Montgomery Investment Management Inc. Reduces Position in Chevron Corporation $CVX

Montgomery Investment Management Inc. decreased its position in shares of Chevron Corporation (NYSE:CVX) by 6.5% during the 2nd quarter, HoldingsChannel reports. The institutional investor owned 43,185 shares of the oil and gas company’s stock after selling 2,998 shares during the quarter. Chevron comprises 2.4% of Montgomery Investment Management Inc.’s holdings, making the stock its 11th biggest position. Montgomery Investment Management Inc.’s holdings in Chevron were worth $6,184,000 as of its most recent filing with the Securities & Exchange Commission.

Other large investors have also modified their holdings of the company. CCG Wealth Management LLC raised its holdings in shares of Chevron by 2.3% in the first quarter. CCG Wealth Management LLC now owns 6,334 shares of the oil and gas company’s stock valued at $1,060,000 after buying an additional 145 shares during the last quarter. Ignite Planners LLC raised its stake in Chevron by 14.1% during the 1st quarter. Ignite Planners LLC now owns 12,316 shares of the oil and gas company’s stock valued at $2,060,000 after acquiring an additional 1,519 shares during the last quarter. Vista Capital Partners Inc. lifted its position in Chevron by 9.1% during the 1st quarter. Vista Capital Partners Inc. now owns 5,938 shares of the oil and gas company’s stock worth $993,000 after acquiring an additional 495 shares during the period. Oregon Public Employees Retirement Fund grew its stake in shares of Chevron by 0.5% in the 1st quarter. Oregon Public Employees Retirement Fund now owns 143,914 shares of the oil and gas company’s stock valued at $24,075,000 after purchasing an additional 675 shares during the last quarter. Finally, Capital Advisors Inc. OK grew its position in Chevron by 0.3% in the 1st quarter. Capital Advisors Inc. OK now owns 569,258 shares of the oil and gas company’s stock valued at $95,231,000 after buying an additional 1,755 shares during the last quarter. 72.42% of the stock is owned by institutional investors and hedge funds.

Insider Activity at Chevron

In other Chevron news, VP Alana K. Knowles sold 3,978 shares of the company’s stock in a transaction that occurred 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 completion of the transaction, the vice president owned 1,181 shares in the company, valued at $188,960. This represents a 77.11% decrease in their position. 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 stock in a transaction that occurred on Friday, August 22nd. The shares were 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 $222,102,023.50. This trade represents a 21.09% decrease in their position. The disclosure for this sale can be found here. Insiders own 0.21% of the company’s stock.

Chevron Price Performance

Chevron stock opened at $153.53 on Friday. The firm has a fifty day moving average of $156.26 and a 200-day moving average of $149.14. Chevron Corporation has a 52-week low of $132.04 and a 52-week high of $168.96. The company has a quick ratio of 0.74, a current ratio of 1.00 and a debt-to-equity ratio of 0.16. The firm has a market capitalization of $265.30 billion, a P/E ratio of 19.76, a PEG ratio of 1.97 and a beta of 0.84.

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

Chevron Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Wednesday, September 10th. Investors of record on Tuesday, August 19th were issued a dividend of $1.71 per share. This represents a $6.84 annualized dividend and a dividend yield of 4.5%. The ex-dividend date was Tuesday, August 19th. Chevron’s dividend payout ratio (DPR) is presently 88.03%.

Analysts Set New Price Targets

A number of research analysts recently weighed in on the company. Bank of America upped their price objective on Chevron from $170.00 to $185.00 and gave the stock a “buy” rating in a report on Wednesday, September 10th. Scotiabank restated a “sector perform” rating and set a $160.00 price objective (up from $143.00) on shares of Chevron in a research report on Friday, July 11th. Jefferies Financial Group restated a “buy” rating on shares of Chevron in a report on Friday, July 18th. Mizuho decreased their price objective on Chevron from $192.00 to $191.00 and set an “outperform” rating on the stock in a report on Monday, September 15th. 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 target price on the stock. Eleven investment analysts have rated the stock with a Buy rating, eight have given a Hold rating and three have issued a Sell rating to the company. According to MarketBeat, Chevron presently has a consensus rating of “Hold” and a consensus price target of $165.05.

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.