Cigna Investments Inc. New Sells 223 Shares of Chevron Co. (NYSE:CVX)

Cigna Investments Inc. New trimmed its position in shares of Chevron Co. (NYSE:CVX) by 1.2% during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 18,116 shares of the oil and gas company’s stock after selling 223 shares during the period. Chevron comprises 0.5% of Cigna Investments Inc. New’s holdings, making the stock its 27th biggest holding. Cigna Investments Inc. New’s holdings in Chevron were worth $2,834,000 at the end of the most recent quarter.

Several other hedge funds also recently added to or reduced their stakes in the company. Pacifica Partners Inc. lifted its position in Chevron by 1.8% during the first quarter. Pacifica Partners Inc. now owns 3,492 shares of the oil and gas company’s stock valued at $546,000 after acquiring an additional 63 shares during the last quarter. Private Wealth Management Group LLC lifted its position in Chevron by 15.7% during the first quarter. Private Wealth Management Group LLC now owns 464 shares of the oil and gas company’s stock valued at $73,000 after acquiring an additional 63 shares during the last quarter. Hubbell Strickland Wealth Management LLC lifted its position in Chevron by 0.7% during the second quarter. Hubbell Strickland Wealth Management LLC now owns 9,493 shares of the oil and gas company’s stock valued at $1,485,000 after acquiring an additional 64 shares during the last quarter. Ellenbecker Investment Group lifted its position in Chevron by 1.5% during the first quarter. Ellenbecker Investment Group now owns 4,346 shares of the oil and gas company’s stock valued at $686,000 after acquiring an additional 65 shares during the last quarter. Finally, Mayfair Advisory Group LLC lifted its position in Chevron by 0.7% during the first quarter. Mayfair Advisory Group LLC now owns 9,407 shares of the oil and gas company’s stock valued at $1,484,000 after acquiring an additional 65 shares during the last quarter. 72.42% of the stock is currently owned by institutional investors.

Chevron Stock Performance

Shares of NYSE:CVX traded up $2.15 during midday trading on Thursday, reaching $146.82. The company’s stock had a trading volume of 6,302,006 shares, compared to its average volume of 7,889,076. The firm has a market capitalization of $270.58 billion, a PE ratio of 13.46, a P/E/G ratio of 2.42 and a beta of 1.10. Chevron Co. has a twelve month low of $139.62 and a twelve month high of $171.70. The stock has a fifty day moving average of $154.18 and a 200 day moving average of $156.00. The company has a quick ratio of 0.85, a current ratio of 1.16 and a debt-to-equity ratio of 0.13.

Chevron (NYSE:CVX) last released its quarterly earnings results on Friday, August 2nd. The oil and gas company reported $2.55 EPS for the quarter, missing the consensus estimate of $2.93 by ($0.38). The firm had revenue of $51.18 billion for the quarter, compared to analyst estimates of $48.68 billion. Chevron had a net margin of 9.31% and a return on equity of 13.70%. The firm’s quarterly revenue was up 4.7% compared to the same quarter last year. During the same quarter in the prior year, the business posted $3.08 EPS. On average, equities analysts expect that Chevron Co. will post 11.96 EPS for the current fiscal year.

Chevron Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Tuesday, September 10th. Investors of record on Monday, August 19th will be given a dividend of $1.63 per share. The ex-dividend date is Monday, August 19th. This represents a $6.52 annualized dividend and a yield of 4.44%. Chevron’s dividend payout ratio is presently 59.98%.

Analyst Upgrades and Downgrades

A number of research firms recently commented on CVX. Wolfe Research began coverage on shares of Chevron in a research report on Thursday, July 18th. They set a “peer perform” rating for the company. Truist Financial cut their price target on shares of Chevron from $156.00 to $154.00 and set a “hold” rating on the stock in a research note on Monday, August 5th. Piper Sandler upped their price target on shares of Chevron from $180.00 to $204.00 and gave the company an “overweight” rating in a research note on Thursday, April 18th. Scotiabank cut their price target on shares of Chevron from $195.00 to $180.00 and set a “sector outperform” rating on the stock in a research note on Friday, July 12th. Finally, Mizuho upped their price target on shares of Chevron from $200.00 to $205.00 and gave the company a “buy” rating in a research note on Monday, May 13th. Seven investment analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $183.82.

Insider Activity at Chevron

In related news, VP Jeff B. Gustavson sold 3,750 shares of the firm’s stock in a transaction on Tuesday, May 21st. The shares were sold at an average price of $160.23, for a total transaction of $600,862.50. Following the sale, the vice president now owns 477 shares in the company, valued at $76,429.71. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. 0.20% of the stock is owned by company insiders.

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.