AdvisorNet Financial Inc Cuts Holdings in Chevron Co. (NYSE:CVX)

AdvisorNet Financial Inc trimmed its holdings in shares of Chevron Co. (NYSE:CVXGet Rating) by 5.5% during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 14,790 shares of the oil and gas company’s stock after selling 856 shares during the period. AdvisorNet Financial Inc’s holdings in Chevron were worth $2,141,000 at the end of the most recent quarter.

Other institutional investors have also added to or reduced their stakes in the company. Secure Asset Management LLC lifted its holdings in shares of Chevron by 15.7% during the 1st quarter. Secure Asset Management LLC now owns 4,382 shares of the oil and gas company’s stock valued at $713,000 after buying an additional 593 shares during the period. Guinness Atkinson Asset Management Inc lifted its holdings in shares of Chevron by 26.4% during the 1st quarter. Guinness Atkinson Asset Management Inc now owns 6,346 shares of the oil and gas company’s stock valued at $1,033,000 after buying an additional 1,326 shares during the period. ACT Wealth Management LLC lifted its holdings in shares of Chevron by 3.0% during the 1st quarter. ACT Wealth Management LLC now owns 4,781 shares of the oil and gas company’s stock valued at $778,000 after buying an additional 140 shares during the period. Verdence Capital Advisors LLC lifted its holdings in shares of Chevron by 4.9% during the 1st quarter. Verdence Capital Advisors LLC now owns 78,544 shares of the oil and gas company’s stock valued at $12,789,000 after buying an additional 3,681 shares during the period. Finally, Smithbridge Asset Management Inc. DE lifted its holdings in shares of Chevron by 2.4% during the 1st quarter. Smithbridge Asset Management Inc. DE now owns 12,278 shares of the oil and gas company’s stock valued at $1,999,000 after buying an additional 290 shares during the period. 69.30% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several equities analysts have recently weighed in on CVX shares. Barclays increased their price target on Chevron from $183.00 to $196.00 and gave the company an “overweight” rating in a report on Tuesday, May 31st. The Goldman Sachs Group reaffirmed a “neutral” rating and issued a $172.00 target price on shares of Chevron in a report on Thursday, August 4th. Piper Sandler raised their target price on Chevron from $189.00 to $190.00 and gave the stock an “overweight” rating in a report on Monday, September 12th. Bank of America raised their target price on Chevron from $178.00 to $180.00 and gave the stock a “buy” rating in a report on Monday, August 1st. Finally, Truist Financial decreased their target price on Chevron from $170.00 to $166.00 and set a “hold” rating on the stock in a report on Tuesday, July 19th. One analyst has rated the stock with a sell rating, six have given a hold rating and fifteen have given a buy rating to the stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $169.20.

Insider Activity

In related news, CFO Pierre R. Breber sold 22,500 shares of Chevron stock in a transaction dated Thursday, August 11th. The stock was sold at an average price of $158.11, for a total value of $3,557,475.00. Following the completion of the transaction, the chief financial officer now owns 7 shares in the company, valued at $1,106.77. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. In related news, CFO Pierre R. Breber sold 22,500 shares of Chevron stock in a transaction dated Thursday, August 11th. The stock was sold at an average price of $158.11, for a total value of $3,557,475.00. Following the completion of the transaction, the chief financial officer now owns 7 shares in the company, valued at $1,106.77. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, EVP James William Johnson sold 85,300 shares of Chevron stock in a transaction dated Thursday, August 25th. The stock was sold at an average price of $164.01, for a total value of $13,990,053.00. The disclosure for this sale can be found here. Insiders sold a total of 141,732 shares of company stock worth $23,024,499 over the last 90 days. Corporate insiders own 0.32% of the company’s stock.

Chevron Trading Down 2.6 %

Shares of Chevron stock opened at $156.45 on Friday. The firm has a market cap of $307.39 billion, a price-to-earnings ratio of 10.44, a PEG ratio of 0.60 and a beta of 1.15. The business has a 50-day moving average price of $154.36 and a 200-day moving average price of $160.37. The company has a quick ratio of 1.11, a current ratio of 1.31 and a debt-to-equity ratio of 0.15. Chevron Co. has a twelve month low of $93.31 and a twelve month high of $182.40.

Chevron (NYSE:CVXGet Rating) last issued its quarterly earnings data on Friday, July 29th. The oil and gas company reported $5.82 earnings per share for the quarter, beating analysts’ consensus estimates of $4.66 by $1.16. The firm had revenue of $68.76 billion during the quarter, compared to analyst estimates of $57.69 billion. Chevron had a return on equity of 19.73% and a net margin of 13.45%. The business’s quarterly revenue was up 82.9% compared to the same quarter last year. During the same quarter last year, the business posted $1.71 earnings per share. Equities research analysts anticipate that Chevron Co. will post 18.4 EPS for the current fiscal year.

Chevron Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Monday, September 12th. Stockholders of record on Friday, August 19th were given a dividend of $1.42 per share. The ex-dividend date was Thursday, August 18th. This represents a $5.68 dividend on an annualized basis and a dividend yield of 3.63%. Chevron’s payout ratio is 37.89%.

Chevron Profile

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Chevron Corporation, through its subsidiaries, engages in integrated energy and chemicals operations worldwide. 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 associated with liquefied natural gas; transportation of crude oil through pipelines; and transportation, storage, and marketing of natural gas, as well as operates a gas-to-liquids plant.

Further Reading

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Institutional Ownership by Quarter for Chevron (NYSE:CVX)

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