Allworth Financial LP Sells 63,089 Shares of Chevron Corporation $CVX

Allworth Financial LP decreased its position in shares of Chevron Corporation (NYSE:CVX) by 14.7% during the second quarter, Holdings Channel.com reports. The fund owned 367,543 shares of the oil and gas company’s stock after selling 63,089 shares during the quarter. Allworth Financial LP’s holdings in Chevron were worth $60,924,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds have also modified their holdings of the company. West Family Investments Inc. increased its stake in shares of Chevron by 68.8% in the second quarter. West Family Investments Inc. now owns 7,766 shares of the oil and gas company’s stock worth $1,287,000 after purchasing an additional 3,164 shares in the last quarter. Waverly Advisors LLC lifted its stake in shares of Chevron by 20.5% during the 2nd quarter. Waverly Advisors LLC now owns 177,024 shares of the oil and gas company’s stock valued at $29,343,000 after buying an additional 30,172 shares in the last quarter. Parkside Financial Bank & Trust boosted its holdings in Chevron by 3.4% in the 2nd quarter. Parkside Financial Bank & Trust now owns 19,515 shares of the oil and gas company’s stock worth $3,235,000 after buying an additional 638 shares during the period. Range Advisory LLC increased its stake in Chevron by 2.1% in the 2nd quarter. Range Advisory LLC now owns 4,822 shares of the oil and gas company’s stock worth $799,000 after buying an additional 101 shares in the last quarter. Finally, Brown Lisle Cummings Inc. raised its holdings in Chevron by 2.2% during the second quarter. Brown Lisle Cummings Inc. now owns 15,398 shares of the oil and gas company’s stock valued at $2,552,000 after acquiring an additional 328 shares during the period. 72.42% of the stock is currently owned by institutional investors.

Insider Buying and Selling

In other Chevron news, Director John Hess sold 710,665 shares of the business’s stock in a transaction that occurred on Monday, August 3rd. The stock was sold at an average price of $194.10, for a total transaction of $137,940,076.50. Following the sale, the director directly owned 363,711 shares of the company’s stock, valued at $70,596,305.10. The trade was a 66.15% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, insider R. Pate sold 2,470 shares of the company’s stock in a transaction that occurred on Tuesday, August 18th. The shares were sold at an average price of $205.11, for a total value of $506,621.70. Following the sale, the insider owned 10,794 shares in the company, valued at approximately $2,213,957.34. This trade represents a 18.62% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last three months, insiders have sold 1,152,582 shares of company stock worth $225,853,661. Insiders own 0.56% of the company’s stock.

Wall Street Analyst Weigh In

CVX has been the subject of a number of recent analyst reports. Wall Street Zen raised Chevron from a “hold” rating to a “buy” rating in a research note on Saturday, August 8th. Wells Fargo & Company boosted their price target on Chevron from $226.00 to $230.00 and gave the stock an “overweight” rating in a report on Thursday, September 3rd. UBS Group reaffirmed a “buy” rating on shares of Chevron in a report on Tuesday, June 23rd. Jefferies Financial Group reiterated a “buy” rating and set a $216.00 price objective on shares of Chevron in a research report on Friday, July 10th. Finally, Dbs Bank upgraded shares of Chevron to a “moderate buy” rating in a research report on Thursday, August 6th. Twenty research analysts have rated the stock with a Buy rating, five have issued a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat.com, Chevron presently has an average rating of “Moderate Buy” and an average target price of $211.35.

Chevron Price Performance

Shares of CVX stock traded up $1.49 on Tuesday, reaching $210.09. The company’s stock had a trading volume of 7,699,366 shares, compared to its average volume of 10,633,124. The stock’s fifty day simple moving average is $191.90 and its 200-day simple moving average is $190.01. Chevron Corporation has a 1 year low of $146.49 and a 1 year high of $214.71. The company has a current ratio of 1.25, a quick ratio of 0.98 and a debt-to-equity ratio of 0.19. The company has a market capitalization of $415.08 billion, a price-to-earnings ratio of 20.14, a price-to-earnings-growth ratio of 0.61 and a beta of 0.50.

Chevron (NYSE:CVX) last released its quarterly earnings results on Friday, July 31st. The oil and gas company reported $6.06 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $5.55 by $0.51. Chevron had a net margin of 9.57% and a return on equity of 11.09%. The company had revenue of $67.20 billion for the quarter, compared to the consensus estimate of $62.72 billion. During the same quarter in the prior year, the firm earned $1.77 earnings per share. Chevron’s revenue was up 57.4% on a year-over-year basis. Analysts forecast that Chevron Corporation will post 16.51 earnings per share for the current fiscal year.

Chevron Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, September 10th. Stockholders of record on Wednesday, August 19th will be given a dividend of $1.78 per share. This represents a $7.12 annualized dividend and a dividend yield of 3.4%. The ex-dividend date is Wednesday, August 19th. Chevron’s dividend payout ratio is currently 68.26%.

Key Stories Impacting Chevron

Here are the key news stories impacting Chevron this week:

• Positive Sentiment: Chevron plans to double the number of oil rigs it operates in Venezuela as part of a five-year growth strategy. The expansion is intended to lift production in the country toward approximately 600,000 barrels per day, adding potentially significant upstream growth. Chevron to double oil rigs in Venezuela as part of growth plan
• Positive Sentiment: The company’s planned investment of more than $7 billion over five years, including additional acreage in Venezuela’s Carabobo region, gives CVX a new production-growth avenue. Strong cash flow and expected Hess-related synergies could provide financial flexibility for the program. Chevron doubles down on Venezuela with a $7 billion oil bet
• Positive Sentiment: At the Barclays Energy-Power Conference, management highlighted the Venezuela expansion and broader production-growth plans. Analysts and market commentary continue to point to elevated energy prices, solid earnings and Chevron’s integrated business model as support for the shares. Chevron Barclays conference transcript
• Neutral Sentiment: Chevron’s stock has risen sharply and is close to a record high. BMO remains constructive on the company, but investors must determine whether oil prices, earnings growth and operational improvements can justify further gains at current levels. Chevron’s record run isn’t over yet, BMO says
• Negative Sentiment: The Venezuela strategy carries execution, political and sanctions-related risks. The large capital commitment also raises the stakes if production targets are delayed or oil prices weaken, while the recent rally leaves less room for disappointing results. Chevron stock is near a record high

Chevron Company Profile

Chevron Corporation (NYSE: CVX) is an American multinational energy company engaged in virtually all aspects of the oil and gas industry. As an integrated energy firm, Chevron’s core activities include upstream oil and natural gas exploration and production, midstream transportation and storage, downstream refining and marketing of fuels and lubricants, and petrochemical manufacturing through joint ventures and subsidiaries. The company markets fuels under brands such as Chevron, Texaco and Caltex and supplies a range of products and services to retail customers, industrial users and commercial fleets worldwide.

Chevron traces its corporate lineage to the early petroleum companies that eventually became Standard Oil of California and has evolved through significant mergers and restructurings, including the acquisitions of Gulf Oil and Texaco.