Anchor Capital Advisors LLC Cuts Stock Holdings in Chevron Corporation $CVX

Anchor Capital Advisors LLC trimmed its position in shares of Chevron Corporation (NYSE:CVX) by 1.0% during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 118,656 shares of the oil and gas company’s stock after selling 1,146 shares during the quarter. Anchor Capital Advisors LLC’s holdings in Chevron were worth $16,990,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds have also recently bought and sold shares of the company. Penserra Capital Management LLC boosted its holdings in shares of Chevron by 17.6% in the 1st quarter. Penserra Capital Management LLC now owns 5,155 shares of the oil and gas company’s stock worth $862,000 after buying an additional 773 shares during the last quarter. Trek Financial LLC boosted its holdings in shares of Chevron by 16.5% in the 1st quarter. Trek Financial LLC now owns 9,298 shares of the oil and gas company’s stock worth $1,555,000 after buying an additional 1,316 shares during the last quarter. Silverlake Wealth Management LLC boosted its holdings in shares of Chevron by 0.7% in the 1st quarter. Silverlake Wealth Management LLC now owns 10,929 shares of the oil and gas company’s stock worth $1,828,000 after buying an additional 78 shares during the last quarter. CORDA Investment Management LLC. boosted its holdings in shares of Chevron by 12.1% in the 1st quarter. CORDA Investment Management LLC. now owns 15,470 shares of the oil and gas company’s stock worth $2,588,000 after buying an additional 1,664 shares during the last quarter. Finally, Optimum Investment Advisors boosted its holdings in shares of Chevron by 10.7% in the 1st quarter. Optimum Investment Advisors now owns 4,252 shares of the oil and gas company’s stock worth $711,000 after buying an additional 410 shares during the last quarter. 72.42% of the stock is owned by hedge funds and other institutional investors.

Chevron Trading Down 0.4%

Shares of CVX opened at $152.76 on Thursday. The business’s 50-day moving average price is $155.78 and its 200-day moving average price is $149.45. Chevron Corporation has a twelve month low of $132.04 and a twelve month high of $168.96. The stock has a market cap of $263.97 billion, a PE ratio of 19.66, a P/E/G ratio of 4.40 and a beta of 0.84. 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 announced its quarterly earnings results on Friday, October 31st. The oil and gas company reported $1.85 earnings per share for the quarter, beating the consensus estimate of $1.71 by $0.14. Chevron had a return on equity of 9.90% and a net margin of 7.02%.The firm had revenue of $49.73 billion for the quarter, compared to analysts’ expectations of $46.99 billion. During the same period in the prior year, the business posted $2.48 earnings per share. The company’s revenue was down 1.9% on a year-over-year basis. On average, equities analysts forecast that Chevron Corporation will post 10.79 EPS for the current fiscal year.

Chevron Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, December 10th. Stockholders of record on Tuesday, November 18th will be given a dividend of $1.71 per share. The ex-dividend date is Tuesday, November 18th. This represents a $6.84 annualized dividend and a dividend yield of 4.5%. Chevron’s dividend payout ratio is currently 96.20%.

Analysts Set New Price Targets

A number of equities analysts recently weighed in on the stock. UBS Group boosted their price target on shares of Chevron from $186.00 to $197.00 and gave the stock a “buy” rating in a report on Wednesday, August 20th. Piper Sandler upped their price objective on shares of Chevron from $164.00 to $168.00 and gave the company an “overweight” rating in a report on Monday, August 18th. Bank of America upped their price objective on shares of Chevron from $170.00 to $185.00 and gave the company a “buy” rating in a report on Wednesday, September 10th. Raymond James Financial reaffirmed an “outperform” rating and set a $160.00 price objective (down from $170.00) on shares of Chevron in a report on Friday, October 17th. Finally, Melius Research began coverage on shares of Chevron in a report on Wednesday, August 20th. They set a “hold” rating and a $155.00 price objective on the stock. One research analyst has rated the stock with a Strong Buy rating, ten have assigned a Buy rating, nine have assigned a Hold rating and three have issued a Sell rating to the stock. According to MarketBeat.com, Chevron currently has an average rating of “Hold” and a consensus price target of $165.40.

Insider Activity

In other news, Director John B. Hess sold 375,000 shares of the company’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 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 ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this link. Also, VP Alana K. Knowles sold 3,978 shares of the company’s 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 owned 1,181 shares in the company, valued at approximately $188,960. This trade represents a 77.11% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Corporate insiders own 0.21% of the company’s stock.

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.