Laffer Tengler Investments Inc. Sells 866 Shares of Chevron Corporation $CVX

Laffer Tengler Investments Inc. reduced its position in shares of Chevron Corporation (NYSE:CVX) by 1.3% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 63,638 shares of the oil and gas company’s stock after selling 866 shares during the period. Chevron accounts for about 1.6% of Laffer Tengler Investments Inc.’s holdings, making the stock its 20th biggest position. Laffer Tengler Investments Inc.’s holdings in Chevron were worth $9,112,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently bought and sold shares of the business. Harvest Fund Management Co. Ltd grew its stake 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 worth $25,000 after buying an additional 122 shares in the last quarter. Elequin Capital LP purchased a new stake in Chevron in the first quarter worth approximately $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 worth $31,000 after buying an additional 439 shares during the period. Investment Management Corp VA ADV raised its holdings in Chevron by 171.3% during the first 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 period. Finally, IMG Wealth Management Inc. lifted its stake 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 worth $38,000 after purchasing an additional 91 shares in the last quarter. 72.42% of the stock is owned by institutional investors.

Chevron Stock Up 1.4%

Shares of Chevron stock opened at $155.10 on Monday. Chevron Corporation has a twelve month low of $132.04 and a twelve month high of $168.96. The company has a fifty day moving average price of $155.55 and a 200 day moving average price of $149.80. 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 cap of $268.01 billion, a price-to-earnings ratio of 19.96, a price-to-earnings-growth ratio of 4.40 and a beta of 0.83.

Chevron (NYSE:CVX) last issued its earnings results on Friday, October 31st. The oil and gas company reported $1.85 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.71 by $0.14. The firm had revenue of $48.17 billion for the quarter, compared to analysts’ expectations of $46.99 billion. Chevron had a net margin of 7.02% and a return on equity of 9.90%. Chevron’s revenue was down 1.9% on a year-over-year basis. During the same quarter last year, the company posted $2.48 earnings per share. Equities research analysts forecast that Chevron Corporation will post 10.79 earnings per share for the current fiscal year.

Chevron Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, December 10th. Shareholders of record on Tuesday, November 18th will be paid a dividend of $1.71 per share. This represents a $6.84 dividend on an annualized basis and a yield of 4.4%. The ex-dividend date of this dividend is Tuesday, November 18th. Chevron’s payout ratio is presently 96.20%.

Analyst Ratings Changes

A number of equities research analysts recently weighed in on CVX shares. Bank of America lifted 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. Melius Research initiated coverage on shares of Chevron in a research note on Wednesday, August 20th. They set a “hold” rating and a $155.00 price objective on the stock. Wells Fargo & Company started coverage on Chevron in a research note on Friday, October 17th. They issued an “overweight” rating and a $190.00 price target on the stock. Jefferies Financial Group reaffirmed a “buy” rating on shares of Chevron in a research report on Friday, July 18th. Finally, Morgan Stanley upped their price target on Chevron from $174.00 to $177.00 and gave the stock an “overweight” rating in a report on Monday, November 3rd. One investment 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 issued a Sell rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus target price of $165.45.

Insider Activity

In other Chevron news, Director John B. Hess sold 375,000 shares of the firm’s stock in a transaction that occurred on Friday, August 22nd. The shares were sold at an average price of $158.30, for a total value of $59,362,500.00. Following the sale, the director owned 1,403,045 shares in the company, 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 Securities & Exchange Commission, which can be accessed through this link. Also, VP Alana K. Knowles sold 3,978 shares of the 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 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 position. Additional details regarding this sale are available in the official SEC disclosure. 0.21% of the stock is currently owned by corporate insiders.

Chevron 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.