Chevron Corporation $CVX Shares Sold by Garner Asset Management Corp

Garner Asset Management Corp lowered its position in Chevron Corporation (NYSE:CVX) by 7.6% in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 26,309 shares of the oil and gas company’s stock after selling 2,157 shares during the quarter. Chevron comprises about 1.7% of Garner Asset Management Corp’s holdings, making the stock its 11th biggest holding. Garner Asset Management Corp’s holdings in Chevron were worth $3,767,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the company. Analyst IMS Investment Management Services Ltd. grew its stake in shares of Chevron by 1.0% in the 2nd quarter. Analyst IMS Investment Management Services Ltd. now owns 6,751 shares of the oil and gas company’s stock valued at $966,000 after buying an additional 67 shares during the period. Greenfield Savings Bank lifted its holdings in Chevron by 0.6% in the second quarter. Greenfield Savings Bank now owns 11,611 shares of the oil and gas company’s stock valued at $1,663,000 after acquiring an additional 68 shares during the last quarter. Atwater Malick LLC lifted its holdings in Chevron by 2.4% in the second quarter. Atwater Malick LLC now owns 2,886 shares of the oil and gas company’s stock valued at $413,000 after acquiring an additional 68 shares during the last quarter. Hubbell Strickland Wealth Management LLC grew its position in Chevron by 0.7% in the second quarter. Hubbell Strickland Wealth Management LLC now owns 10,081 shares of the oil and gas company’s stock worth $1,443,000 after acquiring an additional 68 shares during the period. Finally, Clarity Wealth Advisors LLC increased its stake in Chevron by 1.7% during the second quarter. Clarity Wealth Advisors LLC now owns 4,170 shares of the oil and gas company’s stock worth $597,000 after acquiring an additional 69 shares during the last quarter. 72.42% of the stock is currently owned by institutional investors and hedge funds.

Chevron Stock Performance

Shares of Chevron stock opened at $149.72 on Thursday. The stock has a market capitalization of $301.47 billion, a price-to-earnings ratio of 19.27, a price-to-earnings-growth ratio of 4.40 and a beta of 0.83. The company has a debt-to-equity ratio of 0.16, a current ratio of 1.00 and a quick ratio of 0.74. The business has a 50-day moving average of $154.25 and a 200 day moving average of $151.10. Chevron Corporation has a 12 month low of $132.04 and a 12 month high of $168.96.

Chevron (NYSE:CVX) last issued its quarterly earnings results on Friday, October 31st. The oil and gas company reported $1.85 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.71 by $0.14. Chevron had a net margin of 7.02% and a return on equity of 9.90%. The business had revenue of $48.17 billion for the quarter, compared to analysts’ expectations of $46.99 billion. During the same quarter in the prior year, the company earned $2.48 earnings per share. The business’s quarterly revenue was down 1.9% on a year-over-year basis. As a group, sell-side analysts forecast that Chevron Corporation will post 10.79 earnings per share for the current year.

Chevron Dividend Announcement

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

Insider Activity at Chevron

In other news, Director John B. Hess sold 275,000 shares of the stock in a transaction 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 sale, the director directly owned 1,128,045 shares in the company, valued at approximately $170,052,783.75. This trade represents a 19.60% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, VP Alana K. Knowles sold 3,978 shares of Chevron stock in a transaction on 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 transaction, the vice president 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 is available in the SEC filing. Company insiders own 0.21% of the company’s stock.

Analysts Set New Price Targets

A number of equities research analysts have commented on CVX shares. Barclays reduced their target price 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. Zacks Research lowered shares of Chevron from a “hold” rating to a “strong sell” rating in a report on Monday. Wall Street Zen raised shares of Chevron from a “sell” rating to a “hold” rating in a research note on Saturday, November 8th. Mizuho lifted their price target 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. Finally, Raymond James Financial reissued an “outperform” rating and issued a $160.00 price target (down from $170.00) on shares of Chevron in a research note on Friday, October 17th. Ten analysts have rated the stock with a Buy rating, nine have assigned a Hold rating and four have given a Sell rating to the stock. Based on data from MarketBeat.com, Chevron presently has a consensus rating of “Hold” and an average target price of $165.58.

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.