Chevron Corporation $CVX Shares Bought by Econ Financial Services Corp

Econ Financial Services Corp grew its position in shares of Chevron Corporation (NYSE:CVX) by 28.2% during the second quarter, Holdings Channel reports. The firm owned 17,978 shares of the oil and gas company’s stock after acquiring an additional 3,952 shares during the quarter. Chevron makes up approximately 1.3% of Econ Financial Services Corp’s portfolio, making the stock its 21st biggest holding. Econ Financial Services Corp’s holdings in Chevron were worth $2,574,000 at the end of the most recent quarter.

Other large investors also recently added to or reduced their stakes in the company. Harvest Fund Management Co. Ltd raised its stake in shares of Chevron by 420.7% in the first 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 in the last quarter. Elequin Capital LP acquired a new stake in shares of Chevron in the first quarter valued at $31,000. Quaker Wealth Management LLC raised its stake in shares of Chevron by 197.7% in the second quarter. Quaker Wealth Management LLC now owns 217 shares of the oil and gas company’s stock valued at $31,000 after acquiring an additional 439 shares in the last quarter. IMG Wealth Management Inc. raised its stake in shares of Chevron by 52.3% in the second 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 in the last quarter. Finally, Cloud Capital Management LLC acquired a new stake in shares of Chevron in the first quarter valued at $39,000. 72.42% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity

In other Chevron news, 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 transaction of $59,362,500.00. Following the transaction, the director owned 1,403,045 shares of the company’s stock, valued at approximately $222,102,023.50. This trade represents a 21.09% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, 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 transaction, the vice president directly owned 1,181 shares in the company, valued at approximately $188,960. The trade was a 77.11% decrease in their position. The SEC filing for this sale provides additional information. Company insiders own 0.20% of the company’s stock.

Wall Street Analyst Weigh In

CVX has been the topic of several analyst reports. Evercore ISI reiterated an “outperform” rating and issued a $180.00 price objective on shares of Chevron in a research note on Thursday, July 31st. Weiss Ratings reissued a “hold (c)” rating on shares of Chevron in a report on Wednesday, October 8th. Mizuho dropped their target price on Chevron from $192.00 to $191.00 and set an “outperform” rating on the stock in a report on Monday, September 15th. Raymond James Financial reissued an “outperform” rating and issued a $160.00 target price (down previously from $170.00) on shares of Chevron in a report on Friday, October 17th. Finally, Melius Research initiated coverage on Chevron in a report on Wednesday, August 20th. They issued a “hold” rating and a $155.00 target price on the stock. One equities research analyst has rated the stock with a Strong Buy rating, ten have issued a Buy rating, nine have issued a Hold rating and three have given a Sell rating to the company. According to data from MarketBeat.com, Chevron presently has a consensus rating of “Hold” and a consensus target price of $165.25.

Chevron Stock Performance

Shares of CVX stock opened at $154.16 on Wednesday. The stock’s 50-day moving average is $156.07 and its two-hundred day moving average is $148.68. The firm has a market cap of $266.39 billion, a price-to-earnings ratio of 19.84, a PEG ratio of 4.41 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 company has a debt-to-equity ratio of 0.16, a quick ratio of 0.74 and a current ratio of 1.00.

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 company had revenue of $44.82 billion for the quarter, compared to analyst estimates of $44.59 billion. Chevron had a return on equity of 9.90% and a net margin of 7.02%.The business’s quarterly revenue was down 12.4% compared to the same quarter last year. During the same quarter last year, the company posted $2.55 earnings per share. Analysts predict that Chevron Corporation will post 10.79 earnings per share for the current year.

Chevron Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, September 10th. Shareholders 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 dividend yield of 4.4%. Chevron’s dividend payout ratio (DPR) is presently 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.