rating and a $155.00 target price on the stock. Piper Sandler lifted their price objective on Chevron from $164.00 to $168.00 and gave the stock an “overweight” rating in a report on Monday, August 18th. UBS Group lifted their price objective on Chevron from $186.00 to $197.00 and gave the stock a “buy” rating in a report on Wednesday, August 20th. Finally, Weiss Ratings restated a “hold (c)” rating on shares of Chevron in a report on Wednesday. Eleven equities research analysts have rated the stock with a Buy rating, nine have given a Hold rating and three have assigned a Sell rating to the company. Based on data from MarketBeat, Chevron currently has an average rating of “Hold” and a consensus price target of $165.40.

Chevron Stock Down 1.7%

Shares of Chevron stock opened at $149.11 on Friday. Chevron Corporation has a fifty-two week low of $132.04 and a fifty-two week high of $168.96. The company has a quick ratio of 0.74, a current ratio of 1.00 and a debt-to-equity ratio of 0.16. The firm has a market cap of $257.66 billion, a P/E ratio of 19.19, a P/E/G ratio of 1.92 and a beta of 0.84. The business has a 50-day moving average price of $156.10 and a 200 day moving average price of $148.54.

Chevron (NYSE:CVX) last released its earnings results on Friday, August 1st. The oil and gas company reported $1.77 earnings per share for the quarter, beating 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 firm had revenue of $44.82 billion during the quarter, compared to analyst estimates of $44.59 billion. During the same quarter in the previous year, the firm earned $2.55 earnings per share. The firm’s revenue for the quarter was down 12.4% compared to the same quarter last year. On average, sell-side analysts forecast that Chevron Corporation will post 10.79 earnings per share for the current fiscal year.

Chevron Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, September 10th. Investors of record on Tuesday, August 19th were given 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 of this dividend was Tuesday, August 19th. Chevron’s dividend payout ratio is currently 88.03%.

Insider Activity at Chevron

In other news, Director John B. Hess sold 375,000 shares of the company’s 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 transaction, the director directly owned 1,403,045 shares of the company’s stock, valued at approximately $222,102,023.50. This represents a 21.09% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, VP Alana K. Knowles sold 3,978 shares of the company’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 value of $636,480.00. Following the transaction, the vice president directly owned 1,181 shares of the company’s stock, valued at $188,960. This trade 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 corporate insiders.

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.