Chevron Corporation $CVX Shares Sold by Advisors Capital Management LLC

Advisors Capital Management LLC cut its stake in shares of Chevron Corporation (NYSE:CVX) by 4.8% in the second quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 565,653 shares of the oil and gas company’s stock after selling 28,774 shares during the quarter. Chevron makes up approximately 1.1% of Advisors Capital Management LLC’s portfolio, making the stock its 18th biggest position. Advisors Capital Management LLC’s holdings in Chevron were worth $80,996,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also modified their holdings of the company. Harvest Fund Management Co. Ltd raised its stake in Chevron by 420.7% in the first quarter. Harvest Fund Management Co. Ltd now owns 151 shares of the oil and gas company’s stock valued at $25,000 after buying an additional 122 shares in the last quarter. Elequin Capital LP purchased a new position in shares of Chevron in the 1st quarter valued at about $31,000. Quaker Wealth Management LLC raised its position in shares of Chevron by 197.7% during the 2nd quarter. Quaker Wealth Management LLC now owns 217 shares of the oil and gas company’s stock worth $31,000 after acquiring an additional 439 shares in the last quarter. IMG Wealth Management Inc. lifted its stake in Chevron by 52.3% during the second 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 during the last quarter. Finally, Investment Management Corp VA ADV boosted its holdings in Chevron by 171.3% in 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 purchasing an additional 149 shares in the last quarter. 72.42% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling

In other Chevron news, VP Alana K. Knowles sold 3,978 shares of the company’s 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 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 ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director John B. Hess sold 375,000 shares of the firm’s stock in a transaction 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 completion of the transaction, the director owned 1,403,045 shares of the company’s stock, valued at approximately $222,102,023.50. This represents a 21.09% decrease in their position. The SEC filing for this sale provides additional information. Corporate insiders own 0.21% of the company’s stock.

Chevron Price Performance

Chevron stock opened at $155.42 on Friday. The company has a market cap of $312.95 billion, a P/E ratio of 20.00, a price-to-earnings-growth ratio of 4.40 and a beta of 0.83. Chevron Corporation has a one year low of $132.04 and a one year high of $168.96. The business has a fifty day moving average of $155.19 and a two-hundred day moving average of $150.10. The company has a debt-to-equity ratio of 0.16, a quick ratio of 0.74 and a current ratio of 1.00.

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

Chevron Announces Dividend

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 of this dividend is Tuesday, November 18th. This represents a $6.84 annualized dividend and a dividend yield of 4.4%. Chevron’s payout ratio is 96.20%.

Analyst Ratings Changes

A number of research analysts recently commented on the stock. Evercore ISI reaffirmed an “outperform” rating and issued a $180.00 target price on shares of Chevron in a research report on Thursday, July 31st. Wall Street Zen raised Chevron from a “sell” rating to a “hold” rating in a report on Saturday, November 8th. Mizuho boosted their target price on Chevron from $191.00 to $204.00 and gave the company an “outperform” rating in a report on Thursday. Wells Fargo & Company started coverage on Chevron in a report on Friday, October 17th. They issued an “overweight” rating and a $190.00 price objective for the company. Finally, Morgan Stanley raised their target price on shares of Chevron from $177.00 to $180.00 and gave the stock an “overweight” rating in a research report on Thursday. One investment analyst has rated the stock with a Strong Buy rating, ten have issued a Buy rating, nine have given a Hold rating and three have issued a Sell rating to the stock. According to MarketBeat, the stock presently has an average rating of “Hold” and a consensus price target of $166.25.

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.