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Merriman Wealth Management LLC Sells 580 Shares of Chevron Co. (NYSE:CVX)

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Merriman Wealth Management LLC lowered its position in Chevron Co. (NYSE:CVXGet Rating) by 9.9% in the 1st quarter, HoldingsChannel reports. The institutional investor owned 5,272 shares of the oil and gas company’s stock after selling 580 shares during the quarter. Merriman Wealth Management LLC’s holdings in Chevron were worth $858,000 at the end of the most recent reporting period.

Several other hedge funds also recently bought and sold shares of CVX. Norges Bank bought a new position in Chevron in the 4th quarter worth $3,111,594,000. Allspring Global Investments Holdings LLC bought a new position in shares of Chevron during the 4th quarter valued at about $119,040,000. Invesco Ltd. boosted its holdings in shares of Chevron by 6.8% during the 4th quarter. Invesco Ltd. now owns 14,400,260 shares of the oil and gas company’s stock valued at $1,689,870,000 after purchasing an additional 917,773 shares during the last quarter. Los Angeles Capital Management LLC boosted its holdings in shares of Chevron by 534.8% during the 4th quarter. Los Angeles Capital Management LLC now owns 946,854 shares of the oil and gas company’s stock valued at $111,113,000 after purchasing an additional 797,701 shares during the last quarter. Finally, Renaissance Technologies LLC boosted its holdings in shares of Chevron by 28.9% during the 4th quarter. Renaissance Technologies LLC now owns 3,253,895 shares of the oil and gas company’s stock valued at $381,845,000 after purchasing an additional 730,170 shares during the last quarter. Institutional investors own 65.89% of the company’s stock.

Chevron Price Performance

Shares of CVX stock opened at $146.52 on Thursday. The company has a debt-to-equity ratio of 0.20, a current ratio of 1.43 and a quick ratio of 1.22. The company has a market capitalization of $287.88 billion, a P/E ratio of 13.77, a P/E/G ratio of 0.59 and a beta of 1.14. The company’s 50-day simple moving average is $158.93 and its two-hundred day simple moving average is $153.11. Chevron Co. has a one year low of $92.86 and a one year high of $182.40.

Chevron (NYSE:CVXGet Rating) last issued its earnings results on Friday, April 29th. The oil and gas company reported $3.36 EPS for the quarter, missing analysts’ consensus estimates of $3.44 by ($0.08). The company had revenue of $54.37 billion during the quarter, compared to the consensus estimate of $54.96 billion. Chevron had a return on equity of 14.66% and a net margin of 11.10%. Chevron’s revenue was up 69.8% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.90 earnings per share. As a group, equities analysts anticipate that Chevron Co. will post 17.89 EPS for the current year.

Chevron Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, June 10th. Shareholders of record on Thursday, May 19th were paid a $1.42 dividend. The ex-dividend date of this dividend was Wednesday, May 18th. This represents a $5.68 annualized dividend and a yield of 3.88%. Chevron’s dividend payout ratio (DPR) is 53.38%.

Insider Buying and Selling at Chevron

In other Chevron news, EVP James William Johnson sold 55,600 shares of the firm’s stock in a transaction that occurred on Wednesday, May 4th. The shares were sold at an average price of $165.94, for a total value of $9,226,264.00. Following the completion of the sale, the executive vice president now directly owns 1,243 shares in the company, valued at $206,263.42. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. In other Chevron news, EVP James William Johnson sold 55,600 shares of the firm’s stock in a transaction on Wednesday, May 4th. The shares were sold at an average price of $165.94, for a total value of $9,226,264.00. Following the completion of the transaction, the executive vice president now owns 1,243 shares of the company’s stock, valued at $206,263.42. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, Director Enrique Hernandez, Jr. sold 5,805 shares of the firm’s stock in a transaction on Tuesday, May 3rd. The stock was sold at an average price of $160.00, for a total transaction of $928,800.00. Following the completion of the transaction, the director now directly owns 22,978 shares of the company’s stock, valued at approximately $3,676,480. The disclosure for this sale can be found here. Insiders sold a total of 561,726 shares of company stock worth $94,057,396 over the last three months. Corporate insiders own 0.32% of the company’s stock.

Analyst Upgrades and Downgrades

Several research analysts have commented on the stock. StockNews.com started coverage on shares of Chevron in a report on Thursday, March 31st. They set a “hold” rating for the company. Truist Financial decreased their target price on shares of Chevron from $170.00 to $166.00 and set a “hold” rating on the stock in a research report on Tuesday. Bank of America decreased their target price on shares of Chevron from $205.00 to $178.00 and set a “buy” rating on the stock in a research report on Tuesday. Piper Sandler decreased their target price on shares of Chevron from $213.00 to $189.00 and set an “overweight” rating on the stock in a research report on Tuesday. Finally, Citigroup decreased their target price on shares of Chevron from $170.00 to $150.00 and set a “neutral” rating on the stock in a research report on Wednesday, July 13th. One analyst has rated the stock with a sell rating, seven have given a hold rating and fifteen have issued a buy rating to the stock. Based on data from MarketBeat.com, Chevron has a consensus rating of “Moderate Buy” and an average target price of $172.35.

Chevron Company Profile

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Chevron Corporation, through its subsidiaries, engages in integrated energy and chemicals operations worldwide. 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 associated with liquefied natural gas; transportation of crude oil through pipelines; and transportation, storage, and marketing of natural gas, as well as operates a gas-to-liquids plant.

Further Reading

Want to see what other hedge funds are holding CVX? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Chevron Co. (NYSE:CVXGet Rating).

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