Ethic Inc. Sells 147 Shares of Chevron Corporation $CVX

Ethic Inc. lessened its holdings in Chevron Corporation (NYSE:CVX) by 0.5% during the 2nd quarter, HoldingsChannel.com reports. The fund owned 27,782 shares of the oil and gas company’s stock after selling 147 shares during the period. Ethic Inc.’s holdings in Chevron were worth $3,995,000 at the end of the most recent quarter.

Several other hedge funds also recently bought and sold shares of CVX. Harvest Fund Management Co. Ltd grew its position in Chevron by 420.7% in the 1st quarter. Harvest Fund Management Co. Ltd now owns 151 shares of the oil and gas company’s stock valued at $25,000 after acquiring an additional 122 shares during the last quarter. Elequin Capital LP bought a new position in Chevron in the 1st quarter valued at $31,000. IMG Wealth Management Inc. grew its position in Chevron by 52.3% in the 2nd quarter. IMG Wealth Management Inc. now owns 265 shares of the oil and gas company’s stock valued at $38,000 after acquiring an additional 91 shares during the last quarter. Cloud Capital Management LLC bought a new position in Chevron in the 1st quarter valued at $39,000. Finally, Investment Management Corp VA ADV grew its position in Chevron by 171.3% in the 1st quarter. Investment Management Corp VA ADV now owns 236 shares of the oil and gas company’s stock valued at $39,000 after acquiring an additional 149 shares during the last quarter. Institutional investors own 72.42% of the company’s stock.

Insiders Place Their Bets

In related news, Director John B. Hess sold 375,000 shares of the company’s stock in a transaction on Friday, August 22nd. The stock was sold at an average price of $158.30, for a total transaction of $59,362,500.00. Following the completion of the sale, the director directly owned 1,403,045 shares in the company, valued at $222,102,023.50. This represents a 21.09% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this link. Also, VP Alana K. Knowles sold 3,978 shares of the company’s stock in a transaction on Friday, August 29th. The stock was sold at an average price of $160.00, for a total value of $636,480.00. Following 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 disclosure for this sale can be found here. Corporate insiders own 0.21% of the company’s stock.

Analyst Ratings Changes

CVX has been the topic of several research analyst reports. Morgan Stanley initiated coverage on Chevron in a research report on Monday, August 4th. They issued an “overweight” rating and a $174.00 price objective on the stock. Barclays lowered their target price on Chevron from $160.00 to $158.00 and set an “equal weight” rating for the company in a report on Tuesday, October 7th. Scotiabank upped their target price on Chevron from $160.00 to $165.00 and gave the stock a “sector perform” rating in a report on Thursday, October 9th. Piper Sandler upped their target price on Chevron from $164.00 to $168.00 and gave the stock an “overweight” rating in a report on Monday, August 18th. Finally, TD Cowen upped their target price on Chevron from $150.00 to $155.00 and gave the stock a “hold” rating in a report on Monday, August 4th. One research analyst has rated the stock with a Strong Buy rating, ten have issued a Buy rating, nine have assigned a Hold rating and three have given a Sell rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus target price of $165.25.

Chevron Trading Up 0.6%

Shares of NYSE 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 stock has a market capitalization of $270.39 billion, a P/E ratio of 20.14, a price-to-earnings-growth ratio of 4.42 and a beta of 0.84. Chevron Corporation has a 1-year low of $132.04 and a 1-year high of $168.96. The business has a fifty day moving average price of $156.05 and a 200 day moving average price of $148.25.

Chevron (NYSE:CVX) last issued its quarterly earnings data on Friday, August 1st. The oil and gas company reported $1.77 earnings per share for the quarter, topping analysts’ consensus estimates 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%.The firm’s quarterly revenue was down 12.4% on a year-over-year basis. During the same period in the prior year, the business posted $2.55 EPS. Equities research analysts expect that Chevron Corporation will post 10.79 EPS for the current fiscal year.

Chevron Announces Dividend

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

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.