KG&L Capital Management LLC reduced its position in Chevron Co. (NYSE:CVX – Get Rating) by 57.3% in the first quarter, HoldingsChannel reports. The company held 7,825 shares of the oil and gas company after selling 10,514 shares during the quarter. KG&L Capital Management LLC’s holdings in Chevron were worth $1,274,000 when it last filed with the SEC.
Other institutional investors and hedge funds have also recently increased or reduced their stake in the company. Sweet Financial Partners LLC increased its stake in Chevron shares by 8.9% in the 1st quarter. Sweet Financial Partners LLC now owns 9,241 shares of the oil and gas company worth $1,505,000 after buying 758 additional shares in the last quarter. Everett Harris & Co. CA increased its stake in Chevron by 1.3% in the first quarter. Everett Harris & Co. CA now owns 550,107 shares of the oil and gas company valued at $89,574,000 after acquiring an additional 7,210 shares in the last quarter. Main Street Financial Solutions LLC increased its stake in Chevron by 6.3% in the first quarter. Main Street Financial Solutions LLC now owns 11,161 shares of the oil and gas company valued at $1,817,000 after acquiring 666 additional shares in the last quarter. Disciplined Investments LLC increased its position in Chevron shares by 83.4% during the first quarter. Disciplined Investments LLC now owns 1,568 shares of the oil and gas company valued at $255,000 after acquiring 713 additional shares during the period. Finally, Sterling Manor Financial LLC increased its stake in Chevron shares by 7.8% during the 1st quarter. Sterling Manor Financial LLC now owns 2,632 shares of the oil and gas company worth $429,000 after buying 190 more shares in the last quarter. Hedge funds and other institutional investors own 65.89% of the company’s shares.
Chevron shares down 0.8%
NYSE:CVX opened at $144.19 on Monday. Chevron Co. has a 1-year low of $92.86 and a 1-year high of $182.40. The company’s 50-day moving average price is $158.07 and its 200-day moving average price is $153.88. The company has a market capitalization of $283.31 billion, a PE ratio of 13.55, a P/E/G ratio of 0.60 and a beta of 1.14. The company has a debt ratio of 0.20, a current ratio of 1.43 and a quick ratio of 1.22.
Chevron (NYSE:CVX – Get Rating) last reported quarterly results on Friday, April 29. The oil and gas company reported earnings per share (EPS) of $3.36 for the quarter, missing consensus analyst estimates of $3.44 per ($0.08). The company posted revenue of $54.37 billion in the quarter, versus a consensus estimate of $54.96 billion. Chevron had a return on equity of 14.66% and a net margin of 11.10%. The company’s revenue for the quarter increased 69.8% year over year. In the same quarter of the previous year, the company achieved EPS of $0.90. On average, stock analysts predict Chevron Co. will post EPS of 18.08 for the current fiscal year.
Chevron Dividend Announcement
The company also recently announced a quarterly dividend, which was paid on Friday, June 10. Shareholders of record on Thursday, May 19 received a dividend of $1.42 per share. The ex-dividend date was Wednesday, May 18. This represents an annualized dividend of $5.68 and a yield of 3.94%. Chevron’s dividend payout ratio is 53.38%.
Insiders place their bets
Separately, director Wanda M. Austin sold 12,039 shares in a trade on Friday, May 27. The stock was sold at an average price of $177.29, for a total transaction of $2,134,394.31. Following the sale, the director now directly owns 3,543 shares of the company, valued at $628,138.47. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. In other Chevron news, Director Wanda M. Austin sold 12,039 shares of the company in a trade dated Friday, May 27. The shares were sold at an average price of $177.29, for a total transaction of $2,134,394.31. As a result of the transaction, the administrator now owns 3,543 shares of the company, valued at approximately $628,138.47. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available via this hyperlink. Additionally, director Enrique Hernandez, Jr. sold 11,799 shares of the company in a trade that took place on Wednesday, May 25. The shares were sold at an average price of $175.00, for a total transaction of $2,064,825.00. Following the transaction, the administrator now directly owns 24,281 shares of the company, valued at $4,249,175. The disclosure of this sale can be found here. Last quarter, insiders sold 561,726 shares of the company valued at $94,057,396. Company insiders own 0.32% of the company’s shares.
Analyst upgrades and downgrades
Several stock analysts have weighed in on CVX shares. Goldman Sachs Group cut its price target on Chevron from $181.00 to $162.00 and set a “neutral” rating for the company in a Wednesday, June 22 report. Piper Sandler cut her price target on Chevron from $213.00 to $189.00 and set an “overweight” rating for the company in a Tuesday, July 19 report. HSBC moved Chevron shares from a “hold” rating to a “buy” rating and lowered its price target for the company from $183.00 to $167.00 in a Wednesday, July 20, report. Morgan Stanley raised its price target on Chevron shares from $185.00 to $190.00 and gave the company an “equal weight” rating in a Tuesday, July 19 research note. Finally, Truist Financial cut its price target on Chevron shares from $170.00 to $166.00 and set a “hold” rating for the company in a Tuesday, July 19 research note. One equity research analyst rated the stock with a sell rating, seven gave the company a hold rating and fourteen gave the company a buy rating. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $172.35.
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Chevron Corporation, through its subsidiaries, has integrated energy and chemical businesses worldwide. 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 associated with liquefied natural gas; transportation of crude oil by pipelines; and the transportation, storage and marketing of natural gas, as well as the operation of a gas-to-liquids plant.
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