R Squared Ltd Invests $268,000 in Chevron Corporation $CVX

R Squared Ltd bought a new position in shares of Chevron Corporation (NYSE:CVX) during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund bought 1,875 shares of the oil and gas company’s stock, valued at approximately $268,000.

Other institutional investors and hedge funds have also made changes to their positions in the company. Harvest Fund Management Co. Ltd boosted its holdings in shares of Chevron by 420.7% during the 1st quarter. Harvest Fund Management Co. Ltd now owns 151 shares of the oil and gas company’s stock worth $25,000 after purchasing an additional 122 shares during the last quarter. Elequin Capital LP purchased a new position in Chevron in the first quarter worth approximately $31,000. IMG Wealth Management Inc. grew its position in Chevron by 52.3% in the second quarter. IMG Wealth Management Inc. now owns 265 shares of the oil and gas company’s stock worth $38,000 after acquiring an additional 91 shares during the period. Cloud Capital Management LLC purchased a new position in Chevron in the first quarter worth approximately $39,000. Finally, Investment Management Corp VA ADV grew its position 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 worth $39,000 after acquiring an additional 149 shares during the period. 72.42% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several research analysts recently weighed in on CVX shares. Melius started coverage on Chevron in a research report on Wednesday, August 20th. They issued a “hold” rating and a $155.00 price objective for the company. Evercore ISI reiterated an “outperform” rating and issued a $180.00 price objective on shares of Chevron in a research report on Thursday, July 31st. Mizuho lowered their price objective on Chevron from $192.00 to $191.00 and set an “outperform” rating for the company in a research report on Monday, September 15th. Piper Sandler increased their price objective on Chevron from $164.00 to $168.00 and gave the stock an “overweight” rating in a research report on Monday, August 18th. Finally, Barclays decreased their price target on Chevron from $160.00 to $158.00 and set an “equal weight” rating on the stock in a research note on Tuesday, October 7th. One equities research analyst has rated the stock with a Strong Buy rating, ten have issued a Buy rating, nine have issued a Hold rating and three have issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, Chevron presently has an average rating of “Hold” and a consensus price target of $165.25.

Chevron Stock Down 0.6%

NYSE:CVX opened at $155.63 on Friday. 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 stock’s fifty day moving average is $156.04 and its two-hundred day moving average is $148.46. Chevron Corporation has a 52 week low of $132.04 and a 52 week high of $168.96. The stock has a market capitalization of $268.92 billion, a price-to-earnings ratio of 20.03, a price-to-earnings-growth ratio of 4.42 and a beta of 0.84.

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 analysts’ consensus estimates of $1.58 by $0.19. Chevron had a return on equity of 9.90% and a net margin of 7.02%.The company had revenue of $44.82 billion for the quarter, compared to analysts’ expectations of $44.59 billion. During the same period in the prior year, the firm earned $2.55 earnings per share. The firm’s revenue was down 12.4% compared to the same quarter last year. Research analysts anticipate that Chevron Corporation will post 10.79 EPS for the current year.

Chevron Announces Dividend

The business 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. The ex-dividend date of this dividend was Tuesday, August 19th. This represents a $6.84 dividend on an annualized basis and a dividend yield of 4.4%. Chevron’s dividend payout ratio is currently 88.03%.

Insiders Place Their Bets

In related news, Director John B. Hess sold 375,000 shares of the 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 transaction, the director 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 transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Also, VP Alana K. Knowles sold 3,978 shares of the stock in a transaction on 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 transaction, the vice president directly owned 1,181 shares in the company, valued at $188,960. This trade represents a 77.11% decrease in their position. The disclosure for this sale can be found here. 0.21% of the stock is currently owned by corporate insiders.

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.