Puzo Michael J Has $6.63 Million Stake in Chevron Corporation $CVX

Puzo Michael J reduced its stake in shares of Chevron Corporation (NYSE:CVX) by 3.7% in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 46,264 shares of the oil and gas company’s stock after selling 1,757 shares during the quarter. Chevron comprises 1.9% of Puzo Michael J’s portfolio, making the stock its 26th biggest position. Puzo Michael J’s holdings in Chevron were worth $6,625,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors and hedge funds also recently modified their holdings of the stock. Harvest Fund Management Co. Ltd increased its position in shares of Chevron by 420.7% in the 1st quarter. Harvest Fund Management Co. Ltd now owns 151 shares of the oil and gas company’s stock valued at $25,000 after buying an additional 122 shares in the last quarter. Elequin Capital LP acquired a new position in Chevron in the first quarter valued at about $31,000. Cloud Capital Management LLC bought a new stake in shares of Chevron in the first quarter worth about $39,000. Investment Management Corp VA ADV raised its position in shares of 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 worth $39,000 after purchasing an additional 149 shares during the period. Finally, Cooksen Wealth LLC bought a new position in shares of Chevron during the 1st quarter valued at about $43,000. 72.42% of the stock is owned by institutional investors.

Analysts Set New Price Targets

A number of research firms recently issued reports on CVX. Piper Sandler increased their target price on Chevron from $164.00 to $168.00 and gave the stock an “overweight” rating in a research note on Monday, August 18th. Evercore ISI reiterated an “outperform” rating and issued a $180.00 price target on shares of Chevron in a report on Thursday, July 31st. Melius assumed coverage on shares of Chevron in a report on Wednesday, August 20th. They set a “hold” rating and a $155.00 price objective on the stock. Wells Fargo & Company reaffirmed an “overweight” rating and issued a $178.00 target price on shares of Chevron in a research note on Friday, August 1st. Finally, Barclays lowered their target price on Chevron from $160.00 to $158.00 and set an “equal weight” rating for the company in a report on Tuesday. Eleven analysts have rated the stock with a Buy rating, nine have given a Hold rating and three have issued a Sell rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average price target of $165.15.

Chevron Stock Up 0.6%

Chevron stock opened at $154.92 on Wednesday. The company has a current ratio of 1.00, a quick ratio of 0.74 and a debt-to-equity ratio of 0.16. Chevron Corporation has a 1-year low of $132.04 and a 1-year high of $168.96. The company has a fifty day simple moving average of $156.15 and a 200 day simple moving average of $148.84. The company has a market cap of $267.70 billion, a P/E ratio of 19.94, a price-to-earnings-growth ratio of 1.99 and a beta of 0.84.

Chevron (NYSE:CVX) last issued its quarterly earnings results on Friday, August 1st. The oil and gas company reported $1.77 EPS for the quarter, topping the consensus estimate of $1.58 by $0.19. Chevron had a net margin of 7.02% and a return on equity of 9.90%. 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 EPS. The company’s revenue for the quarter was down 12.4% on a year-over-year basis. Research analysts anticipate that Chevron Corporation will post 10.79 earnings per share for the current fiscal year.

Chevron Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Wednesday, September 10th. Investors of record on Tuesday, August 19th were given a dividend of $1.71 per share. The ex-dividend date of this dividend was Tuesday, August 19th. This represents a $6.84 annualized dividend and a yield of 4.4%. Chevron’s dividend payout ratio is 88.03%.

Insider Buying and Selling

In other Chevron news, VP Alana K. Knowles sold 3,978 shares of the firm’s stock in a transaction that occurred on 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 transaction, 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 transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director John B. Hess sold 375,000 shares of the company’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 value of $59,362,500.00. Following the sale, the director owned 1,403,045 shares in the company, valued at approximately $222,102,023.50. This represents a 21.09% decrease in their position. The disclosure for this sale can be found here. 0.20% of the stock is owned by company insiders.

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.