Sky Investment Group LLC Sells 1,285 Shares of Chevron Co. (NYSE:CVX)

Sky Investment Group LLC cut its holdings in shares of Chevron Co. (NYSE:CVX) by 2.3% during the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 55,185 shares of the oil and gas company’s stock after selling 1,285 shares during the quarter. Chevron makes up about 1.7% of Sky Investment Group LLC’s investment portfolio, making the stock its 18th biggest position. Sky Investment Group LLC’s holdings in Chevron were worth $8,632,000 at the end of the most recent quarter.

Several other large investors have also made changes to their positions in CVX. International Assets Investment Management LLC lifted its holdings in shares of Chevron by 4.9% in the fourth quarter. International Assets Investment Management LLC now owns 21,470 shares of the oil and gas company’s stock worth $3,202,000 after buying an additional 1,005 shares in the last quarter. Tennessee Valley Asset Management Partners purchased a new stake in Chevron in the 4th quarter worth $83,000. Costello Asset Management INC grew its position in shares of Chevron by 4.5% during the fourth quarter. Costello Asset Management INC now owns 5,890 shares of the oil and gas company’s stock valued at $878,000 after purchasing an additional 251 shares in the last quarter. Citizens National Bank Trust Department increased its holdings in shares of Chevron by 1.3% in the fourth quarter. Citizens National Bank Trust Department now owns 51,268 shares of the oil and gas company’s stock worth $7,647,000 after purchasing an additional 649 shares during the last quarter. Finally, RPG Investment Advisory LLC lifted its position in shares of Chevron by 2.7% in the fourth quarter. RPG Investment Advisory LLC now owns 110,737 shares of the oil and gas company’s stock worth $16,518,000 after buying an additional 2,924 shares in the last quarter. 72.42% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several equities analysts have weighed in on the company. Truist Financial cut their price target on Chevron from $156.00 to $154.00 and set a “hold” rating for the company in a report on Monday, August 5th. Piper Sandler boosted their price target on shares of Chevron from $180.00 to $204.00 and gave the stock an “overweight” rating in a research report on Thursday, April 18th. Sanford C. Bernstein cut shares of Chevron from an “outperform” rating to a “market perform” rating and dropped their price objective for the stock from $183.00 to $167.00 in a research note on Wednesday, July 17th. TD Cowen upped their target price on shares of Chevron from $155.00 to $160.00 and gave the company a “hold” rating in a research report on Monday, April 29th. Finally, Mizuho increased their price target on shares of Chevron from $200.00 to $205.00 and gave the company a “buy” rating in a report on Monday, May 13th. Seven investment analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $183.82.

Chevron Trading Up 0.3 %

Shares of Chevron stock traded up $0.48 on Wednesday, hitting $144.63. 5,871,486 shares of the company traded hands, compared to its average volume of 7,899,141. Chevron Co. has a 52 week low of $139.62 and a 52 week high of $171.70. The company has a market cap of $266.55 billion, a PE ratio of 13.31, a PEG ratio of 2.42 and a beta of 1.10. The stock’s 50 day moving average price is $154.18 and its 200-day moving average price is $156.00. The company has a current ratio of 1.16, a quick ratio of 0.85 and a debt-to-equity ratio of 0.13.

Chevron (NYSE:CVX) last issued 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). Chevron had a net margin of 9.31% and a return on equity of 13.70%. The firm had revenue of $51.18 billion for the quarter, compared to the consensus estimate of $48.68 billion. During the same period last year, the firm earned $3.08 earnings per share. The company’s revenue for the quarter was up 4.7% on a year-over-year basis. Equities research analysts predict that Chevron Co. will post 11.96 EPS for the current year.

Chevron Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, September 10th. Shareholders of record on Monday, August 19th will be issued a dividend of $1.63 per share. This represents a $6.52 annualized dividend and a yield of 4.51%. The ex-dividend date of this dividend is Monday, August 19th. Chevron’s payout ratio is 59.98%.

Insider Buying and Selling at Chevron

In other news, VP Jeff B. Gustavson sold 3,750 shares of the company’s stock in a transaction that occurred on Tuesday, May 21st. The shares were sold at an average price of $160.23, for a total value of $600,862.50. Following the completion of the sale, the vice president now owns 477 shares of the company’s stock, valued at approximately $76,429.71. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Insiders own 0.20% of the company’s stock.

About Chevron

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.