Strategic Financial Concepts LLC Cuts Stock Position in Chevron Corporation $CVX

Strategic Financial Concepts LLC lowered its holdings in Chevron Corporation (NYSE:CVX) by 30.5% during the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 4,579 shares of the oil and gas company’s stock after selling 2,009 shares during the period. Strategic Financial Concepts LLC’s holdings in Chevron were worth $656,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also bought and sold shares of the business. Plato Investment Management Ltd boosted its position in Chevron by 1.4% in the second quarter. Plato Investment Management Ltd now owns 45,068 shares of the oil and gas company’s stock worth $6,430,000 after purchasing an additional 632 shares during the last quarter. Beam Wealth Advisors Inc. boosted its position in Chevron by 19.9% in the second quarter. Beam Wealth Advisors Inc. now owns 17,044 shares of the oil and gas company’s stock worth $2,440,000 after purchasing an additional 2,823 shares during the last quarter. Aviance Capital Partners LLC boosted its position in Chevron by 4.2% in the second quarter. Aviance Capital Partners LLC now owns 14,973 shares of the oil and gas company’s stock worth $2,144,000 after purchasing an additional 602 shares during the last quarter. Uniting Wealth Partners LLC lifted its position in shares of Chevron by 7.4% during the 2nd quarter. Uniting Wealth Partners LLC now owns 5,864 shares of the oil and gas company’s stock valued at $840,000 after buying an additional 405 shares during the last quarter. Finally, Continental Investors Services Inc. lifted its position in shares of Chevron by 4.9% during the 2nd quarter. Continental Investors Services Inc. now owns 1,701 shares of the oil and gas company’s stock valued at $244,000 after buying an additional 80 shares during the last quarter. Hedge funds and other institutional investors own 72.42% of the company’s stock.

Analysts Set New Price Targets

A number of research analysts have recently commented on the company. Melius Research assumed coverage on Chevron in a research report on Wednesday, August 20th. They set a “hold” rating and a $155.00 price target on the stock. Bank of America upped their price target on Chevron from $170.00 to $185.00 and gave the company a “buy” rating in a research report on Wednesday, September 10th. Melius assumed coverage on Chevron in a research report on Wednesday, August 20th. They set a “hold” rating and a $155.00 price target on the stock. Jefferies Financial Group reaffirmed a “buy” rating on shares of Chevron in a research report on Friday, July 18th. Finally, Barclays dropped their price target on Chevron from $160.00 to $158.00 and set an “equal weight” rating on the stock in a research report on Tuesday, October 7th. 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 given a Sell rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus target price of $165.25.

Chevron Stock Performance

Shares of CVX opened at $157.58 on Friday. The stock’s 50-day simple moving average is $156.07 and its 200 day simple moving average is $149.11. The stock has a market capitalization of $272.30 billion, a price-to-earnings ratio of 20.28, a price-to-earnings-growth ratio of 4.40 and a beta of 0.84. The company has a debt-to-equity ratio of 0.16, a quick ratio of 0.74 and a current ratio of 1.00. Chevron Corporation has a 52-week low of $132.04 and a 52-week high of $168.96.

Chevron (NYSE:CVX) last issued its quarterly earnings data on Friday, October 31st. The oil and gas company reported $1.85 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.71 by $0.14. The business had revenue of $49.73 billion for the quarter, compared to analysts’ expectations of $46.99 billion. Chevron had a return on equity of 9.90% and a net margin of 7.02%.The firm’s quarterly revenue was down 1.9% on a year-over-year basis. During the same quarter in the prior year, the firm posted $2.48 EPS. Research analysts forecast that Chevron Corporation will post 10.79 EPS for the current fiscal year.

Chevron Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, December 10th. Investors of record on Tuesday, November 18th will be issued a dividend of $1.71 per share. The ex-dividend date of this dividend is Tuesday, November 18th. This represents a $6.84 dividend on an annualized basis and a yield of 4.3%. Chevron’s dividend payout ratio is 88.03%.

Insider Transactions at Chevron

In related news, Director John B. Hess sold 375,000 shares of the 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 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 position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, VP Alana K. Knowles sold 3,978 shares of the company’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 transaction, the vice president owned 1,181 shares in the company, valued at $188,960. This represents a 77.11% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Corporate insiders own 0.21% 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.