Chevron Co. (NYSE:CVX) Shares Sold by King Luther Capital Management Corp

King Luther Capital Management Corp cut its position in Chevron Co. (NYSE:CVX) by 2.5% during the third quarter, according to its most recent Form 13F filing with the SEC. The firm owned 1,217,996 shares of the oil and gas company’s stock after selling 30,790 shares during the period. King Luther Capital Management Corp owned approximately 0.07% of Chevron worth $179,374,000 at the end of the most recent quarter.

A number of other hedge funds have also modified their holdings of CVX. International Assets Investment Management LLC raised its holdings in shares of Chevron by 19,404.1% during the third quarter. International Assets Investment Management LLC now owns 4,901,390 shares of the oil and gas company’s stock valued at $7,218,280,000 after acquiring an additional 4,876,260 shares during the last quarter. Pathway Financial Advisers LLC lifted its holdings in Chevron by 15,750.1% during the 3rd quarter. Pathway Financial Advisers LLC now owns 3,901,345 shares of the oil and gas company’s stock worth $574,551,000 after buying an additional 3,876,731 shares during the last quarter. Massachusetts Financial Services Co. MA lifted its holdings in Chevron by 55.5% during the 2nd quarter. Massachusetts Financial Services Co. MA now owns 8,537,859 shares of the oil and gas company’s stock worth $1,335,492,000 after buying an additional 3,048,819 shares during the last quarter. Wulff Hansen & CO. lifted its holdings in Chevron by 15,542.0% during the 2nd quarter. Wulff Hansen & CO. now owns 1,175,653 shares of the oil and gas company’s stock worth $183,896,000 after buying an additional 1,168,137 shares during the last quarter. Finally, Federated Hermes Inc. increased its position in shares of Chevron by 38.6% during the second quarter. Federated Hermes Inc. now owns 2,445,005 shares of the oil and gas company’s stock worth $382,448,000 after purchasing an additional 681,394 shares in the last quarter. 72.42% of the stock is owned by institutional investors and hedge funds.

Chevron Stock Performance

NYSE CVX opened at $161.30 on Thursday. The company has a current ratio of 1.07, a quick ratio of 0.80 and a debt-to-equity ratio of 0.13. The business’s 50 day moving average is $150.70 and its two-hundred day moving average is $152.63. Chevron Co. has a 12-month low of $135.37 and a 12-month high of $167.11. The stock has a market capitalization of $289.87 billion, a price-to-earnings ratio of 17.73, a PEG ratio of 3.59 and a beta of 1.09.

Chevron (NYSE:CVX) last announced its quarterly earnings results on Friday, November 1st. The oil and gas company reported $2.51 EPS for the quarter, topping the consensus estimate of $2.47 by $0.04. The business had revenue of $50.67 billion for the quarter, compared to analyst estimates of $48.86 billion. Chevron had a return on equity of 13.15% and a net margin of 8.44%. The company’s quarterly revenue was down 6.3% on a year-over-year basis. During the same quarter in the previous year, the company earned $3.05 EPS. Research analysts expect that Chevron Co. will post 10.55 EPS for the current year.

Chevron Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 10th. Stockholders of record on Monday, November 18th will be issued a dividend of $1.63 per share. The ex-dividend date is Monday, November 18th. This represents a $6.52 dividend on an annualized basis and a dividend yield of 4.04%. Chevron’s payout ratio is 71.65%.

Insider Activity at Chevron

In other news, CEO Michael K. Wirth sold 164,600 shares of the stock in a transaction dated Thursday, November 14th. The shares were sold at an average price of $160.13, for a total transaction of $26,357,398.00. Following the transaction, the chief executive officer now owns 4,280 shares of the company’s stock, valued at approximately $685,356.40. This trade represents a 97.47 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. 0.20% of the stock is owned by insiders.

Analyst Ratings Changes

A number of research firms have recently commented on CVX. UBS Group lifted their target price on Chevron from $192.00 to $194.00 and gave the stock a “buy” rating in a research report on Monday, November 4th. Truist Financial lifted their target price on Chevron from $150.00 to $155.00 and gave the stock a “hold” rating in a research report on Monday, November 4th. DZ Bank upgraded Chevron from a “hold” rating to a “buy” rating and set a $170.00 target price on the stock in a research report on Tuesday, November 5th. Mizuho cut their target price on Chevron from $205.00 to $189.00 and set an “outperform” rating on the stock in a research report on Monday, September 16th. Finally, Scotiabank cut their target price on Chevron from $180.00 to $163.00 and set a “sector outperform” rating on the stock in a research report on Thursday, October 10th. Four investment analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company’s stock. Based on data from MarketBeat, Chevron currently has an average rating of “Moderate Buy” and an average target price of $174.93.

Chevron Company 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.