Chevron Corporation $CVX Shares Sold by Stonebridge Financial Group LLC

Stonebridge Financial Group LLC decreased its stake in Chevron Corporation (NYSE:CVX) by 6.9% in the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 5,460 shares of the oil and gas company’s stock after selling 406 shares during the period. Stonebridge Financial Group LLC’s holdings in Chevron were worth $782,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently made changes to their positions in CVX. Harvest Fund Management Co. Ltd lifted its stake in shares of 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 during the period. Elequin Capital LP acquired a new position in Chevron during the first quarter worth about $31,000. Cloud Capital Management LLC acquired a new position in Chevron during the first quarter worth about $39,000. Investment Management Corp VA ADV raised its position in 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 worth $39,000 after acquiring an additional 149 shares during the last quarter. Finally, GFG Capital LLC acquired a new position in Chevron during the second quarter worth about $42,000. Institutional investors and hedge funds own 72.42% of the company’s stock.

Chevron Stock Performance

Shares of CVX stock opened at $151.63 on Friday. Chevron Corporation has a one year low of $132.04 and a one year high of $168.96. The company has a debt-to-equity ratio of 0.16, a quick ratio of 0.74 and a current ratio of 1.00. The company has a 50 day moving average price of $156.15 and a 200 day moving average price of $148.79. The firm has a market capitalization of $262.02 billion, a price-to-earnings ratio of 19.51, a price-to-earnings-growth ratio of 1.98 and a beta of 0.84.

Chevron (NYSE:CVX) last issued its quarterly 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. 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 prior year, the business posted $2.55 earnings per share. Chevron’s revenue for the quarter was down 12.4% compared to the same quarter last year. Sell-side analysts anticipate that Chevron Corporation will post 10.79 EPS 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 given a dividend of $1.71 per share. The ex-dividend date of this dividend was Tuesday, August 19th. This represents a $6.84 annualized dividend and a yield of 4.5%. Chevron’s dividend payout ratio is 88.03%.

Insider Activity at Chevron

In other Chevron news, VP Alana K. Knowles sold 3,978 shares of the business’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 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. The trade was a 77.11% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director John B. Hess sold 375,000 shares of the business’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 sale, the director 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 disclosure for this sale can be found here. Corporate insiders own 0.21% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of brokerages have issued reports on CVX. TD Cowen lifted their target price on shares of Chevron from $150.00 to $155.00 and gave the stock a “hold” rating in a research report on Monday, August 4th. Melius began coverage on shares of Chevron in a research report on Wednesday, August 20th. They set a “hold” rating and a $155.00 target price for the company. Wells Fargo & Company restated an “overweight” rating and set a $178.00 target price on shares of Chevron in a research report on Friday, August 1st. Morgan Stanley began coverage on shares of Chevron in a research report on Monday, August 4th. They set an “overweight” rating and a $174.00 target price for the company. Finally, Piper Sandler boosted their price objective on shares of Chevron from $164.00 to $168.00 and gave the company an “overweight” rating in a research report on Monday, August 18th. Eleven research analysts have rated the stock with a Buy rating, nine have issued a Hold rating and three have issued a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average target price of $165.40.

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.