Rossby Financial LCC Raises Position in Chevron Corporation $CVX

Rossby Financial LCC lifted its stake in Chevron Corporation (NYSE:CVX) by 3.3% in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 5,159 shares of the oil and gas company’s stock after buying an additional 165 shares during the period. Rossby Financial LCC’s holdings in Chevron were worth $739,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently modified their holdings of CVX. Allspring Global Investments Holdings LLC boosted its position in shares of Chevron by 3.2% in the first quarter. Allspring Global Investments Holdings LLC now owns 272,306 shares of the oil and gas company’s stock worth $45,886,000 after buying an additional 8,434 shares during the period. Golden State Wealth Management LLC lifted its stake in shares of Chevron by 3.1% in the first quarter. Golden State Wealth Management LLC now owns 7,835 shares of the oil and gas company’s stock worth $1,311,000 after acquiring an additional 239 shares in the last quarter. Sovran Advisors LLC lifted its stake in shares of Chevron by 17.4% in the first quarter. Sovran Advisors LLC now owns 7,009 shares of the oil and gas company’s stock worth $1,173,000 after acquiring an additional 1,039 shares in the last quarter. KBC Group NV lifted its stake in shares of Chevron by 4.1% in the first quarter. KBC Group NV now owns 170,129 shares of the oil and gas company’s stock worth $28,461,000 after acquiring an additional 6,666 shares in the last quarter. Finally, Hobbs Wealth Management LLC acquired a new position in shares of Chevron in the first quarter worth about $214,000. Hedge funds and other institutional investors own 72.42% of the company’s stock.

Chevron Trading Down 0.1%

Shares of NYSE CVX opened at $155.38 on Tuesday. The stock’s 50 day moving average price is $156.03 and its two-hundred day moving average price is $148.55. 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 $268.49 billion, a P/E ratio of 20.00, a PEG ratio of 4.42 and a beta of 0.84. The company has a quick ratio of 0.74, a current ratio of 1.00 and a debt-to-equity ratio of 0.16.

Chevron (NYSE:CVX) last announced its quarterly earnings data on Friday, August 1st. The oil and gas company reported $1.77 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.58 by $0.19. The firm had revenue of $44.82 billion for 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 quarter in the prior year, the firm posted $2.55 earnings per share. On average, 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 dividend of $1.71 per share. This represents a $6.84 dividend on an annualized basis and a dividend yield of 4.4%. The ex-dividend date was Tuesday, August 19th. Chevron’s dividend payout ratio is presently 88.03%.

Analysts Set New Price Targets

Several research analysts recently commented on the company. TD Cowen boosted their price target on Chevron from $150.00 to $155.00 and gave the stock a “hold” rating in a research note on Monday, August 4th. Evercore ISI reiterated an “outperform” rating and issued a $180.00 price target on shares of Chevron in a research note on Thursday, July 31st. Scotiabank boosted their price target on Chevron from $160.00 to $165.00 and gave the stock a “sector perform” rating in a research note on Thursday, October 9th. Wells Fargo & Company assumed coverage on Chevron in a research note on Friday, October 17th. They issued an “overweight” rating and a $190.00 price target on the stock. Finally, Melius Research assumed coverage on Chevron in a research note on Wednesday, August 20th. They issued a “hold” rating and a $155.00 price target on the stock. One research analyst has rated the stock with a Strong Buy rating, ten have given a Buy rating, nine have assigned a Hold rating and three have issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average price target of $165.25.

Insider Buying and Selling

In other news, VP Alana K. Knowles sold 3,978 shares of the stock in a transaction that occurred on Friday, August 29th. The stock was sold at an average price of $160.00, for a total transaction of $636,480.00. Following the sale, the vice president directly owned 1,181 shares in the company, valued at approximately $188,960. This represents a 77.11% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed 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 stock was sold at an average price of $158.30, for a total value of $59,362,500.00. Following the sale, the director owned 1,403,045 shares in the company, valued at $222,102,023.50. The trade was a 21.09% decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.20% 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.