OMC Financial Services LTD Reduces Stake in Chevron Corporation $CVX

OMC Financial Services LTD lowered its holdings in Chevron Corporation (NYSE:CVX) by 9.7% during the second quarter, HoldingsChannel reports. The fund owned 6,600 shares of the oil and gas company’s stock after selling 707 shares during the period. OMC Financial Services LTD’s holdings in Chevron were worth $945,000 as of its most recent SEC filing.

A number of other hedge funds have also made changes to their positions in the business. D.A. Davidson & CO. increased its holdings in shares of Chevron by 1.8% in the 2nd quarter. D.A. Davidson & CO. now owns 403,366 shares of the oil and gas company’s stock valued at $57,758,000 after acquiring an additional 7,250 shares during the last quarter. Gables Capital Management Inc. increased its holdings in shares of Chevron by 1.7% in the 2nd quarter. Gables Capital Management Inc. now owns 20,727 shares of the oil and gas company’s stock valued at $2,968,000 after acquiring an additional 343 shares during the last quarter. Cullen Frost Bankers Inc. increased its holdings in shares of Chevron by 11.3% in the 2nd quarter. Cullen Frost Bankers Inc. now owns 304,492 shares of the oil and gas company’s stock valued at $43,600,000 after acquiring an additional 30,990 shares during the last quarter. Wallace Advisory Group LLC increased its holdings in shares of Chevron by 1.1% in the 2nd quarter. Wallace Advisory Group LLC now owns 44,974 shares of the oil and gas company’s stock valued at $6,440,000 after acquiring an additional 481 shares during the last quarter. Finally, Fiduciary Family Office LLC increased its holdings in shares of Chevron by 31.4% in the 2nd quarter. Fiduciary Family Office LLC now owns 4,740 shares of the oil and gas company’s stock valued at $679,000 after acquiring an additional 1,133 shares during the last quarter. Hedge funds and other institutional investors own 72.42% of the company’s stock.

Chevron Stock Down 0.4%

Chevron stock opened at $153.80 on Wednesday. Chevron Corporation has a twelve month low of $132.04 and a twelve month high of $168.96. The stock has a 50 day moving average of $156.04 and a two-hundred day moving average of $148.08. 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 has a market capitalization of $265.76 billion, a price-to-earnings ratio of 19.79, a PEG ratio of 2.06 and a beta of 0.84.

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

Chevron Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, September 10th. Shareholders 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 yield of 4.4%. The ex-dividend date of this dividend was Tuesday, August 19th. Chevron’s dividend payout ratio (DPR) is presently 88.03%.

Insider Buying and Selling

In other Chevron news, Director John B. Hess sold 375,000 shares of the 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 sale, the director directly owned 1,403,045 shares of the company’s stock, valued at approximately $222,102,023.50. This trade represents a 21.09% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed 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 shares were sold at an average price of $160.00, for a total value of $636,480.00. Following the completion of the sale, the vice president owned 1,181 shares in the company, valued at approximately $188,960. This trade represents a 77.11% decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.20% of the stock is currently owned by company insiders.

Analyst Ratings Changes

A number of research firms have recently commented on CVX. Melius Research initiated coverage on Chevron in a report on Wednesday, August 20th. They issued a “hold” rating and a $155.00 price objective on the stock. UBS Group raised their price target on Chevron from $186.00 to $197.00 and gave the stock a “buy” rating in a research note on Wednesday, August 20th. Jefferies Financial Group restated a “buy” rating on shares of Chevron in a research note on Friday, July 18th. Weiss Ratings restated a “hold (c)” rating on shares of Chevron in a research note on Wednesday, October 8th. Finally, Raymond James Financial restated an “outperform” rating and set a $160.00 price target (down previously from $170.00) on shares of Chevron in a research note on Friday. One equities research analyst has rated the stock with a Strong Buy rating, ten have issued a Buy rating, nine have issued a Hold rating and three have given a Sell rating to the company. According to MarketBeat, the company currently has an average rating of “Hold” and a consensus target price of $165.25.

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.