Elite Wealth Management Inc. Sells 115 Shares of Chevron Corporation $CVX

Elite Wealth Management Inc. lowered its position in shares of Chevron Corporation (NYSE:CVX) by 3.1% in the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 3,622 shares of the oil and gas company’s stock after selling 115 shares during the quarter. Chevron makes up about 0.2% of Elite Wealth Management Inc.’s investment portfolio, making the stock its 25th largest position. Elite Wealth Management Inc.’s holdings in Chevron were worth $519,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Castellan Group increased its holdings in Chevron by 10.7% in the second quarter. Castellan Group now owns 20,405 shares of the oil and gas company’s stock valued at $2,922,000 after purchasing an additional 1,965 shares during the last quarter. Horizon Bancorp Inc. IN increased its holdings in Chevron by 122.1% in the second quarter. Horizon Bancorp Inc. IN now owns 3,043 shares of the oil and gas company’s stock valued at $436,000 after purchasing an additional 1,673 shares during the last quarter. Baldwin Wealth Partners LLC MA increased its holdings in Chevron by 0.5% in the second quarter. Baldwin Wealth Partners LLC MA now owns 71,776 shares of the oil and gas company’s stock valued at $10,278,000 after purchasing an additional 366 shares during the last quarter. Callan Family Office LLC increased its holdings in Chevron by 82.0% in the second quarter. Callan Family Office LLC now owns 64,898 shares of the oil and gas company’s stock valued at $9,293,000 after purchasing an additional 29,234 shares during the last quarter. Finally, Court Place Advisors LLC increased its holdings in Chevron by 3.2% in the second quarter. Court Place Advisors LLC now owns 7,518 shares of the oil and gas company’s stock valued at $1,077,000 after purchasing an additional 232 shares during the last quarter. Institutional investors own 72.42% of the company’s stock.

Insider Activity

In other news, VP Alana K. Knowles sold 3,978 shares of the company’s stock in a transaction dated Friday, August 29th. The stock was sold at an average price of $160.00, for a total transaction of $636,480.00. Following the completion of the transaction, 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 filing with the Securities & Exchange Commission, which is available at this hyperlink. 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 value of $59,362,500.00. Following the transaction, the director directly owned 1,403,045 shares of the company’s stock, valued at $222,102,023.50. This 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.

Chevron Stock Down 1.4%

CVX stock opened at $151.63 on Friday. The company has a debt-to-equity ratio of 0.16, a current ratio of 1.00 and a quick ratio of 0.74. The stock has a market capitalization of $262.02 billion, a P/E ratio of 19.51, a P/E/G ratio of 1.98 and a beta of 0.84. The business has a 50-day moving average of $156.15 and a 200-day moving average of $148.79. Chevron Corporation has a fifty-two week low of $132.04 and a fifty-two week high of $168.96.

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

Chevron Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, September 10th. Stockholders of record on Tuesday, August 19th were given 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 of this dividend was Tuesday, August 19th. Chevron’s dividend payout ratio is currently 88.03%.

Wall Street Analyst Weigh In

CVX has been the subject of a number of recent analyst reports. Mizuho dropped their price objective on Chevron from $192.00 to $191.00 and set an “outperform” rating for the company in a report on Monday, September 15th. Weiss Ratings reiterated a “hold (c)” rating on shares of Chevron in a report on Wednesday. Melius Research began coverage on Chevron in a research note on Wednesday, August 20th. They issued a “hold” rating and a $155.00 target price for the company. Barclays decreased their target price on Chevron from $160.00 to $158.00 and set an “equal weight” rating for the company in a research note on Tuesday. Finally, TD Cowen boosted their target price on Chevron from $150.00 to $155.00 and gave the company a “hold” rating in a research note on Monday, August 4th. Eleven research analysts have rated the stock with a Buy rating, nine have issued a Hold rating and three have issued a Sell rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus price target of $165.40.

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.