Legacy Wealth Management LLC MS Trims Holdings in Chevron Corporation $CVX

Legacy Wealth Management LLC MS decreased its holdings in Chevron Corporation (NYSE:CVX) by 10.6% during the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 4,242 shares of the oil and gas company’s stock after selling 502 shares during the period. Legacy Wealth Management LLC MS’s holdings in Chevron were worth $607,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors have also bought and sold shares of CVX. Bank Pictet & Cie Europe AG increased its stake in shares of Chevron by 7.9% during the fourth quarter. Bank Pictet & Cie Europe AG now owns 35,985 shares of the oil and gas company’s stock valued at $5,212,000 after buying an additional 2,641 shares during the period. Raiffeisen Bank International AG purchased a new position in shares of Chevron during the fourth quarter valued at $258,000. Sherbrooke Park Advisers LLC purchased a new position in shares of Chevron during the fourth quarter valued at $389,000. SGL Investment Advisors Inc. increased its stake in shares of Chevron by 1.5% during the fourth quarter. SGL Investment Advisors Inc. now owns 33,721 shares of the oil and gas company’s stock valued at $5,223,000 after buying an additional 492 shares during the period. Finally, Scissortail Wealth Management LLC increased its stake in shares of Chevron by 23,923.8% during the fourth quarter. Scissortail Wealth Management LLC now owns 5,045 shares of the oil and gas company’s stock valued at $731,000 after buying an additional 5,024 shares during the period. Hedge funds and other institutional investors own 72.42% of the company’s stock.

Chevron Price Performance

Shares of CVX stock opened at $157.23 on Friday. Chevron Corporation has a 1-year low of $132.04 and a 1-year high of $168.96. The stock’s 50-day moving average is $154.67 and its 200 day moving average is $148.89. The company has a market cap of $271.69 billion, a P/E ratio of 20.24, a PEG ratio of 2.00 and a beta of 0.90. The company has a debt-to-equity ratio of 0.16, a current ratio of 1.00 and a quick ratio of 0.74.

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

Chevron Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Wednesday, September 10th. Shareholders of record on Tuesday, August 19th were issued a $1.71 dividend. This represents a $6.84 annualized dividend and a yield of 4.4%. The ex-dividend date of this dividend was Tuesday, August 19th. Chevron’s dividend payout ratio (DPR) is currently 88.03%.

Insider Activity

In other Chevron news, VP Alana K. Knowles sold 3,978 shares of the firm’s stock in a transaction dated 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 sale, the vice president 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 sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director John B. Hess sold 375,000 shares of the firm’s stock in a transaction dated 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 sale, the director directly owned 1,403,045 shares of the company’s stock, valued at approximately $222,102,023.50. This represents a 21.09% decrease in their position. The disclosure for this sale can be found here. 0.21% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

Several equities analysts have recently commented on the company. Raymond James Financial restated an “outperform” rating on shares of Chevron in a research note on Friday, August 1st. Melius Research assumed coverage on Chevron in a research note on Wednesday, August 20th. They set a “hold” rating and a $155.00 price target on the stock. UBS Group raised their price target on Chevron from $186.00 to $197.00 and gave the company a “buy” rating in a research note on Wednesday, August 20th. Piper Sandler raised their price objective on Chevron from $164.00 to $168.00 and gave the company an “overweight” rating in a research report on Monday, August 18th. Finally, Morgan Stanley began coverage on Chevron in a research report on Monday, August 4th. They set an “overweight” rating and a $174.00 price objective on the stock. Eleven research analysts have rated the stock with a Buy rating, eight have assigned a Hold rating and three have assigned a Sell rating to the company’s stock. Based on data from MarketBeat, Chevron currently has a consensus rating of “Hold” and an average price target of $164.80.

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.