Chevron Corporation $CVX Shares Sold by Riverbend Wealth Management LLC

by · The Cerbat Gem

Riverbend Wealth Management LLC lowered its stake in shares of Chevron Corporation (NYSE:CVX – Free Report) by 39.3% in the second quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 3,852 shares of the oil and gas company’s stock after selling 2,489 shares during the period. Riverbend Wealth Management LLC’s holdings in Chevron were worth $552,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of the stock. SilverOak Wealth Management LLC acquired a new stake in Chevron in the 2nd quarter worth about $202,000. Mattson Financial Services LLC lifted its position in shares of Chevron by 11.7% in the second quarter. Mattson Financial Services LLC now owns 29,431 shares of the oil and gas company’s stock valued at $4,214,000 after acquiring an additional 3,073 shares in the last quarter. Oxbow Advisors LLC lifted its position in shares of Chevron by 633.4% in the second quarter. Oxbow Advisors LLC now owns 83,976 shares of the oil and gas company’s stock valued at $12,025,000 after acquiring an additional 72,525 shares in the last quarter. Nordea Investment Management AB boosted its stake in shares of Chevron by 3.5% in the second quarter. Nordea Investment Management AB now owns 408,900 shares of the oil and gas company’s stock worth $58,783,000 after acquiring an additional 13,845 shares during the last quarter. Finally, Hourglass Capital LLC increased its position in shares of Chevron by 0.6% during the second quarter. Hourglass Capital LLC now owns 43,669 shares of the oil and gas company’s stock worth $6,253,000 after purchasing an additional 280 shares in the last quarter. 72.42% of the stock is owned by hedge funds and other institutional investors.

Chevron Stock Performance

NYSE:CVX opened at $151.59 on Friday. The company’s 50-day moving average is $156.07 and its two-hundred day moving average is $148.25. Chevron Corporation has a 1-year low of $132.04 and a 1-year high of $168.96. 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 firm has a market capitalization of $261.95 billion, a price-to-earnings ratio of 19.51, a PEG ratio of 2.00 and a beta of 0.84.

Chevron (NYSE:CVX – Get Free Report) last announced its quarterly earnings results on Friday, August 1st. The oil and gas company reported $1.77 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.58 by $0.19. Chevron had a net margin of 7.02% and a return on equity of 9.90%. The business had revenue of $44.82 billion during the quarter, compared to the consensus estimate of $44.59 billion. During the same quarter last year, the firm earned $2.55 EPS. The business’s revenue was down 12.4% compared to the same quarter last year. Analysts forecast that Chevron Corporation will post 10.79 EPS for the current year.

Chevron Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Wednesday, September 10th. Shareholders of record on Tuesday, August 19th were given a $1.71 dividend. The ex-dividend date was Tuesday, August 19th. This represents a $6.84 dividend on an annualized basis and a yield of 4.5%. Chevron’s payout ratio is currently 88.03%.

Insider Buying and Selling at Chevron

In other news, Director John B. Hess sold 375,000 shares of the stock in a transaction on 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 completion of the transaction, the director directly owned 1,403,045 shares in the company, valued at approximately $222,102,023.50. This represents a 21.09% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, VP Alana K. Knowles sold 3,978 shares of the firm’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 sale, the vice president directly owned 1,181 shares of the company’s stock, valued at $188,960. The trade was a 77.11% decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 0.21% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of brokerages have weighed in on CVX. Weiss Ratings restated a “hold (c)” rating on shares of Chevron in a report on Wednesday, October 8th. Bank of America increased their target price on shares of Chevron from $170.00 to $185.00 and gave the company a “buy” rating in a research report on Wednesday, September 10th. Melius Research initiated coverage on shares of Chevron in a research report on Wednesday, August 20th. They set a “hold” rating and a $155.00 price target on the stock. UBS Group upped their price objective on shares of Chevron from $186.00 to $197.00 and gave the company a “buy” rating in a research note on Wednesday, August 20th. Finally, Mizuho decreased their target price on shares of Chevron from $192.00 to $191.00 and set an “outperform” rating on the stock in a research note on Monday, September 15th. Eleven equities research analysts have rated the stock with a Buy rating, nine have assigned a Hold rating and three have assigned a Sell rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average price target of $165.40.

Check Out Our Latest Report on Chevron

About Chevron

(Free Report)

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.

Recommended Stories

Want to see what other hedge funds are holding CVX? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Chevron Corporation (NYSE:CVX – Free Report).