IMS Capital Management Reduces Position in Chevron Co. (NYSE:CVX)

IMS Capital Management lessened its holdings in shares of Chevron Co. (NYSE:CVX) by 2.1% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 7,042 shares of the oil and gas company’s stock after selling 152 shares during the period. IMS Capital Management’s holdings in Chevron were worth $1,111,000 at the end of the most recent reporting period.

Several other large investors have also modified their holdings of CVX. Norges Bank purchased a new stake in shares of Chevron in the fourth quarter valued at approximately $2,902,007,000. Berkshire Hathaway Inc boosted its holdings 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 purchasing an additional 15,845,037 shares during the period. Capital World Investors boosted its holdings in shares of Chevron by 43.5% in the fourth quarter. Capital World Investors now owns 15,513,887 shares of the oil and gas company’s stock valued at $2,314,070,000 after purchasing an additional 4,700,289 shares during the period. Massachusetts Financial Services Co. MA boosted its holdings in shares of Chevron by 73,888.2% in the fourth quarter. Massachusetts Financial Services Co. MA now owns 4,602,805 shares of the oil and gas company’s stock valued at $686,554,000 after purchasing an additional 4,596,584 shares during the period. Finally, International Assets Investment Management LLC boosted its holdings in shares of Chevron by 15,548.2% in the fourth quarter. International Assets Investment Management LLC now owns 3,202,411 shares of the oil and gas company’s stock valued at $4,776,720,000 after purchasing an additional 3,181,946 shares during the period. Hedge funds and other institutional investors own 72.42% of the company’s stock.

Insider Buying and Selling at Chevron

In other Chevron news, Director Enrique Hernandez, Jr. sold 5,098 shares of the stock in a transaction dated Monday, May 6th. The shares were sold at an average price of $163.50, for a total value of $833,523.00. Following the completion of the sale, the director now owns 2,549 shares in the company, valued at approximately $416,761.50. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. In other news, Director Enrique Hernandez, Jr. sold 5,098 shares of the firm’s stock in a transaction that occurred on Monday, May 6th. The shares were sold at an average price of $163.50, for a total transaction of $833,523.00. Following the completion of the sale, the director now owns 2,549 shares in the company, valued at approximately $416,761.50. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Enrique Hernandez, Jr. sold 2,549 shares of the firm’s stock in a transaction that occurred on Friday, May 10th. The stock was sold at an average price of $165.24, for a total transaction of $421,196.76. Following the sale, the director now owns 27,725 shares of the company’s stock, valued at approximately $4,581,279. The disclosure for this sale can be found here. In the last quarter, insiders sold 11,397 shares of company stock worth $1,855,582. Insiders own 0.20% of the company’s stock.

Chevron Price Performance

Shares of CVX stock traded down $4.07 during mid-day trading on Friday, hitting $148.55. 13,278,618 shares of the stock were exchanged, compared to its average volume of 6,585,736. The firm has a fifty day moving average of $156.37 and a 200 day moving average of $156.00. The company has a quick ratio of 0.93, a current ratio of 1.23 and a debt-to-equity ratio of 0.13. 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 $273.77 billion, a PE ratio of 13.67, a price-to-earnings-growth ratio of 2.45 and a beta of 1.10.

Chevron (NYSE:CVX) last issued its quarterly 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 $2.88 by ($0.33). The company had revenue of $51.18 billion during the quarter, compared to analysts’ expectations of $48.68 billion. Chevron had a net margin of 10.21% and a return on equity of 14.40%. The company’s quarterly revenue was up 4.7% compared to the same quarter last year. During the same period in the prior year, the business posted $3.08 earnings per share. Research analysts anticipate that Chevron Co. will post 12.45 earnings per share for the current year.

Chevron Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, September 10th. Investors of record on Monday, August 19th will be paid a $1.63 dividend. This represents a $6.52 dividend on an annualized basis and a yield of 4.39%. The ex-dividend date of this dividend is Monday, August 19th. Chevron’s dividend payout ratio is presently 59.98%.

Analyst Upgrades and Downgrades

A number of analysts have weighed in on the company. Raymond James upped their target price on Chevron from $170.00 to $174.00 and gave the stock an “outperform” rating in a report on Monday, April 15th. Mizuho upped their target price on Chevron from $200.00 to $205.00 and gave the company a “buy” rating in a research report on Monday, May 13th. Barclays began coverage on Chevron in a research report on Wednesday, April 10th. They issued an “overweight” rating and a $203.00 target price on the stock. HSBC upped their target price on Chevron from $175.00 to $178.00 and gave the company a “buy” rating in a research report on Tuesday, April 30th. Finally, Piper Sandler upped their price target on shares of Chevron from $180.00 to $204.00 and gave the company an “overweight” rating in a report on Thursday, April 18th. Seven analysts have rated the stock with a hold rating and thirteen have given a buy rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $185.59.

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.