Chevron Corporation $CVX Shares Sold by Equitable Holdings Inc.

Equitable Holdings Inc. lowered its holdings in Chevron Corporation (NYSE:CVX) by 10.1% in the second quarter, HoldingsChannel reports. The firm owned 113,541 shares of the oil and gas company’s stock after selling 12,735 shares during the quarter. Equitable Holdings Inc.’s holdings in Chevron were worth $18,820,000 as of its most recent SEC filing.

Several other large investors have also recently added to or reduced their stakes in the business. BlackRock Inc. purchased a new position in shares of Chevron in the 2nd quarter valued at about $25,663,729,000. State Street Corp raised its holdings in Chevron by 9.1% in the third quarter. State Street Corp now owns 152,605,988 shares of the oil and gas company’s stock valued at $23,698,184,000 after acquiring an additional 12,789,399 shares in the last quarter. Berkshire Hathaway Inc raised its holdings in Chevron by 6.6% in the fourth quarter. Berkshire Hathaway Inc now owns 130,156,362 shares of the oil and gas company’s stock valued at $19,837,131,000 after acquiring an additional 8,091,570 shares in the last quarter. Geode Capital Management LLC lifted its stake in Chevron by 0.3% in the fourth quarter. Geode Capital Management LLC now owns 43,613,011 shares of the oil and gas company’s stock worth $6,620,187,000 after acquiring an additional 134,890 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. lifted its stake in Chevron by 2.7% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 36,036,844 shares of the oil and gas company’s stock worth $5,492,377,000 after acquiring an additional 961,341 shares during the last quarter. 72.42% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several research firms have commented on CVX. Barclays lowered their price target on shares of Chevron from $216.00 to $208.00 and set an “equal weight” rating for the company in a report on Monday, August 17th. Mizuho set a $224.00 price objective on shares of Chevron in a research report on Monday, August 3rd. Wall Street Zen upgraded shares of Chevron from a “hold” rating to a “buy” rating in a research note on Saturday, August 8th. Piper Sandler started coverage on Chevron in a report on Thursday, July 23rd. They issued an “overweight” rating and a $207.00 target price on the stock. Finally, Zacks Research cut Chevron from a “strong-buy” rating to a “hold” rating in a research note on Monday, June 8th. Twenty analysts have rated the stock with a Buy rating, five have issued a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat, Chevron currently has an average rating of “Moderate Buy” and an average target price of $207.48.

Chevron Price Performance

Shares of NYSE:CVX opened at $199.91 on Friday. Chevron Corporation has a 12 month low of $146.49 and a 12 month high of $214.71. The firm has a market capitalization of $394.98 billion, a P/E ratio of 19.17, a P/E/G ratio of 0.60 and a beta of 0.49. The company has a debt-to-equity ratio of 0.19, a current ratio of 1.25 and a quick ratio of 0.98. The company’s fifty day moving average price is $186.87 and its 200 day moving average price is $188.76.

Chevron (NYSE:CVX) last released its quarterly earnings data on Friday, July 31st. The oil and gas company reported $6.06 earnings per share (EPS) for the quarter, beating the consensus estimate of $5.55 by $0.51. Chevron had a net margin of 9.57% and a return on equity of 11.09%. The company had revenue of $67.20 billion during the quarter, compared to the consensus estimate of $62.72 billion. During the same quarter in the prior year, the firm posted $1.77 earnings per share. Chevron’s revenue for the quarter was up 57.4% on a year-over-year basis. As a group, sell-side analysts predict that Chevron Corporation will post 16.17 earnings per share for the current fiscal year.

Chevron Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, September 10th. Investors of record on Wednesday, August 19th will be paid a dividend of $1.78 per share. This represents a $7.12 dividend on an annualized basis and a yield of 3.6%. The ex-dividend date is Wednesday, August 19th. Chevron’s dividend payout ratio (DPR) is currently 68.26%.

Insider Transactions at Chevron

In other Chevron news, Director John B. Hess sold 710,665 shares of the business’s stock in a transaction that occurred on Monday, August 3rd. The stock was sold at an average price of $194.10, for a total value of $137,940,076.50. Following the completion of the sale, the director owned 363,711 shares in the company, valued at approximately $70,596,305.10. The trade was a 66.15% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider R. Hewitt Pate sold 2,470 shares of the business’s stock in a transaction that occurred on Tuesday, August 18th. The shares were sold at an average price of $205.11, for a total value of $506,621.70. Following the completion of the sale, the insider owned 10,794 shares of the company’s stock, valued at approximately $2,213,957.34. This represents a 18.62% decrease in their position. The SEC filing for this sale provides additional information. In the last ninety days, insiders sold 1,152,582 shares of company stock worth $225,853,661. 0.56% of the stock is currently owned by corporate insiders.

Chevron Profile

Chevron Corporation (NYSE: CVX) is an American multinational energy company engaged in virtually all aspects of the oil and gas industry. As an integrated energy firm, Chevron’s core activities include upstream oil and natural gas exploration and production, midstream transportation and storage, downstream refining and marketing of fuels and lubricants, and petrochemical manufacturing through joint ventures and subsidiaries. The company markets fuels under brands such as Chevron, Texaco and Caltex and supplies a range of products and services to retail customers, industrial users and commercial fleets worldwide.

Chevron traces its corporate lineage to the early petroleum companies that eventually became Standard Oil of California and has evolved through significant mergers and restructurings, including the acquisitions of Gulf Oil and Texaco.