tru Independence LLC Boosts Holdings in Chevron Corporation $CVX

tru Independence LLC raised its holdings in shares of Chevron Corporation (NYSE:CVX) by 1.9% in the 2nd quarter, HoldingsChannel.com reports. The fund owned 32,543 shares of the oil and gas company’s stock after purchasing an additional 615 shares during the period. tru Independence LLC’s holdings in Chevron were worth $4,660,000 at the end of the most recent reporting period.

Several other hedge funds have also recently added to or reduced their stakes in the business. BCS Wealth Management increased its holdings in Chevron by 48.8% during the 2nd quarter. BCS Wealth Management now owns 7,518 shares of the oil and gas company’s stock valued at $1,077,000 after acquiring an additional 2,464 shares in the last quarter. DB Fitzpatrick & Co Inc increased its holdings in Chevron by 1.5% during the 2nd quarter. DB Fitzpatrick & Co Inc now owns 8,718 shares of the oil and gas company’s stock valued at $1,248,000 after acquiring an additional 128 shares in the last quarter. Accurate Wealth Management LLC increased its holdings in Chevron by 4.8% during the 2nd quarter. Accurate Wealth Management LLC now owns 25,882 shares of the oil and gas company’s stock valued at $3,990,000 after acquiring an additional 1,193 shares in the last quarter. Maseco LLP purchased a new position in Chevron during the 2nd quarter valued at about $53,000. Finally, CCM Investment Advisers LLC increased its holdings in Chevron by 0.6% during the 2nd quarter. CCM Investment Advisers LLC now owns 72,761 shares of the oil and gas company’s stock valued at $10,419,000 after acquiring an additional 401 shares in the last quarter. 72.42% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of brokerages have recently commented on CVX. TD Cowen lifted their price target on shares of Chevron from $150.00 to $155.00 and gave the stock a “hold” rating in a report on Monday, August 4th. Melius began coverage on shares of Chevron in a report on Wednesday, August 20th. They set a “hold” rating and a $155.00 price target for the company. Morgan Stanley began coverage on shares of Chevron in a report on Monday, August 4th. They set an “overweight” rating and a $174.00 price target for the company. UBS Group lifted their price target on shares of Chevron from $186.00 to $197.00 and gave the stock a “buy” rating in a report on Wednesday, August 20th. Finally, Jefferies Financial Group reiterated a “buy” rating on shares of Chevron in a report on Friday, July 18th. Eleven research analysts have rated the stock with a Buy rating, eight have assigned a Hold rating and three have given a Sell rating to the company’s stock. According to MarketBeat.com, Chevron presently has an average rating of “Hold” and a consensus price target of $165.05.

Chevron Price Performance

CVX opened at $157.29 on Wednesday. The company’s 50 day simple moving average is $155.46 and its 200 day simple moving average is $149.02. 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 1 year low of $132.04 and a 1 year high of $168.96. The stock has a market capitalization of $271.80 billion, a PE ratio of 20.24, a P/E/G ratio of 1.96 and a beta of 0.90.

Chevron (NYSE:CVX) last released its earnings results 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. Chevron had a net margin of 7.02% and a return on equity of 9.90%. The business had revenue of $44.82 billion for the quarter, compared to analysts’ expectations of $44.59 billion. During the same period last year, the company earned $2.55 earnings per share. The company’s quarterly revenue was down 12.4% on a year-over-year basis. As a group, sell-side analysts expect that Chevron Corporation will post 10.79 EPS for the current year.

Chevron Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Wednesday, September 10th. Investors of record on Tuesday, August 19th were given a $1.71 dividend. The ex-dividend date of this dividend was Tuesday, August 19th. This represents a $6.84 annualized dividend and a dividend yield of 4.3%. Chevron’s dividend payout ratio (DPR) is currently 88.03%.

Insider Activity at Chevron

In other Chevron news, Director John B. Hess sold 375,000 shares of Chevron stock in a transaction that occurred on Friday, August 22nd. The shares were sold at an average price of $158.30, for a total transaction of $59,362,500.00. Following 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 sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, VP Alana K. Knowles sold 3,978 shares of Chevron stock in a transaction that occurred on Friday, August 29th. The shares were sold at an average price of $160.00, for a total transaction of $636,480.00. Following the transaction, the vice president directly owned 1,181 shares in the company, 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. 0.20% of the stock is currently owned by company insiders.

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.