SC Financial Services Inc. raised its position in Chevron Co. (NYSE: CVX – Get a rating) by 12.3% in the 2nd quarter, according to its most recent SEC filing. The firm owned 3,880 shares of the oil and gas company’s stock after buying an additional 424 shares during the period. At the end of the last reporting period, shares of SC Financial Services Inc. at Chevron were worth $562,000.
Other hedge funds have also recently made changes to their positions in the company. Wedge Capital Management LLP NC raised its stake in shares of Chevron by 2.5% in the 2nd quarter. Wedge Capital Management LLP NC now owns 150,188 shares of the oil and gas company’s stock worth $21,744,000 after buying an additional 3,673 shares in the last quarter. American National Bank boosted its stake in shares of Chevron by 0.6% in the 2nd quarter. American National Bank now owns 61,916 shares of the oil and gas company’s stock valued at $8,964,000 after buying an additional 366 shares in the last quarter. Brookstone Capital Management boosted its stake in shares of Chevron by 24.6% in the 2nd quarter. Brookstone Capital Management now owns 126,885 shares of the oil and gas company’s stock valued at $18,115,000 after buying an additional 25,068 shares in the last quarter. CVA Family Office LLC raised its stake in shares of Chevron by 2.6% in the 2nd quarter. CVA Family Office LLC now owns 6,567 shares of the oil and gas company’s stock valued at $951,000 after buying an additional 165 shares in the last quarter. Finally, Sound Income Strategies LLC raised its stake in shares of Chevron by 15.9% in the 2nd quarter. Sound Income Strategies LLC now owns 2,879 shares of the oil and gas company’s stock valued at $417,000 after buying an additional 395 shares in the last quarter. Institutional investors and hedge funds own 69.30% of the company’s shares.
Upgrading and downgrading of the analyst rating
A number of brokerages recently issued reports on CVX. Bank of America upped their target price on shares of Chevron from $178.00 to $180.00 and gave the company a “buy” rating in a report on Monday, August 1st. Cowen upped their target price on shares of Chevron from $119.00 to $120.00 and gave the company an “outperform” rating in a report on Monday, August 15th. Truist Financial cut their price target on shares of Chevron from $170.00 to $166.00 and set a “hold” rating for the company in a report on Tuesday, July 19th. Citigroup cut their price target on shares of Chevron from $170.00 to $150.00 and set a “neutral” rating for the company in a report on Wednesday, July 13th. Finally, The Goldman Sachs Group reaffirmed a “neutral” rating and set a $172.00 target price on shares of Chevron in a report on Thursday, August 4th. One analyst has rated the stock with a sell rating, six have assigned a hold rating and fifteen have given a buy rating to the stock. The stock currently has a consensus rating of “Moderate Buy” and an average target price of $169.20, according to MarketBeat.com.
Chevron stock performance
Actions NYSE CVX opened at $156.90 on Tuesday. The company has a market cap of $308.28 billion, a PE ratio of 10.47, a price-to-earnings ratio of 0.60 and a beta of 1.15. Chevron has a 12 month low of $93.31 and a 12 month high of $182.40. The company has a debt-to-equity ratio of 0.15, a current ratio of 1.31, and a quick ratio of 1.11. The company has a 50-day simple moving average of $154.36 and a 200-day simple moving average of $160.44.
Chevron (NYSE: CVX – Get a rating) last published its quarterly earnings results on Friday, July 29th. The oil and gas company reported $5.82 EPS for the quarter, topping analysts’ consensus estimates of $4.66 by $1.16. Chevron’s net margin was 13.45% and its return on equity was 19.73%. The company had revenue of $68.76 billion for the quarter, compared to the consensus estimate of $57.69 billion. For the same period last year, earnings per share amounted to $1.71. The company’s quarterly revenue grew by 82.9% compared to the same quarter last year. On average, equity analysts expect that Chevron Co. will earn 18.4 earnings per share in the current year.
Chevron announces dividend
The company also recently announced a quarterly dividend, which was paid on Monday, September 12th. Investors of record on Friday, August 19th were given a $1.42 dividend. The ex-dividend date of this dividend was Thursday, August 18th. This is $5.68 in annualized dividends and a dividend yield of 3.62%. Chevron’s dividend payout ratio is currently 37.89%.
Insider buying and selling
In related news, EVP James William Johnson sold 85,300 shares of the company’s stock in a transaction that occurred on Thursday, August 25th. The shares were sold at an average price of $164.01 for a total amount of $13,990,053.00. The transaction was disclosed in a legal filing with the SEC, which is available via this link. In other Chevron news, CFO Pierre R. Breber sold 22,500 shares of Chevron stock in a transaction that occurred on Thursday, August 11th. The shares were sold at an average price of $158.11, for a total transaction amounting to $3,557,475.00. Following the transaction, the chief financial officer now directly owns 7 shares in the company, valued at $1,106.77. The sale was announced in a filing with the SEC, which is available at this link. Also, the EVP James William Johnson sold 85,300 shares of Chevron stock in a transaction that occurred on Thursday, August 25th. The shares were sold at an average price of $164.01, for a total transaction amounting to $13,990,053.00. Disclosures for this sale can be found here here. Insiders have sold 141,732 shares of company stock valued at $23,024,499 over the last three months. Insiders own 0.32% of the company’s stock.
Chevron Company Profile
Chevron Corporation, through its subsidiaries, is engaged in integrated energy and chemical activities around the world. The company operates in two segments, Upstream and Downstream. The Upstream segment is engaged 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; and natural gas transportation, storage and marketing, and operates a gas-to-liquids plant.
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https://www.defenseworld.net/2022/09/20/chevron-co-nysecvx-shares-bought-by-s-c-financial-services-inc.html Shares of Chevron Co. (NYSE:CVX), acquired by SC Financial Services Inc.