Abacus Planning Group Inc. Lowers Position in Chevron Corporation $CVX

Abacus Planning Group Inc. decreased its position in Chevron Corporation (NYSE:CVX) by 3.2% during the 2nd quarter, Holdings Channel reports. The fund owned 3,611 shares of the oil and gas company’s stock after selling 118 shares during the quarter. Abacus Planning Group Inc.’s holdings in Chevron were worth $517,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors have also made changes to their positions in CVX. Kingstone Capital Partners Texas LLC boosted its holdings in shares of Chevron by 652,139.5% in the second quarter. Kingstone Capital Partners Texas LLC now owns 83,714,936 shares of the oil and gas company’s stock valued at $13,214,757,000 after acquiring an additional 83,702,101 shares in the last quarter. GQG Partners LLC purchased a new stake in shares of Chevron in the first quarter valued at about $1,466,751,000. Nuveen LLC purchased a new stake in shares of Chevron in the first quarter valued at about $1,362,232,000. Charles Schwab Investment Management Inc. boosted its holdings in shares of Chevron by 4.9% in the first quarter. Charles Schwab Investment Management Inc. now owns 33,430,030 shares of the oil and gas company’s stock valued at $5,592,263,000 after acquiring an additional 1,574,464 shares in the last quarter. Finally, Canada Pension Plan Investment Board boosted its holdings in shares of Chevron by 141.2% in the first quarter. Canada Pension Plan Investment Board now owns 1,891,824 shares of the oil and gas company’s stock valued at $316,483,000 after acquiring an additional 1,107,628 shares in the last quarter. Hedge funds and other institutional investors own 72.42% of the company’s stock.

Chevron Stock Performance

Shares of CVX opened at $153.53 on Friday. The company has a current ratio of 1.00, a quick ratio of 0.74 and a debt-to-equity ratio of 0.16. The stock has a market cap of $265.30 billion, a P/E ratio of 19.76, a PEG ratio of 1.97 and a beta of 0.84. The company has a 50-day moving average of $156.26 and a two-hundred day moving average of $149.14. Chevron Corporation has a 12-month low of $132.04 and a 12-month high of $168.96.

Chevron (NYSE:CVX) last announced its earnings results on Friday, August 1st. The oil and gas company reported $1.77 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.58 by $0.19. The company had revenue of $44.82 billion during the quarter, compared to analysts’ expectations of $44.59 billion. Chevron had a net margin of 7.02% and a return on equity of 9.90%. The firm’s quarterly revenue was down 12.4% compared to the same quarter last year. During the same quarter in the previous year, the business posted $2.55 earnings per share. As a group, research analysts predict that Chevron Corporation will post 10.79 EPS for the current fiscal year.

Chevron Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Wednesday, September 10th. Shareholders of record on Tuesday, August 19th were given a dividend of $1.71 per share. The ex-dividend date was Tuesday, August 19th. This represents a $6.84 dividend on an annualized basis and a yield of 4.5%. Chevron’s payout ratio is presently 88.03%.

Analyst Ratings Changes

CVX has been the topic of several analyst reports. Barclays reaffirmed an “equal weight” rating on shares of Chevron in a report on Tuesday, July 15th. Scotiabank reiterated a “sector perform” rating and issued a $160.00 price objective (up previously from $143.00) on shares of Chevron in a research note on Friday, July 11th. Jefferies Financial Group reiterated a “buy” rating on shares of Chevron in a research note on Friday, July 18th. TD Cowen raised their price objective on shares of Chevron from $150.00 to $155.00 and gave the company a “hold” rating in a research note on Monday, August 4th. Finally, Melius started coverage on shares of Chevron in a research note on Wednesday, August 20th. They issued a “hold” rating and a $155.00 price objective for the company. Eleven research analysts have rated the stock with a Buy rating, eight have given a Hold rating and three have issued a Sell rating to the company. According to data from MarketBeat.com, Chevron has an average rating of “Hold” and a consensus price target of $165.05.

Insider Transactions at Chevron

In other Chevron news, VP Alana K. Knowles sold 3,978 shares of Chevron stock in a transaction dated Friday, August 29th. The shares were sold at an average price of $160.00, for a total transaction of $636,480.00. Following the completion of the transaction, the vice president owned 1,181 shares in the company, valued at approximately $188,960. The trade was a 77.11% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director John B. Hess sold 375,000 shares of Chevron stock in a transaction dated Friday, August 22nd. The stock was sold at an average price of $158.30, for a total transaction of $59,362,500.00. Following the transaction, the director 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 disclosure for this sale can be found here. Insiders own 0.21% of the company’s stock.

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.