Cary Street Partners Financial LLC Sells 8,602 Shares of Chevron Corporation $CVX

Cary Street Partners Financial LLC lowered its stake in Chevron Corporation (NYSE:CVX) by 10.1% during the second quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 76,926 shares of the oil and gas company’s stock after selling 8,602 shares during the quarter. Cary Street Partners Financial LLC’s holdings in Chevron were worth $11,015,000 at the end of the most recent reporting period.

Several other large investors also recently made changes to their positions in the stock. Elequin Capital LP bought a new position in Chevron during the 1st quarter worth about $31,000. Quaker Wealth Management LLC lifted its holdings in shares of Chevron by 197.7% in the second quarter. Quaker Wealth Management LLC now owns 217 shares of the oil and gas company’s stock valued at $31,000 after purchasing an additional 439 shares in the last quarter. Vermillion & White Wealth Management Group LLC boosted its position in shares of Chevron by 86.1% during the second quarter. Vermillion & White Wealth Management Group LLC now owns 255 shares of the oil and gas company’s stock worth $37,000 after buying an additional 118 shares during the period. IMG Wealth Management Inc. grew its holdings in shares of Chevron by 52.3% during the second quarter. IMG Wealth Management Inc. now owns 265 shares of the oil and gas company’s stock worth $38,000 after buying an additional 91 shares in the last quarter. Finally, GFG Capital LLC bought a new position in shares of Chevron during the second quarter worth about $42,000. Institutional investors own 72.42% of the company’s stock.

Chevron Stock Performance

NYSE CVX opened at $149.98 on Friday. The firm has a market capitalization of $301.99 billion, a P/E ratio of 21.09, a price-to-earnings-growth ratio of 8.87 and a beta of 0.68. The company has a current ratio of 1.15, a quick ratio of 0.86 and a debt-to-equity ratio of 0.19. The firm’s fifty day moving average price is $153.23 and its two-hundred day moving average price is $151.61. Chevron Corporation has a 1 year low of $132.04 and a 1 year high of $168.96.

Chevron (NYSE:CVX) last released its quarterly earnings data on Friday, October 31st. The oil and gas company reported $1.85 earnings per share for the quarter, topping the consensus estimate of $1.71 by $0.14. The company had revenue of $48.17 billion for the quarter, compared to analyst estimates of $46.99 billion. Chevron had a net margin of 6.57% and a return on equity of 8.74%. Chevron’s revenue for the quarter was down 1.9% compared to the same quarter last year. During the same period in the previous year, the business earned $2.48 EPS. As a group, research analysts anticipate that Chevron Corporation will post 10.79 EPS for the current year.

Chevron Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, December 10th. Shareholders of record on Tuesday, November 18th will be paid a $1.71 dividend. The ex-dividend date is Tuesday, November 18th. This represents a $6.84 annualized dividend and a yield of 4.6%. Chevron’s dividend payout ratio is currently 96.20%.

Analyst Upgrades and Downgrades

Several equities research analysts have commented on the company. Morgan Stanley boosted their target price on Chevron from $177.00 to $180.00 and gave the company an “overweight” rating in a research note on Thursday, November 13th. Melius Research assumed coverage on shares of Chevron in a research report on Wednesday, August 20th. They issued a “hold” rating and a $155.00 price objective on the stock. Mizuho raised their target price on shares of Chevron from $191.00 to $204.00 and gave the company an “outperform” rating in a research report on Thursday, November 13th. Weiss Ratings reiterated a “hold (c)” rating on shares of Chevron in a research note on Wednesday, October 8th. Finally, UBS Group restated a “buy” rating on shares of Chevron in a research note on Monday, December 1st. One equities research analyst has rated the stock with a Strong Buy rating, eleven have given a Buy rating, seven have issued a Hold rating and four have assigned a Sell rating to the company’s stock. According to MarketBeat.com, Chevron has an average rating of “Hold” and an average target price of $166.16.

Insider Transactions at Chevron

In other news, Director John B. Hess sold 275,000 shares of the firm’s stock in a transaction that occurred on Thursday, November 20th. The stock was sold at an average price of $150.75, for a total value of $41,456,250.00. Following the completion of the sale, the director directly owned 1,128,045 shares of the company’s stock, valued at $170,052,783.75. This trade represents a 19.60% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this link. 0.21% of the stock is owned by corporate insiders.

About Chevron

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.