Wedmont Private Capital Trims Stock Holdings in Chevron Corporation $CVX

Wedmont Private Capital decreased its holdings in Chevron Corporation (NYSE:CVX) by 19.4% in the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 12,104 shares of the oil and gas company’s stock after selling 2,919 shares during the period. Wedmont Private Capital’s holdings in Chevron were worth $1,852,000 at the end of the most recent reporting period.

Several other large investors have also recently modified their holdings of the business. Greenfield Savings Bank increased its stake in shares of Chevron by 0.6% in the second quarter. Greenfield Savings Bank now owns 11,611 shares of the oil and gas company’s stock worth $1,663,000 after purchasing an additional 68 shares in the last quarter. GDS Wealth Management boosted its position in shares of Chevron by 4.4% in the first quarter. GDS Wealth Management now owns 1,706 shares of the oil and gas company’s stock valued at $285,000 after acquiring an additional 72 shares during the period. AIMZ Investment Advisors LLC boosted its position in shares of Chevron by 4.2% in the first quarter. AIMZ Investment Advisors LLC now owns 1,783 shares of the oil and gas company’s stock valued at $298,000 after acquiring an additional 72 shares during the period. Garde Capital Inc. boosted its position in shares of Chevron by 3.2% in the second quarter. Garde Capital Inc. now owns 2,355 shares of the oil and gas company’s stock valued at $337,000 after acquiring an additional 72 shares during the period. Finally, Clayton Financial Group LLC boosted its position in shares of Chevron by 4.6% in the first quarter. Clayton Financial Group LLC now owns 1,702 shares of the oil and gas company’s stock valued at $285,000 after acquiring an additional 75 shares during the period. Hedge funds and other institutional investors own 72.42% of the company’s stock.

Insider Buying and Selling

In other 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 value of $636,480.00. Following the completion of the sale, the vice president directly owned 1,181 shares in the company, valued at approximately $188,960. The trade was a 77.11% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed 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 completion of the sale, the director owned 1,403,045 shares of the company’s stock, valued at approximately $222,102,023.50. The trade was a 21.09% 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 Trading Down 0.8%

Shares of CVX opened at $158.87 on Friday. The firm has a market cap of $274.52 billion, a price-to-earnings ratio of 20.45, a PEG ratio of 2.01 and a beta of 0.90. 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 Corporation has a fifty-two week low of $132.04 and a fifty-two week high of $168.96. The firm has a 50 day moving average price of $155.23 and a 200-day moving average price of $148.98.

Chevron (NYSE:CVX) last announced 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. The firm had revenue of $44.82 billion during the quarter, compared to analyst estimates of $44.59 billion. Chevron had a net margin of 7.02% and a return on equity of 9.90%. The business’s quarterly revenue was down 12.4% on a year-over-year basis. During the same period in the previous year, the business posted $2.55 EPS. As a group, equities research analysts forecast that Chevron Corporation will post 10.79 earnings per share for the current year.

Chevron Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, September 10th. Stockholders of record on Tuesday, August 19th were issued a $1.71 dividend. This represents a $6.84 dividend on an annualized basis and a dividend yield of 4.3%. The ex-dividend date was Tuesday, August 19th. Chevron’s payout ratio is presently 88.03%.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently commented on the stock. Morgan Stanley assumed coverage on shares of Chevron in a research report on Monday, August 4th. They issued an “overweight” rating and a $174.00 price objective for the company. Jefferies Financial Group restated a “buy” rating on shares of Chevron in a research report on Friday, July 18th. Mizuho cut their price objective on shares of Chevron from $192.00 to $191.00 and set an “outperform” rating for the company in a research report on Monday. Piper Sandler raised 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. Finally, Melius Research assumed coverage on shares of Chevron in a research report on Wednesday, August 20th. They issued a “hold” rating and a $155.00 price objective for the company. Eleven investment analysts have rated the stock with a Buy rating, eight have given a Hold rating and three have issued a Sell rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and an average target price of $165.05.

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.