Confluence Investment Management LLC Makes New Investment in Chevron Co. (NYSE:CVX)

Confluence Investment Management LLC acquired a new position in Chevron Co. (NYSE:CVX) in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm acquired 784,081 shares of the oil and gas company’s stock, valued at approximately $123,681,000. Chevron comprises about 1.7% of Confluence Investment Management LLC’s investment portfolio, making the stock its 20th largest holding.

Several other institutional investors have also added to or reduced their stakes in the company. General Partner Inc. lifted its stake in Chevron by 53.4% in the first quarter. General Partner Inc. now owns 4,593 shares of the oil and gas company’s stock worth $724,000 after purchasing an additional 1,599 shares during the last quarter. HighPoint Advisor Group LLC purchased a new position in shares of Chevron during the fourth quarter worth approximately $7,426,000. Fairman Group LLC purchased a new position in shares of Chevron during the fourth quarter worth approximately $132,000. Livelsberger Financial Advisory purchased a new position in shares of Chevron during the fourth quarter worth approximately $46,000. Finally, Cooksen Wealth LLC purchased a new position in shares of Chevron during the fourth quarter worth approximately $40,000. Institutional investors own 72.42% of the company’s stock.

Chevron Trading Up 0.1 %

NYSE:CVX opened at $153.32 on Wednesday. Chevron Co. has a 12 month low of $139.62 and a 12 month high of $171.70. The firm has a fifty day simple moving average of $159.61 and a 200-day simple moving average of $154.05. The company has a current ratio of 1.23, a quick ratio of 0.93 and a debt-to-equity ratio of 0.13. The company has a market capitalization of $282.56 billion, a P/E ratio of 14.10, a PEG ratio of 2.28 and a beta of 1.12.

Chevron (NYSE:CVX) last posted its quarterly earnings data on Friday, April 26th. The oil and gas company reported $2.93 EPS for the quarter, topping the consensus estimate of $2.84 by $0.09. Chevron had a net margin of 10.21% and a return on equity of 14.40%. The business had revenue of $48.72 billion during the quarter, compared to the consensus estimate of $48.42 billion. During the same period in the previous year, the firm posted $3.55 earnings per share. The business’s revenue for the quarter was down 4.1% compared to the same quarter last year. On average, equities research analysts anticipate that Chevron Co. will post 13.45 earnings per share for the current year.

Chevron Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, June 10th. Stockholders of record on Friday, May 17th were paid a dividend of $1.63 per share. The ex-dividend date of this dividend was Thursday, May 16th. This represents a $6.52 annualized dividend and a dividend yield of 4.25%. Chevron’s payout ratio is currently 59.98%.

Insider Transactions at Chevron

In related news, Director Enrique Hernandez, Jr. sold 5,098 shares of the business’s stock in a transaction 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 transaction, the director now directly owns 2,549 shares in the company, valued at $416,761.50. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In other Chevron news, VP Alana K. Knowles sold 2,800 shares of the company’s stock in a transaction on Tuesday, April 2nd. The shares were sold at an average price of $160.09, for a total value of $448,252.00. Following the sale, the vice president now directly owns 276 shares of the company’s stock, valued at $44,184.84. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director Enrique Hernandez, Jr. sold 5,098 shares of the company’s stock in a transaction 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 directly owns 2,549 shares in the company, valued at $416,761.50. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 19,546 shares of company stock worth $3,176,223. Company insiders own 0.20% of the company’s stock.

Analysts Set New Price Targets

A number of equities analysts have recently commented on the stock. Truist Financial raised their target price on shares of Chevron from $156.00 to $166.00 and gave the stock a “hold” rating in a research report on Friday, May 10th. The Goldman Sachs Group reaffirmed a “buy” rating on shares of Chevron in a research report on Monday, April 1st. HSBC raised their target price on shares of Chevron from $175.00 to $178.00 and gave the stock a “buy” rating in a research report on Tuesday, April 30th. Scotiabank raised shares of Chevron from a “sector perform” rating to a “sector outperform” rating and lifted their price objective for the company from $170.00 to $195.00 in a report on Thursday, April 11th. Finally, Piper Sandler lifted their price objective on shares of Chevron from $180.00 to $204.00 and gave the company an “overweight” rating in a report on Thursday, April 18th. Five research analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company. Based on data from MarketBeat, Chevron currently 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.