Chevron Corporation $CVX Shares Sold by Lazard Freres Gestion S.A.S.

Lazard Freres Gestion S.A.S. decreased its position in shares of Chevron Corporation (NYSE:CVX) by 43.8% during the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 282,288 shares of the oil and gas company’s stock after selling 220,123 shares during the period. Lazard Freres Gestion S.A.S.’s holdings in Chevron were worth $40,420,000 at the end of the most recent quarter.

Several other hedge funds have also recently bought and sold shares of the company. R Squared Ltd acquired a new stake in Chevron in the 2nd quarter valued at about $268,000. AlTi Global Inc. increased its holdings in shares of Chevron by 2.9% in the 2nd quarter. AlTi Global Inc. now owns 170,442 shares of the oil and gas company’s stock valued at $24,673,000 after acquiring an additional 4,767 shares during the last quarter. Draper Asset Management LLC purchased a new position in shares of Chevron in the 2nd quarter valued at about $456,000. Cardinal Point Capital Management ULC purchased a new position in shares of Chevron in the 2nd quarter valued at about $508,000. Finally, Carnegie Investment Counsel increased its holdings in shares of Chevron by 3.2% in the 2nd quarter. Carnegie Investment Counsel now owns 135,459 shares of the oil and gas company’s stock valued at $19,396,000 after acquiring an additional 4,152 shares during the last quarter. Institutional investors and hedge funds own 72.42% of the company’s stock.

Chevron Stock Up 0.6%

CVX opened at $156.48 on Friday. The company has a debt-to-equity ratio of 0.16, a current ratio of 1.00 and a quick ratio of 0.74. The business has a 50 day simple moving average of $156.05 and a 200-day simple moving average of $148.25. The stock has a market capitalization of $270.39 billion, a P/E ratio of 20.14, a P/E/G ratio of 4.42 and a beta of 0.84. Chevron Corporation has a 12 month low of $132.04 and a 12 month high of $168.96.

Chevron (NYSE:CVX) last issued its quarterly earnings data 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. The firm had revenue of $44.82 billion during the quarter, compared to analysts’ expectations of $44.59 billion. Chevron had a return on equity of 9.90% and a net margin of 7.02%.Chevron’s revenue was down 12.4% on a year-over-year basis. During the same period in the previous year, the firm posted $2.55 earnings per share. On average, equities analysts anticipate that Chevron Corporation will post 10.79 earnings per share for the current fiscal year.

Chevron Dividend Announcement

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

Wall Street Analyst Weigh In

A number of research firms have recently commented on CVX. Morgan Stanley began coverage on Chevron in a report on Monday, August 4th. They issued an “overweight” rating and a $174.00 price objective on the stock. Melius Research began coverage on Chevron in a report on Wednesday, August 20th. They issued a “hold” rating and a $155.00 price objective on the stock. Piper Sandler increased their price objective on Chevron from $164.00 to $168.00 and gave the company an “overweight” rating in a report on Monday, August 18th. Raymond James Financial reiterated an “outperform” rating and issued a $160.00 price objective (down previously from $170.00) on shares of Chevron in a report on Friday, October 17th. Finally, Scotiabank increased their price objective on Chevron from $160.00 to $165.00 and gave the company a “sector perform” rating in a report on Thursday, October 9th. One research analyst has rated the stock with a Strong Buy rating, ten have given a Buy rating, nine have given a Hold rating and three have assigned a Sell rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Hold” and an average target price of $165.25.

Insider Buying and Selling at Chevron

In related news, VP Alana K. Knowles sold 3,978 shares of Chevron 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 transaction, the vice president directly owned 1,181 shares of the company’s stock, valued at approximately $188,960. The trade was a 77.11% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. Also, Director John B. Hess sold 375,000 shares of the firm’s stock in a transaction on 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 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 position. The disclosure for this sale can be found here. Insiders own 0.21% of the company’s stock.

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.