Secure Asset Management LLC Lowers Stake in Chevron Corporation $CVX

Secure Asset Management LLC lowered its position in shares of Chevron Corporation (NYSE:CVX) by 20.7% during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 14,271 shares of the oil and gas company’s stock after selling 3,715 shares during the quarter. Secure Asset Management LLC’s holdings in Chevron were worth $2,043,000 as of its most recent SEC filing.

Several other large investors have also added to or reduced their stakes in the company. Baader Bank Aktiengesellschaft lifted its holdings in Chevron by 20.0% during the second quarter. Baader Bank Aktiengesellschaft now owns 2,500 shares of the oil and gas company’s stock valued at $358,000 after purchasing an additional 416 shares in the last quarter. Sumitomo Mitsui DS Asset Management Company Ltd lifted its holdings in Chevron by 3.0% during the second quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 608,901 shares of the oil and gas company’s stock valued at $87,189,000 after purchasing an additional 17,805 shares in the last quarter. Shira Ridge Wealth Management raised its position in shares of Chevron by 58.0% during the second quarter. Shira Ridge Wealth Management now owns 2,150 shares of the oil and gas company’s stock valued at $308,000 after buying an additional 789 shares during the last quarter. KMG Fiduciary Partners LLC raised its position in shares of Chevron by 1.7% during the second quarter. KMG Fiduciary Partners LLC now owns 74,518 shares of the oil and gas company’s stock valued at $10,670,000 after buying an additional 1,265 shares during the last quarter. Finally, Focus Financial Network Inc. raised its position in shares of Chevron by 6.5% during the second quarter. Focus Financial Network Inc. now owns 17,913 shares of the oil and gas company’s stock valued at $2,565,000 after buying an additional 1,097 shares during the last quarter. Hedge funds and other institutional investors own 72.42% of the company’s stock.

Insider Transactions at Chevron

In related news, VP Alana K. Knowles sold 3,978 shares of the company’s stock in a transaction dated Friday, August 29th. The shares were sold at an average price of $160.00, for a total value of $636,480.00. Following the completion of the sale, the vice president directly owned 1,181 shares of the company’s stock, valued at $188,960. This represents a 77.11% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director John B. Hess sold 375,000 shares of the company’s stock in a transaction dated Friday, August 22nd. The stock was sold at an average price of $158.30, for a total transaction of $59,362,500.00. Following the completion of the sale, the director directly owned 1,403,045 shares of the company’s stock, valued at approximately $222,102,023.50. This trade represents a 21.09% decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.21% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

CVX has been the topic of several recent analyst reports. UBS Group lifted their price objective on shares of Chevron from $186.00 to $197.00 and gave the company a “buy” rating in a research report on Wednesday, August 20th. TD Cowen lifted their price objective on shares of Chevron from $150.00 to $155.00 and gave the company a “hold” rating in a research report on Monday, August 4th. Scotiabank reiterated a “sector perform” rating and set a $160.00 price objective (up previously from $143.00) on shares of Chevron in a research report on Friday, July 11th. Bank of America lifted their price objective on shares of Chevron from $170.00 to $185.00 and gave the company a “buy” rating in a research report on Wednesday, September 10th. Finally, Melius began coverage on shares of Chevron in a research report on Wednesday, August 20th. They issued a “hold” rating and a $155.00 price target on the stock. Eleven equities research analysts have rated the stock with a Buy rating, eight have issued a Hold rating and three have assigned a Sell rating to the stock. Based on data from MarketBeat, Chevron currently has a consensus rating of “Hold” and an average target price of $165.05.

Chevron Stock Up 0.3%

Shares of CVX opened at $159.98 on Thursday. The firm has a market capitalization of $276.44 billion, a P/E ratio of 20.59, a P/E/G ratio of 2.00 and a beta of 0.90. Chevron Corporation has a 12-month low of $132.04 and a 12-month high of $168.96. The company has a current ratio of 1.00, a quick ratio of 0.74 and a debt-to-equity ratio of 0.16. The firm has a fifty day moving average price of $155.13 and a 200-day moving average price of $148.94.

Chevron (NYSE:CVX) last issued its earnings results on Friday, August 1st. The oil and gas company reported $1.77 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.58 by $0.19. The firm had revenue of $44.82 billion during the quarter, compared to analyst estimates of $44.59 billion. Chevron had a net margin of 7.02% and a return on equity of 9.90%. The business’s revenue was down 12.4% on a year-over-year basis. During the same period in the previous year, the firm earned $2.55 earnings per share. Equities research analysts expect that Chevron Corporation will post 10.79 earnings per share for the current year.

Chevron Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, September 10th. Investors of record on Tuesday, August 19th were paid a $1.71 dividend. The ex-dividend date of this dividend was Tuesday, August 19th. This represents a $6.84 dividend on an annualized basis and a yield of 4.3%. Chevron’s dividend payout ratio is 88.03%.

Chevron 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.