Gradient Investments LLC Decreases Stock Holdings in Chevron Co. (NYSE:CVX)

Gradient Investments LLC decreased its holdings in shares of Chevron Co. (NYSE:CVX) by 0.6% during the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 221,783 shares of the oil and gas company’s stock after selling 1,400 shares during the quarter. Chevron comprises about 0.9% of Gradient Investments LLC’s investment portfolio, making the stock its 27th largest position. Gradient Investments LLC’s holdings in Chevron were worth $34,898,000 at the end of the most recent quarter.

Other hedge funds also recently bought and sold shares of the company. Rebalance LLC bought a new stake in shares of Chevron in the 4th quarter worth about $26,000. NewSquare Capital LLC lifted its holdings in shares of Chevron by 52.3% in the 1st quarter. NewSquare Capital LLC now owns 195 shares of the oil and gas company’s stock worth $32,000 after acquiring an additional 67 shares during the last quarter. Artemis Wealth Advisors LLC bought a new stake in shares of Chevron in the 1st quarter worth about $33,000. Worth Asset Management LLC bought a new stake in shares of Chevron in the 1st quarter worth about $36,000. Finally, HBC Financial Services PLLC bought a new stake in shares of Chevron in the 1st quarter worth about $37,000. Hedge funds and other institutional investors own 68.87% of the company’s stock.

Insider Buying and Selling

In related news, VP Jeff B. Gustavson sold 3,750 shares of the business’s stock in a transaction on Thursday, August 3rd. The shares were sold at an average price of $160.88, for a total value of $603,300.00. Following the completion of the sale, the vice president now owns 1,718 shares of the company’s stock, valued at approximately $276,391.84. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. In related news, CFO Pierre R. Breber sold 25,000 shares of the business’s stock in a transaction on Friday, August 11th. The shares were sold at an average price of $164.00, for a total value of $4,100,000.00. Following the completion of the sale, the chief financial officer now owns 6,021 shares of the company’s stock, valued at approximately $987,444. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, VP Jeff B. Gustavson sold 3,750 shares of the business’s stock in a transaction on Thursday, August 3rd. The stock was sold at an average price of $160.88, for a total transaction of $603,300.00. Following the completion of the sale, the vice president now directly owns 1,718 shares of the company’s stock, valued at approximately $276,391.84. The disclosure for this sale can be found here. 0.18% of the stock is owned by insiders.

Wall Street Analyst Weigh In

Several equities research analysts have recently issued reports on the stock. Citigroup lowered their target price on shares of Chevron from $180.00 to $170.00 in a report on Tuesday, July 11th. JPMorgan Chase & Co. upgraded shares of Chevron from an “underweight” rating to a “neutral” rating and lifted their price objective for the company from $161.00 to $170.00 in a report on Wednesday, May 31st. Truist Financial lifted their price objective on shares of Chevron from $163.00 to $165.00 and gave the company a “hold” rating in a report on Monday, July 31st. The Goldman Sachs Group upgraded shares of Chevron from a “neutral” rating to a “buy” rating and lifted their price objective for the company from $166.00 to $187.00 in a report on Monday, July 31st. Finally, Morgan Stanley lifted their price objective on shares of Chevron from $197.00 to $198.00 and gave the company an “equal weight” rating in a report on Friday, August 18th. Seven analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $190.61.

Chevron Stock Performance

CVX opened at $167.22 on Tuesday. The company has a debt-to-equity ratio of 0.13, a current ratio of 1.43 and a quick ratio of 1.13. The firm has a fifty day moving average price of $160.80 and a 200 day moving average price of $160.15. Chevron Co. has a 1 year low of $140.46 and a 1 year high of $189.68. The stock has a market cap of $312.24 billion, a P/E ratio of 10.60, a P/E/G ratio of 0.88 and a beta of 1.18.

Chevron (NYSE:CVX) last posted its earnings results on Friday, July 28th. The oil and gas company reported $3.08 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.95 by $0.13. Chevron had a net margin of 13.54% and a return on equity of 19.48%. The firm had revenue of $48.90 billion during the quarter, compared to analysts’ expectations of $48 billion. During the same period in the previous year, the business posted $5.82 EPS. The business’s revenue was down 28.9% compared to the same quarter last year. Equities research analysts anticipate that Chevron Co. will post 13.23 earnings per share for the current year.

Chevron Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Monday, September 11th. Investors of record on Friday, August 18th were issued a $1.51 dividend. This represents a $6.04 annualized dividend and a yield of 3.61%. The ex-dividend date was Thursday, August 17th. Chevron’s payout ratio is presently 38.30%.

About Chevron

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; liquefaction, transportation, and regasification associated with liquefied natural gas; transportation of crude oil through pipelines; and processing, transportation, storage, and marketing of natural gas, as well as a gas-to-liquids plant.