Martin Capital Partners LLC Reduces Stock Position in Chevron Co. (NYSE:CVX)

Martin Capital Partners LLC decreased its holdings in Chevron Co. (NYSE:CVXGet Rating) by 19.8% during the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 36,686 shares of the oil and gas company’s stock after selling 9,038 shares during the quarter. Chevron accounts for about 2.5% of Martin Capital Partners LLC’s investment portfolio, making the stock its 15th largest position. Martin Capital Partners LLC’s holdings in Chevron were worth $5,311,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Norges Bank bought a new stake in Chevron during the 4th quarter worth approximately $3,111,594,000. Vanguard Group Inc. raised its stake in Chevron by 2.7% during the 1st quarter. Vanguard Group Inc. now owns 167,767,288 shares of the oil and gas company’s stock worth $27,317,547,000 after acquiring an additional 4,367,157 shares during the period. 1832 Asset Management L.P. raised its stake in Chevron by 1,886.8% during the 1st quarter. 1832 Asset Management L.P. now owns 2,346,162 shares of the oil and gas company’s stock worth $376,786,000 after acquiring an additional 2,228,072 shares during the period. Dimensional Fund Advisors LP raised its position in shares of Chevron by 17.3% during the first quarter. Dimensional Fund Advisors LP now owns 9,763,275 shares of the oil and gas company’s stock valued at $1,589,915,000 after buying an additional 1,437,047 shares during the last quarter. Finally, Swiss National Bank raised its position in shares of Chevron by 13.6% during the first quarter. Swiss National Bank now owns 8,349,332 shares of the oil and gas company’s stock valued at $1,359,522,000 after buying an additional 998,700 shares during the last quarter. Hedge funds and other institutional investors own 69.30% of the company’s stock.

Wall Street Analyst Weigh In

Several equities research analysts have recently issued reports on the stock. Truist Financial reduced their price objective on shares of Chevron from $170.00 to $166.00 and set a “hold” rating on the stock in a research report on Tuesday, July 19th. HSBC upgraded shares of Chevron from a “hold” rating to a “buy” rating and reduced their price objective for the company from $183.00 to $167.00 in a research report on Wednesday, July 20th. Cowen boosted their price target on shares of Chevron from $119.00 to $120.00 and gave the stock an “outperform” rating in a research report on Monday, August 15th. Piper Sandler boosted their price target on shares of Chevron from $189.00 to $190.00 and gave the stock an “overweight” rating in a research report on Monday, September 12th. Finally, Societe Generale upgraded shares of Chevron from a “hold” rating to a “buy” rating in a research report on Thursday, August 4th. One analyst has rated the stock with a sell rating, six have given a hold rating and fifteen have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $169.20.

Chevron Stock Down 2.6 %

Shares of CVX opened at $156.45 on Monday. The firm has a market capitalization of $307.39 billion, a P/E ratio of 10.44, a P/E/G ratio of 0.60 and a beta of 1.15. Chevron Co. has a 12-month low of $93.31 and a 12-month high of $182.40. The company has a current ratio of 1.31, a quick ratio of 1.11 and a debt-to-equity ratio of 0.15. The firm has a fifty day moving average price of $154.36 and a 200-day moving average price of $160.41.

Chevron (NYSE:CVXGet Rating) last issued its earnings results on Friday, July 29th. The oil and gas company reported $5.82 earnings per share (EPS) 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 net margin of 13.45% and a return on equity of 19.73%. The business’s revenue was up 82.9% on a year-over-year basis. During the same period in the previous year, the firm earned $1.71 earnings per share. Equities research analysts expect that Chevron Co. will post 18.4 earnings per share for the current year.

Chevron Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, September 12th. Investors of record on Friday, August 19th were paid a $1.42 dividend. This represents a $5.68 dividend on an annualized basis and a yield of 3.63%. The ex-dividend date of this dividend was Thursday, August 18th. Chevron’s dividend payout ratio (DPR) is presently 37.89%.

Insider Buying and Selling

In related news, EVP James William Johnson sold 85,300 shares of the company’s stock in a transaction dated Thursday, August 25th. The shares were sold at an average price of $164.01, for a total value of $13,990,053.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In other Chevron news, Director Wanda M. Austin sold 11,432 shares of the business’s stock in a transaction dated Monday, August 1st. The shares were sold at an average price of $161.45, for a total value of $1,845,696.40. Following the completion of the transaction, the director now directly owns 3,560 shares in the company, valued at $574,762. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP James William Johnson sold 85,300 shares of the business’s stock in a transaction dated Thursday, August 25th. The stock was sold at an average price of $164.01, for a total transaction 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 valued at $23,024,499 over the last three months. 0.32% of the stock is owned by company insiders.

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.

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Institutional Ownership by Quarter for Chevron (NYSE:CVX)

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