Sovereign Financial Group Inc. Sells 300 Shares of Chevron Corporation $CVX

Sovereign Financial Group Inc. lowered its stake in shares of Chevron Corporation (NYSE:CVX) by 10.4% during the 2nd quarter, according to the company in its most recent filing with the SEC. The fund owned 2,595 shares of the oil and gas company’s stock after selling 300 shares during the quarter. Sovereign Financial Group Inc.’s holdings in Chevron were worth $372,000 at the end of the most recent quarter.

A number of other large investors also recently bought and sold shares of the business. Concurrent Investment Advisors LLC boosted its holdings in Chevron by 8.6% during the 2nd quarter. Concurrent Investment Advisors LLC now owns 121,789 shares of the oil and gas company’s stock valued at $17,439,000 after acquiring an additional 9,600 shares during the period. Johnson Investment Counsel Inc. boosted its holdings in Chevron by 3.5% during the 2nd quarter. Johnson Investment Counsel Inc. now owns 837,953 shares of the oil and gas company’s stock valued at $119,986,000 after acquiring an additional 28,447 shares during the period. Inman Jager Wealth Management LLC boosted its holdings in Chevron by 3.9% during the 2nd quarter. Inman Jager Wealth Management LLC now owns 18,066 shares of the oil and gas company’s stock valued at $2,587,000 after acquiring an additional 672 shares during the period. GFS Advisors LLC purchased a new position in Chevron during the 2nd quarter valued at $9,474,000. Finally, Apollon Wealth Management LLC boosted its holdings in Chevron by 1.5% during the 2nd quarter. Apollon Wealth Management LLC now owns 86,297 shares of the oil and gas company’s stock valued at $12,357,000 after acquiring an additional 1,304 shares during the period. Hedge funds and other institutional investors own 72.42% of the company’s stock.

Insider Buying and Selling at Chevron

In other news, Director John B. Hess sold 375,000 shares of the business’s stock in a transaction on 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 completion of the transaction, the director directly owned 1,403,045 shares of the company’s stock, valued at approximately $222,102,023.50. The trade was a 21.09% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, VP Alana K. Knowles sold 3,978 shares of the business’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 completion of the transaction, the vice president directly owned 1,181 shares of the company’s stock, valued at approximately $188,960. The trade was a 77.11% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 0.20% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research firms recently issued reports on CVX. Wells Fargo & Company restated an “overweight” rating and set a $178.00 price objective on shares of Chevron in a report on Friday, August 1st. Jefferies Financial Group reiterated a “buy” rating on shares of Chevron in a report on Friday, July 18th. Evercore ISI reiterated an “outperform” rating and issued a $180.00 target price on shares of Chevron in a report on Thursday, July 31st. Barclays lowered their target price on Chevron from $160.00 to $158.00 and set an “equal weight” rating for the company in a report on Tuesday, October 7th. Finally, Mizuho lowered their target price on Chevron from $192.00 to $191.00 and set an “outperform” rating for the company in a report on Monday, September 15th. Eleven analysts have rated the stock with a Buy rating, nine have assigned a Hold rating and three have issued a Sell rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and an average price target of $165.40.

Chevron Trading Down 1.7%

CVX opened at $149.11 on Monday. The firm has a market cap of $257.66 billion, a price-to-earnings ratio of 19.19, a PEG ratio of 1.93 and a beta of 0.84. The company has a current ratio of 1.00, a quick ratio of 0.74 and a debt-to-equity ratio of 0.16. Chevron Corporation has a 12 month low of $132.04 and a 12 month high of $168.96. The stock has a fifty day moving average price of $156.10 and a 200-day moving average price of $148.41.

Chevron (NYSE:CVX) last released its quarterly earnings results on Friday, August 1st. The oil and gas company reported $1.77 EPS for the quarter, topping the consensus estimate 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 return on equity of 9.90% and a net margin of 7.02%.The business’s revenue for the quarter was down 12.4% compared to the same quarter last year. During the same period in the previous year, the company posted $2.55 EPS. As a group, equities research analysts anticipate that Chevron Corporation will post 10.79 earnings per share for the current fiscal year.

Chevron Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Wednesday, September 10th. Stockholders of record on Tuesday, August 19th were given a $1.71 dividend. This represents a $6.84 annualized dividend and a dividend yield of 4.6%. The ex-dividend date of this dividend was Tuesday, August 19th. Chevron’s payout ratio is presently 88.03%.

About Chevron

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.