Naviter Wealth LLC Has $2.67 Million Stock Holdings in Chevron Corporation $CVX

Naviter Wealth LLC lessened its holdings in Chevron Corporation (NYSE:CVX) by 4.2% during the second quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 18,644 shares of the oil and gas company’s stock after selling 823 shares during the quarter. Naviter Wealth LLC’s holdings in Chevron were worth $2,670,000 as of its most recent SEC filing.

Other large investors also recently modified their holdings of the company. Harvest Fund Management Co. Ltd lifted its stake 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 acquiring an additional 122 shares during the last quarter. Elequin Capital LP bought a new position in shares of Chevron in the 1st quarter valued at $31,000. Cloud Capital Management LLC bought a new position in shares of Chevron in the 1st quarter valued at $39,000. Investment Management Corp VA ADV lifted its stake in shares of Chevron by 171.3% in the 1st quarter. Investment Management Corp VA ADV now owns 236 shares of the oil and gas company’s stock valued at $39,000 after acquiring an additional 149 shares during the last quarter. Finally, 1 North Wealth Services LLC bought a new position in shares of Chevron in the 1st quarter valued at $45,000. 72.42% of the stock is currently owned by institutional investors.

Chevron Stock Performance

CVX stock opened at $151.86 on Tuesday. The stock has a 50-day moving average price of $156.12 and a 200-day moving average price of $148.31. Chevron Corporation has a 1-year low of $132.04 and a 1-year 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 firm has a market cap of $262.42 billion, a PE ratio of 19.54, a price-to-earnings-growth ratio of 1.93 and a beta of 0.84.

Chevron (NYSE:CVX) last posted its quarterly earnings data on Friday, August 1st. The oil and gas company reported $1.77 earnings per share 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 during the quarter, compared to analyst estimates of $44.59 billion. During the same period last year, the company posted $2.55 EPS. The business’s quarterly revenue was down 12.4% on a year-over-year basis. As a group, equities research analysts expect that Chevron Corporation will post 10.79 earnings per share for the current year.

Chevron Announces Dividend

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

Wall Street Analyst Weigh In

A number of research analysts have recently commented on the company. Wells Fargo & Company reiterated an “overweight” rating and issued a $178.00 price target on shares of Chevron in a research note on Friday, August 1st. Barclays lowered their target price on Chevron from $160.00 to $158.00 and set an “equal weight” rating for the company in a research report on Tuesday, October 7th. Scotiabank raised their target price on Chevron from $160.00 to $165.00 and gave the stock a “sector perform” rating in a research report on Thursday, October 9th. Evercore ISI reaffirmed an “outperform” rating and set a $180.00 target price on shares of Chevron in a research report on Thursday, July 31st. Finally, Melius Research began coverage on Chevron in a research report on Wednesday, August 20th. They set a “hold” rating and a $155.00 target price for the company. Eleven equities research analysts have rated the stock with a Buy rating, nine have issued a Hold rating and three have given a Sell rating to the company’s stock. According to data from MarketBeat.com, Chevron currently has a consensus rating of “Hold” and a consensus target price of $165.40.

Insider Activity

In other news, VP Alana K. Knowles sold 3,978 shares of the firm’s 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 position. The sale was disclosed in a filing with the SEC, which is available at this link. Also, Director John B. Hess sold 375,000 shares of the firm’s stock in a transaction dated Friday, August 22nd. The shares were sold at an average price of $158.30, for a total value of $59,362,500.00. Following the completion of the sale, the director owned 1,403,045 shares of the company’s stock, valued at approximately $222,102,023.50. This represents a 21.09% decrease in their ownership of the stock. The disclosure for this sale can be found here. Company insiders own 0.20% of the company’s stock.

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.