Sound Income Strategies LLC Cuts Stock Position in Chevron Co. (NYSE:CVX)

Sound Income Strategies LLC decreased its holdings in shares of Chevron Co. (NYSE:CVX) by 11.7% during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 6,491 shares of the oil and gas company’s stock after selling 858 shares during the period. Sound Income Strategies LLC’s holdings in Chevron were worth $1,024,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors have also recently added to or reduced their stakes in CVX. Vanguard Group Inc. increased its position in shares of Chevron by 0.3% during the third quarter. Vanguard Group Inc. now owns 161,924,375 shares of the oil and gas company’s stock worth $27,303,688,000 after purchasing an additional 458,080 shares in the last quarter. Berkshire Hathaway Inc raised its position in shares of Chevron by 14.4% in the fourth quarter. Berkshire Hathaway Inc now owns 126,093,326 shares of the oil and gas company’s stock valued at $18,808,081,000 after buying an additional 15,845,037 shares during the last quarter. Morgan Stanley lifted its stake in shares of Chevron by 7.0% in the third quarter. Morgan Stanley now owns 34,166,899 shares of the oil and gas company’s stock worth $5,761,223,000 after buying an additional 2,244,995 shares in the last quarter. Charles Schwab Investment Management Inc. boosted its position in Chevron by 8.2% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 26,235,473 shares of the oil and gas company’s stock worth $3,886,821,000 after acquiring an additional 1,999,332 shares during the last quarter. Finally, Norges Bank purchased a new stake in Chevron during the 4th quarter valued at about $2,902,007,000. Institutional investors and hedge funds own 72.42% of the company’s stock.

Chevron Stock Down 1.6 %

NYSE CVX traded down $2.46 during trading on Wednesday, reaching $156.00. 8,630,884 shares of the company’s stock were exchanged, compared to its average volume of 8,077,650. Chevron Co. has a 1 year low of $139.62 and a 1 year high of $171.70. The stock has a market cap of $287.50 billion, a P/E ratio of 14.35, a price-to-earnings-growth ratio of 2.41 and a beta of 1.12. The company has a debt-to-equity ratio of 0.13, a quick ratio of 0.93 and a current ratio of 1.23. The company has a 50 day moving average price of $159.33 and a two-hundred day moving average price of $154.51.

Chevron (NYSE:CVX) last announced its quarterly earnings results on Friday, April 26th. The oil and gas company reported $2.93 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.84 by $0.09. Chevron had a return on equity of 14.40% and a net margin of 10.21%. The firm had revenue of $48.72 billion during the quarter, compared to the consensus estimate of $48.42 billion. During the same period in the prior year, the company posted $3.55 earnings per share. The firm’s quarterly revenue was down 4.1% compared to the same quarter last year. On average, equities research analysts anticipate that Chevron Co. will post 13.15 EPS for the current fiscal year.

Chevron Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Monday, June 10th. Investors of record on Friday, May 17th were given a $1.63 dividend. The ex-dividend date of this dividend was Thursday, May 16th. This represents a $6.52 dividend on an annualized basis and a yield of 4.18%. Chevron’s dividend payout ratio (DPR) is presently 59.98%.

Insider Buying and Selling at Chevron

In related news, VP Alana K. Knowles sold 2,800 shares of the firm’s stock in a transaction that occurred on Thursday, April 25th. The stock was sold at an average price of $165.00, for a total transaction of $462,000.00. Following the transaction, the vice president now owns 276 shares in the company, valued at approximately $45,540. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In other news, VP Alana K. Knowles sold 2,800 shares of the stock in a transaction that occurred on Thursday, April 25th. The stock was sold at an average price of $165.00, for a total value of $462,000.00. Following the completion of the sale, the vice president now directly owns 276 shares of the company’s stock, valued at $45,540. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Enrique Hernandez, Jr. sold 2,549 shares of the company’s stock in a transaction on Thursday, May 2nd. The shares were sold at an average price of $161.00, for a total transaction of $410,389.00. Following the completion of the sale, the director now owns 7,647 shares of the company’s stock, valued at approximately $1,231,167. The disclosure for this sale can be found here. Insiders sold 19,546 shares of company stock worth $3,176,223 over the last 90 days. Corporate insiders own 0.20% of the company’s stock.

Analyst Ratings Changes

A number of equities research analysts have recently issued reports on the company. The Goldman Sachs Group restated a “buy” rating on shares of Chevron in a research report on Monday, April 1st. Raymond James lifted their price target on Chevron from $170.00 to $174.00 and gave the stock an “outperform” rating in a report on Monday, April 15th. Truist Financial upped their price objective on shares of Chevron from $156.00 to $166.00 and gave the company a “hold” rating in a report on Friday, May 10th. Piper Sandler lifted their target price on shares of Chevron from $180.00 to $204.00 and gave the stock an “overweight” rating in a research note on Thursday, April 18th. Finally, Scotiabank raised shares of Chevron from a “sector perform” rating to a “sector outperform” rating and increased their price target for the company from $170.00 to $195.00 in a research note on Thursday, April 11th. Five analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the stock. According to MarketBeat.com, Chevron has an average rating of “Moderate Buy” and a consensus target price of $186.95.

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.