Fortis Capital Advisors LLC Reduces Stake in Chevron Corporation $CVX

Fortis Capital Advisors LLC reduced its position in Chevron Corporation (NYSE:CVX) by 5.5% during the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 3,218 shares of the oil and gas company’s stock after selling 186 shares during the period. Fortis Capital Advisors LLC’s holdings in Chevron were worth $461,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors and hedge funds have also recently modified their holdings of the company. Harvest Fund Management Co. Ltd lifted its position in 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 in the last quarter. Elequin Capital LP purchased a new position in Chevron during the first quarter valued at $31,000. Cloud Capital Management LLC purchased a new position in Chevron during the first quarter valued at $39,000. Investment Management Corp VA ADV lifted its position in Chevron by 171.3% during the first quarter. Investment Management Corp VA ADV now owns 236 shares of the oil and gas company’s stock valued at $39,000 after purchasing an additional 149 shares in the last quarter. Finally, Cooksen Wealth LLC purchased a new position in Chevron during the first quarter valued at $43,000. 72.42% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity

In other Chevron news, Director John B. Hess sold 375,000 shares of the business’s stock in a transaction that occurred on 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 sale, the director directly owned 1,403,045 shares of the company’s stock, valued at $222,102,023.50. The trade was a 21.09% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, VP Alana K. Knowles sold 3,978 shares of the company’s stock in a transaction that occurred 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 sale, the vice president owned 1,181 shares in the company, valued at approximately $188,960. This trade represents a 77.11% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 0.21% of the company’s stock.

Chevron Trading Up 0.1%

Shares of CVX stock opened at $153.59 on Friday. Chevron Corporation has a 12-month low of $132.04 and a 12-month high of $168.96. 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’s 50-day moving average price is $156.23 and its 200-day moving average price is $148.99. The stock has a market capitalization of $265.40 billion, a price-to-earnings ratio of 19.77, a price-to-earnings-growth ratio of 1.99 and a beta of 0.84.

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

Chevron Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Wednesday, September 10th. Stockholders of record on Tuesday, August 19th were issued a $1.71 dividend. This represents a $6.84 annualized dividend and a dividend yield of 4.5%. The ex-dividend date of this dividend was Tuesday, August 19th. Chevron’s payout ratio is 88.03%.

Analyst Upgrades and Downgrades

CVX has been the topic of several analyst reports. Evercore ISI reiterated an “outperform” rating and set a $180.00 target price on shares of Chevron in a research report on Thursday, July 31st. Raymond James Financial restated an “outperform” rating on shares of Chevron in a research report on Friday, August 1st. Mizuho lowered their price objective on Chevron from $192.00 to $191.00 and set an “outperform” rating on the stock in a research report on Monday, September 15th. Weiss Ratings restated a “hold (c)” rating on shares of Chevron in a research report on Saturday, September 27th. Finally, Melius Research assumed coverage on Chevron in a research report on Wednesday, August 20th. They issued a “hold” rating and a $155.00 price objective on the stock. Eleven research analysts have rated the stock with a Buy rating, nine have issued a Hold rating and three have assigned a Sell rating to the company’s stock. According to data from MarketBeat, Chevron presently has an average rating of “Hold” and a consensus target price of $165.05.

Chevron Company 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.