Private Management Group Inc. Sells 653 Shares of Chevron Co. (NYSE:CVX)

Private Management Group Inc. cut its position in Chevron Co. (NYSE:CVX) by 9.9% in the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 5,943 shares of the oil and gas company’s stock after selling 653 shares during the quarter. Private Management Group Inc.’s holdings in Chevron were worth $930,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Poplar Forest Capital LLC increased its position in Chevron by 0.4% during the second quarter. Poplar Forest Capital LLC now owns 186,681 shares of the oil and gas company’s stock worth $29,201,000 after acquiring an additional 799 shares during the period. Morton Community Bank raised its position in shares of Chevron by 4.5% in the second quarter. Morton Community Bank now owns 25,499 shares of the oil and gas company’s stock valued at $3,989,000 after buying an additional 1,089 shares in the last quarter. Werba Rubin Papier Wealth Management boosted its stake in shares of Chevron by 84.4% in the second quarter. Werba Rubin Papier Wealth Management now owns 4,053 shares of the oil and gas company’s stock valued at $634,000 after buying an additional 1,855 shares during the period. MRA Advisory Group grew its position in Chevron by 49.1% during the second quarter. MRA Advisory Group now owns 2,880 shares of the oil and gas company’s stock worth $451,000 after buying an additional 948 shares in the last quarter. Finally, Arlington Trust Co LLC increased its stake in Chevron by 11.9% during the 2nd quarter. Arlington Trust Co LLC now owns 9,494 shares of the oil and gas company’s stock worth $1,485,000 after acquiring an additional 1,012 shares during the period. 72.42% of the stock is owned by institutional investors and hedge funds.

Chevron Stock Up 1.3 %

CVX opened at $140.30 on Tuesday. Chevron Co. has a fifty-two week low of $137.87 and a fifty-two week high of $171.70. The company has a debt-to-equity ratio of 0.13, a current ratio of 1.16 and a quick ratio of 0.85. The company’s 50-day moving average is $150.50 and its 200 day moving average is $155.16. The firm has a market capitalization of $256.60 billion, a P/E ratio of 12.91, a PEG ratio of 2.34 and a beta of 1.09.

Chevron (NYSE:CVX) last announced its earnings results on Friday, August 2nd. The oil and gas company reported $2.55 earnings per share for the quarter, missing analysts’ consensus estimates of $2.93 by ($0.38). The business had revenue of $51.18 billion during the quarter, compared to analysts’ expectations of $48.68 billion. Chevron had a return on equity of 13.70% and a net margin of 9.31%. Chevron’s quarterly revenue was up 4.7% on a year-over-year basis. During the same quarter in the previous year, the firm earned $3.08 EPS. Research analysts expect that Chevron Co. will post 11.86 earnings per share for the current fiscal year.

Chevron Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, September 10th. Stockholders of record on Monday, August 19th will be given a dividend of $1.63 per share. This represents a $6.52 annualized dividend and a dividend yield of 4.65%. The ex-dividend date is Monday, August 19th. Chevron’s dividend payout ratio is presently 59.98%.

Analyst Upgrades and Downgrades

A number of research analysts recently commented on CVX shares. Royal Bank of Canada dropped their price target on Chevron from $190.00 to $180.00 and set an “outperform” rating for the company in a research note on Monday, August 5th. Wolfe Research started coverage on shares of Chevron in a report on Thursday, July 18th. They set a “peer perform” rating on the stock. Scotiabank cut their price target on shares of Chevron from $195.00 to $180.00 and set a “sector outperform” rating on the stock in a research report on Friday, July 12th. Truist Financial dropped their target price on shares of Chevron from $156.00 to $154.00 and set a “hold” rating on the stock in a research report on Monday, August 5th. Finally, Barclays cut their price objective on shares of Chevron from $203.00 to $185.00 and set an “overweight” rating on the stock in a research report on Tuesday, August 6th. Seven investment analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company’s stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $183.82.

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.