Russell Investments Group Ltd. Sells 382,874 Shares of Chevron Corporation $CVX

Russell Investments Group Ltd. trimmed its position in shares of Chevron Corporation (NYSE:CVX) by 33.7% during the 2nd quarter, Holdings Channel reports. The fund owned 754,741 shares of the oil and gas company’s stock after selling 382,874 shares during the period. Russell Investments Group Ltd.’s holdings in Chevron were worth $108,079,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently modified their holdings of CVX. Maia Wealth LLC raised its stake in Chevron by 49.5% during the second quarter. Maia Wealth LLC now owns 5,892 shares of the oil and gas company’s stock valued at $844,000 after purchasing an additional 1,950 shares in the last quarter. Correct Capital Wealth Management increased its holdings in shares of Chevron by 8.6% in the 2nd quarter. Correct Capital Wealth Management now owns 12,938 shares of the oil and gas company’s stock worth $1,853,000 after buying an additional 1,021 shares during the last quarter. Country Trust Bank raised its position in shares of Chevron by 0.8% during the 2nd quarter. Country Trust Bank now owns 194,389 shares of the oil and gas company’s stock valued at $27,835,000 after buying an additional 1,483 shares in the last quarter. Richmond Investment Services LLC purchased a new stake in shares of Chevron during the 2nd quarter valued at about $266,000. Finally, J.W. Cole Advisors Inc. lifted its holdings in shares of Chevron by 18.9% in the 2nd quarter. J.W. Cole Advisors Inc. now owns 129,860 shares of the oil and gas company’s stock valued at $18,595,000 after acquiring an additional 20,624 shares during the last quarter. 72.42% of the stock is owned by hedge funds and other institutional investors.

Chevron Stock Performance

Chevron stock opened at $149.72 on Thursday. The company has a debt-to-equity ratio of 0.16, a quick ratio of 0.74 and a current ratio of 1.00. The company has a market capitalization of $301.47 billion, a PE ratio of 19.27, a P/E/G ratio of 4.40 and a beta of 0.83. The company has a 50 day moving average price of $154.25 and a 200-day moving average price of $151.10. Chevron Corporation has a fifty-two week low of $132.04 and a fifty-two week high of $168.96.

Chevron (NYSE:CVX) last announced its quarterly earnings data on Friday, October 31st. The oil and gas company reported $1.85 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.71 by $0.14. The company had revenue of $48.17 billion for the quarter, compared to analysts’ expectations of $46.99 billion. Chevron had a return on equity of 9.90% and a net margin of 7.02%.Chevron’s revenue was down 1.9% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $2.48 earnings per share. As a group, equities analysts forecast that Chevron Corporation will post 10.79 earnings per share for the current year.

Chevron Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Wednesday, December 10th. Stockholders of record on Tuesday, November 18th will be paid 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 4.6%. Chevron’s dividend payout ratio (DPR) is currently 96.20%.

Insider Activity

In other Chevron news, Director John B. Hess sold 275,000 shares of the stock in a transaction dated Thursday, November 20th. The shares were sold at an average price of $150.75, for a total transaction of $41,456,250.00. Following the transaction, the director directly owned 1,128,045 shares in the company, valued at $170,052,783.75. This represents a 19.60% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, VP Alana K. Knowles sold 3,978 shares of the business’s stock in a transaction dated Friday, August 29th. The shares were sold at an average price of $160.00, for a total transaction of $636,480.00. Following the completion of the sale, the vice president owned 1,181 shares of the company’s stock, valued at approximately $188,960. This represents a 77.11% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders own 0.21% of the company’s stock.

Wall Street Analyst Weigh In

CVX has been the topic of several analyst reports. Melius Research started coverage on Chevron in a research note on Wednesday, August 20th. They set a “hold” rating and a $155.00 price objective on the stock. Piper Sandler cut their target price on Chevron from $171.00 to $169.00 and set an “overweight” rating on the stock in a research report on Monday, November 10th. Bank of America increased their price target on Chevron from $170.00 to $185.00 and gave the company a “buy” rating in a report on Wednesday, September 10th. Wells Fargo & Company lifted their price objective on shares of Chevron from $190.00 to $196.00 and gave the stock an “overweight” rating in a research note on Friday, November 14th. Finally, Weiss Ratings reiterated a “hold (c)” rating on shares of Chevron in a research report on Wednesday, October 8th. Ten research analysts have rated the stock with a Buy rating, nine have issued a Hold rating and four have assigned a Sell rating to the company. According to MarketBeat.com, Chevron presently has a consensus rating of “Hold” and a consensus price target of $165.58.

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.