Chevron Corporation $CVX Shares Sold by Logan Capital Management Inc.

Logan Capital Management Inc. lessened its position in Chevron Corporation (NYSE:CVX) by 19.7% during the 2nd quarter, Holdings Channel.com reports. The institutional investor owned 146,594 shares of the oil and gas company’s stock after selling 36,056 shares during the quarter. Chevron accounts for approximately 1.0% of Logan Capital Management Inc.’s portfolio, making the stock its 21st biggest position. Logan Capital Management Inc.’s holdings in Chevron were worth $20,991,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors also recently bought and sold shares of CVX. Kingstone Capital Partners Texas LLC lifted its position in shares of Chevron by 652,139.5% during the second quarter. Kingstone Capital Partners Texas LLC now owns 83,714,936 shares of the oil and gas company’s stock worth $13,214,757,000 after purchasing an additional 83,702,101 shares in the last quarter. GQG Partners LLC acquired a new stake in Chevron during the 1st quarter worth approximately $1,466,751,000. Nuveen LLC purchased a new position in Chevron in the 1st quarter valued at approximately $1,362,232,000. Charles Schwab Investment Management Inc. grew its stake 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 worth $5,592,263,000 after acquiring an additional 1,574,464 shares in the last quarter. Finally, Canada Pension Plan Investment Board increased its position in shares of Chevron by 141.2% during the first quarter. Canada Pension Plan Investment Board now owns 1,891,824 shares of the oil and gas company’s stock worth $316,483,000 after acquiring an additional 1,107,628 shares during the period. 72.42% of the stock is currently owned by hedge funds and other institutional investors.

Chevron Stock Performance

Shares of Chevron stock opened at $155.38 on Tuesday. The firm has a market capitalization of $268.49 billion, a P/E ratio of 20.00, a P/E/G ratio of 4.42 and a beta of 0.84. Chevron Corporation has a 52 week low of $132.04 and a 52 week high of $168.96. The company has a quick ratio of 0.74, a current ratio of 1.00 and a debt-to-equity ratio of 0.16. The firm’s 50 day moving average is $156.03 and its two-hundred day moving average is $148.55.

Chevron (NYSE:CVX) last issued 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 net margin of 7.02% and a return on equity of 9.90%. The business had revenue of $44.82 billion during the quarter, compared to the consensus estimate of $44.59 billion. During the same quarter in the previous year, the firm earned $2.55 EPS. The company’s revenue was down 12.4% compared to the same quarter last year. Research analysts forecast that Chevron Corporation will post 10.79 EPS 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 $1.71 dividend. The ex-dividend date of this dividend was Tuesday, August 19th. This represents a $6.84 dividend on an annualized basis and a yield of 4.4%. Chevron’s payout ratio is 88.03%.

Insider Buying and Selling at Chevron

In other news, Director John B. Hess sold 375,000 shares of the business’s stock in a transaction dated 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 completion of the sale, the director directly 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 transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, VP Alana K. Knowles sold 3,978 shares of the company’s stock in a transaction dated Friday, August 29th. The shares were 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 of the company’s stock, 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. Corporate insiders own 0.20% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research firms recently issued reports on CVX. Scotiabank lifted their target price on Chevron from $160.00 to $165.00 and gave the company a “sector perform” rating in a report on Thursday, October 9th. Jefferies Financial Group reaffirmed a “buy” rating on shares of Chevron in a research report on Friday, July 18th. Wells Fargo & Company assumed coverage on Chevron in a research report on Friday, October 17th. They set an “overweight” rating and a $190.00 price objective for the company. Weiss Ratings restated a “hold (c)” rating on shares of Chevron in a research note on Wednesday, October 8th. Finally, Piper Sandler lifted their price target on shares of Chevron from $164.00 to $168.00 and gave the stock an “overweight” rating in a research note on Monday, August 18th. One investment analyst has rated the stock with a Strong Buy rating, ten have given a Buy rating, nine have assigned a Hold rating and three have issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus target price of $165.25.

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.