Zhang Financial LLC Raises Holdings in Chevron Corporation $CVX

Zhang Financial LLC raised its holdings in shares of Chevron Corporation (NYSE:CVX) by 20.1% in the 2nd quarter, HoldingsChannel reports. The fund owned 6,613 shares of the oil and gas company’s stock after buying an additional 1,106 shares during the quarter. Zhang Financial LLC’s holdings in Chevron were worth $947,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also made changes to their positions in CVX. Kingstone Capital Partners Texas LLC boosted its position in shares of Chevron by 652,139.5% during the 2nd quarter. Kingstone Capital Partners Texas LLC now owns 83,714,936 shares of the oil and gas company’s stock worth $13,214,757,000 after acquiring an additional 83,702,101 shares in the last quarter. GQG Partners LLC acquired a new position in shares of Chevron during the 1st quarter worth about $1,466,751,000. Nuveen LLC acquired a new stake in shares of Chevron in the 1st quarter valued at about $1,362,232,000. Charles Schwab Investment Management Inc. boosted its position in shares of Chevron by 4.9% in the 1st quarter. Charles Schwab Investment Management Inc. now owns 33,430,030 shares of the oil and gas company’s stock valued at $5,592,263,000 after purchasing an additional 1,574,464 shares during the period. Finally, Canada Pension Plan Investment Board boosted its position in shares of Chevron by 141.2% in the 1st quarter. Canada Pension Plan Investment Board now owns 1,891,824 shares of the oil and gas company’s stock valued at $316,483,000 after purchasing an additional 1,107,628 shares during the period. 72.42% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of brokerages recently issued reports on CVX. Morgan Stanley began coverage on Chevron in a research report on Monday, August 4th. They issued an “overweight” rating and a $174.00 target price for the company. UBS Group upped their target price on Chevron from $186.00 to $197.00 and gave the company a “buy” rating in a research report on Wednesday, August 20th. Scotiabank upped their target price on Chevron from $160.00 to $165.00 and gave the company a “sector perform” rating in a research report on Thursday, October 9th. Barclays decreased their target price on Chevron from $160.00 to $158.00 and set an “equal weight” rating for the company in a research report on Tuesday, October 7th. Finally, Evercore ISI reissued an “outperform” rating and issued a $180.00 target price on shares of Chevron in a research report on Thursday, July 31st. One investment analyst has rated the stock with a Strong Buy rating, ten have assigned a Buy rating, nine have given a Hold rating and three have given a Sell rating to the company’s stock. Based on data from MarketBeat, Chevron has a consensus rating of “Hold” and a consensus target price of $165.25.

Insider Buying and Selling

In other news, VP Alana K. Knowles sold 3,978 shares of the stock in a transaction that occurred 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. This represents a 77.11% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, Director John B. Hess sold 375,000 shares of the stock in a transaction that occurred 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 approximately $222,102,023.50. This trade represents a 21.09% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Corporate insiders own 0.20% of the company’s stock.

Chevron Stock Down 0.7%

Chevron stock opened at $154.16 on Wednesday. Chevron Corporation has a twelve month low of $132.04 and a twelve month high of $168.96. The stock has a 50 day moving average of $156.07 and a two-hundred day moving average of $148.68. The company has a current ratio of 1.00, a quick ratio of 0.74 and a debt-to-equity ratio of 0.16. The stock has a market capitalization 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 (NYSE:CVX) last posted 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 company 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 revenue for the quarter was down 12.4% on a year-over-year basis. During the same period last year, the firm earned $2.55 EPS. As a group, research analysts expect that Chevron Corporation will post 10.79 earnings per share for the current year.

Chevron Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Wednesday, September 10th. Stockholders 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 of this dividend was Tuesday, August 19th. Chevron’s dividend payout ratio is 88.03%.

About Chevron

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.