SCP Investment LP Sells 2,000 Shares of Chevron Corporation $CVX

SCP Investment LP reduced its holdings in shares of Chevron Corporation (NYSE:CVX) by 17.2% during the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 9,600 shares of the oil and gas company’s stock after selling 2,000 shares during the quarter. Chevron accounts for 1.1% of SCP Investment LP’s portfolio, making the stock its 15th biggest holding. SCP Investment LP’s holdings in Chevron were worth $1,375,000 as of its most recent SEC filing.

A number of other hedge funds have also bought and sold shares of the business. Harvest Fund Management Co. Ltd raised its holdings in shares of Chevron by 420.7% during the first quarter. Harvest Fund Management Co. Ltd now owns 151 shares of the oil and gas company’s stock valued at $25,000 after purchasing an additional 122 shares during the last quarter. Elequin Capital LP bought a new stake in Chevron in the 1st quarter worth approximately $31,000. Quaker Wealth Management LLC grew its position in Chevron by 197.7% in the 2nd quarter. Quaker Wealth Management LLC now owns 217 shares of the oil and gas company’s stock worth $31,000 after purchasing an additional 439 shares during the period. Vermillion & White Wealth Management Group LLC raised its stake in Chevron by 86.1% during the 2nd quarter. Vermillion & White Wealth Management Group LLC now owns 255 shares of the oil and gas company’s stock valued at $37,000 after buying an additional 118 shares during the last quarter. Finally, IMG Wealth Management Inc. lifted its holdings in shares of Chevron by 52.3% during the 2nd quarter. IMG Wealth Management Inc. now owns 265 shares of the oil and gas company’s stock valued at $38,000 after buying an additional 91 shares during the period. Hedge funds and other institutional investors own 72.42% of the company’s stock.

Insider Activity

In other news, Director John B. Hess sold 275,000 shares of the firm’s stock in a transaction dated Thursday, November 20th. The stock was sold at an average price of $150.75, for a total transaction of $41,456,250.00. Following the completion of the transaction, the director owned 1,128,045 shares in the company, valued at $170,052,783.75. This trade represents a 19.60% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, VP Alana K. Knowles sold 3,978 shares of Chevron stock in a transaction dated 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 sale, the vice president directly owned 1,181 shares in the company, valued at $188,960. This trade represents a 77.11% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. 0.21% of the stock is owned by corporate insiders.

Chevron Trading Up 0.8%

Shares of CVX stock opened at $149.72 on Thursday. The company has a debt-to-equity ratio of 0.16, a quick ratio of 0.74 and a current ratio of 1.00. The stock has a fifty day simple moving average of $154.25 and a two-hundred day simple moving average of $151.10. The firm has a market capitalization of $301.47 billion, a PE ratio of 19.27, a PEG ratio of 4.40 and a beta of 0.83. Chevron Corporation has a 52-week low of $132.04 and a 52-week high of $168.96.

Chevron (NYSE:CVX) last released its earnings results on Friday, October 31st. The oil and gas company reported $1.85 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.71 by $0.14. Chevron had a return on equity of 9.90% and a net margin of 7.02%.The firm had revenue of $48.17 billion during the quarter, compared to analysts’ expectations of $46.99 billion. During the same quarter last year, the business posted $2.48 earnings per share. The firm’s revenue was down 1.9% on a year-over-year basis. On average, analysts predict that Chevron Corporation will post 10.79 EPS for the current fiscal year.

Chevron Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Wednesday, December 10th. Shareholders of record on Tuesday, November 18th will be paid a $1.71 dividend. The ex-dividend date is Tuesday, November 18th. This represents a $6.84 annualized dividend and a yield of 4.6%. Chevron’s payout ratio is presently 96.20%.

Analyst Ratings Changes

Several analysts recently commented on CVX shares. Wells Fargo & Company lifted their price objective on Chevron from $190.00 to $196.00 and gave the stock an “overweight” rating in a report on Friday, November 14th. Evercore ISI restated an “outperform” rating and set a $180.00 price target on shares of Chevron in a research note on Thursday, July 31st. Bank of America increased their price objective on shares of Chevron from $170.00 to $185.00 and gave the stock a “buy” rating in a research note on Wednesday, September 10th. TD Cowen boosted their target price on shares of Chevron from $150.00 to $155.00 and gave the company a “hold” rating in a research report on Monday, August 4th. Finally, Raymond James Financial reaffirmed an “outperform” rating and set a $160.00 target price (down from $170.00) on shares of Chevron in a report on Friday, October 17th. Ten analysts have rated the stock with a Buy rating, nine have assigned a Hold rating and four have issued a Sell rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average target price of $165.58.

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.