Parcion Private Wealth LLC Cuts Holdings in Chevron Co. (NYSE:CVX)

Parcion Private Wealth LLC decreased its position in shares of Chevron Co. (NYSE:CVXGet Rating) by 27.7% in the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 42,952 shares of the oil and gas company’s stock after selling 16,486 shares during the period. Parcion Private Wealth LLC’s holdings in Chevron were worth $6,997,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently made changes to their positions in the company. Your Advocates Ltd. LLP bought a new stake in shares of Chevron during the first quarter valued at approximately $25,000. Joseph P. Lucia & Associates LLC purchased a new position in Chevron during the first quarter valued at approximately $30,000. Joseph Group Capital Management purchased a new position in Chevron in the fourth quarter worth $1,105,000. Rational Advisors LLC grew its holdings in shares of Chevron by 116.3% during the fourth quarter. Rational Advisors LLC now owns 225 shares of the oil and gas company’s stock valued at $26,000 after buying an additional 121 shares during the last quarter. Finally, Steward Financial Group LLC lifted its position in Chevron by 932.0% during the first quarter. Steward Financial Group LLC now owns 258 shares of the oil and gas company’s stock valued at $42,000 after purchasing an additional 233 shares during the period. Hedge funds and other institutional investors own 65.89% of the company’s stock.

Analyst Ratings Changes

A number of brokerages have weighed in on CVX. Bank of America upped their price objective on shares of Chevron from $178.00 to $180.00 and gave the stock a “buy” rating in a research report on Monday. Morgan Stanley upped their price objective on shares of Chevron from $185.00 to $190.00 and gave the company an “equal weight” rating in a research note on Tuesday, July 19th. Truist Financial dropped their price target on shares of Chevron from $170.00 to $166.00 and set a “hold” rating for the company in a research note on Tuesday, July 19th. The Goldman Sachs Group reissued a “neutral” rating and issued a $172.00 price target on shares of Chevron in a research note on Thursday. Finally, Piper Sandler decreased their price objective on shares of Chevron from $213.00 to $189.00 and set an “overweight” rating on the stock in a report on Tuesday, July 19th. One analyst has rated the stock with a sell rating, six have given a hold rating and fifteen have given a buy rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $173.00.

Chevron Price Performance

CVX stock opened at $151.14 on Friday. Chevron Co. has a 1 year low of $92.86 and a 1 year high of $182.40. The company has a debt-to-equity ratio of 0.20, a quick ratio of 1.22 and a current ratio of 1.43. The stock’s 50 day moving average price is $154.86 and its 200 day moving average price is $155.19. The firm has a market cap of $296.96 billion, a P/E ratio of 10.08, a PEG ratio of 0.63 and a beta of 1.15.

Chevron (NYSE:CVXGet Rating) last issued its quarterly earnings results on Friday, July 29th. The oil and gas company reported $5.82 earnings per share for the quarter, topping analysts’ consensus estimates of $4.66 by $1.16. The company had revenue of $68.76 billion for the quarter, compared to analyst estimates of $57.69 billion. Chevron had a return on equity of 20.19% and a net margin of 13.45%. The business’s revenue for the quarter was up 82.9% compared to the same quarter last year. During the same quarter in the prior year, the company posted $1.71 EPS. On average, sell-side analysts expect that Chevron Co. will post 17.51 earnings per share for the current fiscal year.

Chevron Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, September 12th. Investors of record on Friday, August 19th will be issued a $1.42 dividend. The ex-dividend date of this dividend is Thursday, August 18th. This represents a $5.68 annualized dividend and a yield of 3.76%. Chevron’s dividend payout ratio is currently 37.89%.

Insider Activity at Chevron

In other news, insider David A. Inchausti sold 5,600 shares of the firm’s stock in a transaction dated Wednesday, May 11th. The stock was sold at an average price of $164.85, for a total transaction of $923,160.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. In related news, EVP Mark A. Nelson sold 117,400 shares of Chevron stock in a transaction dated Tuesday, May 10th. The stock was sold at an average price of $159.47, for a total value of $18,721,778.00. Following the completion of the transaction, the executive vice president now directly owns 788 shares in the company, valued at $125,662.36. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider David A. Inchausti sold 5,600 shares of the firm’s stock in a transaction dated Wednesday, May 11th. The stock was sold at an average price of $164.85, for a total transaction of $923,160.00. The disclosure for this sale can be found here. In the last three months, insiders sold 399,043 shares of company stock worth $67,010,843. Corporate insiders own 0.32% of the company’s stock.

Chevron Profile

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Chevron Corporation, through its subsidiaries, engages in integrated energy and chemicals operations worldwide. 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 associated with liquefied natural gas; transportation of crude oil through pipelines; and transportation, storage, and marketing of natural gas, as well as operates a gas-to-liquids plant.

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Institutional Ownership by Quarter for Chevron (NYSE:CVX)

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