Freedom Investment Management Inc. Buys 957 Shares of Chevron Corporation $CVX

Freedom Investment Management Inc. increased its stake in Chevron Corporation (NYSE:CVX) by 13.1% during the second quarter, Holdings Channel reports. The firm owned 8,245 shares of the oil and gas company’s stock after acquiring an additional 957 shares during the period. Freedom Investment Management Inc.’s holdings in Chevron were worth $1,181,000 at the end of the most recent reporting period.

Other hedge funds also recently modified their holdings of the company. Harvest Fund Management Co. Ltd increased its position 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 worth $25,000 after purchasing an additional 122 shares during the period. Elequin Capital LP bought a new position in shares of Chevron in the first quarter worth $31,000. IMG Wealth Management Inc. increased its position in shares of Chevron by 52.3% in the second quarter. IMG Wealth Management Inc. now owns 265 shares of the oil and gas company’s stock worth $38,000 after purchasing an additional 91 shares during the period. Cloud Capital Management LLC bought a new position in shares of Chevron in the first quarter worth $39,000. Finally, Investment Management Corp VA ADV increased its position in shares of 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 worth $39,000 after purchasing an additional 149 shares during the period. Institutional investors own 72.42% of the company’s stock.

Chevron Stock Performance

NYSE:CVX opened at $156.48 on Friday. The stock has a market cap of $270.39 billion, a P/E ratio of 20.14, a price-to-earnings-growth ratio of 4.42 and a beta of 0.84. The company has a current ratio of 1.00, a quick ratio of 0.74 and a debt-to-equity ratio of 0.16. The stock’s 50-day moving average is $156.05 and its 200-day moving average is $148.25. Chevron Corporation has a 1-year low of $132.04 and a 1-year high of $168.96.

Chevron (NYSE:CVX) last released its quarterly earnings results on Friday, August 1st. The oil and gas company reported $1.77 earnings per share 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 analysts’ expectations of $44.59 billion. Chevron had a return on equity of 9.90% and a net margin of 7.02%.The business’s quarterly revenue was down 12.4% compared to the same quarter last year. During the same period in the previous year, the business posted $2.55 earnings per share. Equities research analysts anticipate that Chevron Corporation will post 10.79 earnings per share for the current year.

Chevron Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Wednesday, September 10th. Stockholders of record on Tuesday, August 19th were issued a dividend of $1.71 per share. This represents a $6.84 annualized dividend and a dividend yield of 4.4%. The ex-dividend date was Tuesday, August 19th. Chevron’s payout ratio is 88.03%.

Wall Street Analyst Weigh In

A number of research firms have issued reports on CVX. Evercore ISI reiterated an “outperform” rating and issued a $180.00 target price on shares of Chevron in a research report on Thursday, July 31st. UBS Group lifted their target price on Chevron from $186.00 to $197.00 and gave the company a “buy” rating in a research report on Wednesday, August 20th. Wells Fargo & Company began coverage on Chevron in a research report on Friday, October 17th. They issued an “overweight” rating and a $190.00 target price on the stock. Melius Research began coverage on Chevron in a research report on Wednesday, August 20th. They issued a “hold” rating and a $155.00 target price on the stock. Finally, Mizuho decreased their target price on Chevron from $192.00 to $191.00 and set an “outperform” rating on the stock in a research report on Monday, September 15th. One equities research analyst has rated the stock with a Strong Buy rating, ten have given a Buy rating, nine have issued a Hold rating and three have issued a Sell rating to the stock. Based on data from MarketBeat.com, Chevron presently has an average rating of “Hold” and an average price target of $165.25.

Insider Activity

In other news, Director John B. Hess sold 375,000 shares of the business’s stock in a transaction dated 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 directly owned 1,403,045 shares in the company, valued at approximately $222,102,023.50. The trade was a 21.09% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, VP Alana K. Knowles sold 3,978 shares of Chevron stock in a transaction that occurred on Friday, August 29th. The stock was sold at an average price of $160.00, for a total value of $636,480.00. Following the completion of the transaction, the vice president directly owned 1,181 shares in the company, valued at approximately $188,960. This represents a 77.11% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 0.21% of the company’s stock.

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.