Oppenheimer Asset Management Inc. Sells 15,109 Shares of Chevron Corporation $CVX

Oppenheimer Asset Management Inc. lowered its stake in Chevron Corporation (NYSE:CVX) by 2.1% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 695,597 shares of the oil and gas company’s stock after selling 15,109 shares during the period. Chevron comprises 1.1% of Oppenheimer Asset Management Inc.’s investment portfolio, making the stock its 10th biggest position. Oppenheimer Asset Management Inc.’s holdings in Chevron were worth $99,603,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds also recently bought and sold shares of the stock. Greenfield Savings Bank raised its position in Chevron by 0.6% in the 2nd quarter. Greenfield Savings Bank now owns 11,611 shares of the oil and gas company’s stock valued at $1,663,000 after purchasing an additional 68 shares in the last quarter. Atwater Malick LLC grew its stake in Chevron by 2.4% during the 2nd quarter. Atwater Malick LLC now owns 2,886 shares of the oil and gas company’s stock worth $413,000 after buying an additional 68 shares during the last quarter. Hubbell Strickland Wealth Management LLC grew its stake in Chevron by 0.7% during the 2nd quarter. Hubbell Strickland Wealth Management LLC now owns 10,081 shares of the oil and gas company’s stock worth $1,443,000 after buying an additional 68 shares during the last quarter. Mowery & Schoenfeld Wealth Management LLC grew its stake in Chevron by 10.3% during the 2nd quarter. Mowery & Schoenfeld Wealth Management LLC now owns 750 shares of the oil and gas company’s stock worth $107,000 after buying an additional 70 shares during the last quarter. Finally, Capital Advisors Ltd. LLC grew its stake in shares of Chevron by 4.1% in the 2nd quarter. Capital Advisors Ltd. LLC now owns 1,815 shares of the oil and gas company’s stock valued at $260,000 after purchasing an additional 71 shares during the last quarter. Institutional investors and hedge funds own 72.42% of the company’s stock.

Insider Buying and Selling at Chevron

In other news, Director John B. Hess sold 375,000 shares of the business’s stock in a transaction on Friday, August 22nd. The stock was sold at an average price of $158.30, for a total value 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 $222,102,023.50. The trade was a 21.09% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, VP Alana K. Knowles sold 3,978 shares of the business’s stock in a transaction 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 of the company’s stock, 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. Insiders own 0.21% of the company’s stock.

Analyst Ratings Changes

Several brokerages have weighed in on CVX. Wells Fargo & Company began coverage on Chevron in a research note on Friday, October 17th. They issued an “overweight” rating and a $190.00 target price on the stock. Raymond James Financial reaffirmed an “outperform” rating and set a $160.00 price objective (down previously from $170.00) on shares of Chevron in a report on Friday, October 17th. Morgan Stanley assumed coverage on Chevron in a report on Monday, August 4th. They set an “overweight” rating and a $174.00 price objective on the stock. Bank of America raised their target price on Chevron from $170.00 to $185.00 and gave the company a “buy” rating in a report on Wednesday, September 10th. Finally, Scotiabank raised their target price on Chevron from $160.00 to $165.00 and gave the company a “sector perform” rating in a report on Thursday, October 9th. One 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 company’s stock. Based on data from MarketBeat.com, Chevron has an average rating of “Hold” and a consensus target price of $165.25.

Chevron Stock Performance

Shares of CVX stock opened at $155.63 on Friday. The stock has a fifty day moving average price of $156.04 and a 200 day moving average price of $148.46. The stock has a market cap of $268.92 billion, a PE ratio of 20.03, a P/E/G ratio of 4.42 and a beta of 0.84. Chevron Corporation has a 1 year low of $132.04 and a 1 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.

Chevron (NYSE:CVX) last issued its quarterly earnings data on Friday, August 1st. The oil and gas company reported $1.77 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.58 by $0.19. The firm had revenue of $44.82 billion during 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%.Chevron’s revenue was down 12.4% on a year-over-year basis. During the same period in the previous year, the firm posted $2.55 earnings per share. Sell-side analysts forecast that Chevron Corporation will post 10.79 earnings per share for the current fiscal year.

Chevron Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, September 10th. Investors of record on Tuesday, August 19th were issued 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 4.4%. Chevron’s payout ratio is currently 88.03%.

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.