Chemung Canal Trust Co. Reduces Stake in Chevron Corporation $CVX

Chemung Canal Trust Co. lowered its position in Chevron Corporation (NYSE:CVX) by 2.9% during the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 13,183 shares of the oil and gas company’s stock after selling 389 shares during the period. Chemung Canal Trust Co.’s holdings in Chevron were worth $1,888,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds have also bought and sold shares of the stock. Wealthcare Advisory Partners LLC boosted its position in Chevron by 21.2% in the 2nd quarter. Wealthcare Advisory Partners LLC now owns 34,293 shares of the oil and gas company’s stock worth $4,910,000 after purchasing an additional 5,990 shares in the last quarter. Tandem Investment Partners LLC boosted its position in Chevron by 17.0% in the 2nd quarter. Tandem Investment Partners LLC now owns 1,999 shares of the oil and gas company’s stock worth $286,000 after purchasing an additional 290 shares in the last quarter. Firethorn Wealth Partners LLC boosted its position in Chevron by 4.2% in the 2nd quarter. Firethorn Wealth Partners LLC now owns 4,195 shares of the oil and gas company’s stock worth $601,000 after purchasing an additional 169 shares in the last quarter. Talbot Financial LLC boosted its position in Chevron by 29.5% in the 2nd quarter. Talbot Financial LLC now owns 147,048 shares of the oil and gas company’s stock worth $21,056,000 after purchasing an additional 33,466 shares in the last quarter. Finally, Silvia Mccoll Wealth Management LLC boosted its position in Chevron by 0.8% in the 2nd quarter. Silvia Mccoll Wealth Management LLC now owns 39,995 shares of the oil and gas company’s stock worth $5,727,000 after purchasing an additional 330 shares in the last quarter. Hedge funds and other institutional investors own 72.42% of the company’s stock.

Wall Street Analyst Weigh In

A number of research analysts have recently issued reports on the company. Jefferies Financial Group reiterated a “buy” rating on shares of Chevron in a research report on Friday, July 18th. Weiss Ratings reiterated a “hold (c)” rating on shares of Chevron in a research report on Saturday, September 27th. Bank of America increased their target price on Chevron from $170.00 to $185.00 and gave the company a “buy” rating in a research report on Wednesday, September 10th. Piper Sandler increased their target price on Chevron from $164.00 to $168.00 and gave the company an “overweight” rating in a research report on Monday, August 18th. Finally, Evercore ISI reiterated an “outperform” rating and set a $180.00 target price on shares of Chevron in a research report on Thursday, July 31st. Eleven investment analysts have rated the stock with a Buy rating, nine have assigned a Hold rating and three have assigned a Sell rating to the stock. According to MarketBeat, the stock currently has an average rating of “Hold” and a consensus target price of $165.05.

Insider Buying and Selling

In other Chevron news, VP Alana K. Knowles sold 3,978 shares of the firm’s stock in a transaction on Friday, August 29th. The stock was sold at an average price of $160.00, for a total transaction of $636,480.00. Following the completion of the sale, the vice president owned 1,181 shares of the company’s stock, valued at $188,960. This trade represents a 77.11% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director John B. Hess sold 375,000 shares of the company’s stock in a transaction on Friday, August 22nd. The shares were sold at an average price of $158.30, for a total value of $59,362,500.00. Following the completion of the transaction, the director directly owned 1,403,045 shares in the company, valued at approximately $222,102,023.50. This trade represents a 21.09% decrease in their position. The disclosure for this sale can be found here. 0.21% of the stock is owned by company insiders.

Chevron Price Performance

Chevron stock opened at $153.59 on Friday. Chevron Corporation has a 52-week low of $132.04 and a 52-week high of $168.96. The firm has a market capitalization of $265.40 billion, a price-to-earnings ratio of 19.77, a PEG ratio of 1.99 and a beta of 0.84. The company has a fifty day simple moving average of $156.23 and a 200-day simple moving average of $148.99. The company has a quick ratio of 0.74, a current ratio of 1.00 and a debt-to-equity ratio of 0.16.

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 analysts’ consensus estimates 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 during the quarter, compared to analyst estimates of $44.59 billion. During the same quarter in the prior year, the firm earned $2.55 earnings per share. The company’s revenue for the quarter was down 12.4% compared to the same quarter last year. On average, equities analysts anticipate that Chevron Corporation will post 10.79 EPS for the current fiscal year.

Chevron Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Wednesday, September 10th. Stockholders of record on Tuesday, August 19th were issued a dividend of $1.71 per share. The ex-dividend date was Tuesday, August 19th. This represents a $6.84 dividend on an annualized basis and a dividend yield of 4.5%. Chevron’s dividend payout ratio (DPR) is currently 88.03%.

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.