CIC Wealth LLC Increases Position in Chevron Co. (NYSE:CVX)

CIC Wealth LLC increased its stake in shares of Chevron Co. (NYSE:CVX) by 3.0% during the first quarter, Holdings Channel reports. The institutional investor owned 14,185 shares of the oil and gas company’s stock after acquiring an additional 411 shares during the period. CIC Wealth LLC’s holdings in Chevron were worth $2,238,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Westfield Capital Management Co. LP grew its holdings in Chevron by 49.5% in the third quarter. Westfield Capital Management Co. LP now owns 35,560 shares of the oil and gas company’s stock valued at $5,996,000 after purchasing an additional 11,768 shares during the last quarter. Rench Wealth Management Inc. grew its stake in Chevron by 0.9% in the 3rd quarter. Rench Wealth Management Inc. now owns 23,015 shares of the oil and gas company’s stock valued at $3,881,000 after acquiring an additional 215 shares during the last quarter. Reuter James Wealth Management LLC increased its holdings in Chevron by 26.5% during the 3rd quarter. Reuter James Wealth Management LLC now owns 8,421 shares of the oil and gas company’s stock valued at $1,420,000 after acquiring an additional 1,762 shares in the last quarter. Private Advisory Group LLC acquired a new position in Chevron during the third quarter worth about $261,000. Finally, Tower Research Capital LLC TRC lifted its holdings in shares of Chevron by 139.5% in the third quarter. Tower Research Capital LLC TRC now owns 76,765 shares of the oil and gas company’s stock valued at $12,944,000 after purchasing an additional 44,719 shares in the last quarter. 72.42% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity at Chevron

In other Chevron news, VP Alana K. Knowles sold 2,800 shares of the company’s stock in a transaction that occurred on Tuesday, April 2nd. The stock was sold at an average price of $160.09, for a total value of $448,252.00. Following the completion of the transaction, the vice president now owns 276 shares in the company, valued at approximately $44,184.84. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In other Chevron news, VP Alana K. Knowles sold 2,800 shares of the business’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 transaction, the vice president now owns 276 shares in the company, valued at approximately $44,184.84. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Enrique Hernandez, Jr. sold 2,549 shares of Chevron stock in a transaction dated Thursday, May 2nd. The stock was sold at an average price of $161.00, for a total value of $410,389.00. Following the sale, the director now directly owns 7,647 shares in the company, valued at $1,231,167. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 19,546 shares of company stock worth $3,176,223. 0.20% of the stock is currently owned by company insiders.

Chevron Stock Up 0.3 %

CVX opened at $156.36 on Friday. The company has a market cap of $288.17 billion, a PE ratio of 14.38, a price-to-earnings-growth ratio of 2.37 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. Chevron Co. has a 1 year low of $139.62 and a 1 year high of $171.70. The firm has a 50 day moving average price of $159.32 and a 200 day moving average price of $154.52.

Chevron (NYSE:CVX) last issued its earnings results on Friday, April 26th. The oil and gas company reported $2.93 EPS for the quarter, beating analysts’ consensus estimates 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 for the quarter, compared to the consensus estimate of $48.42 billion. During the same quarter last year, the firm posted $3.55 EPS. The business’s revenue for the quarter was down 4.1% compared to the same quarter last year. Sell-side analysts expect that Chevron Co. will post 13.15 earnings per share for the current year.

Chevron Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Monday, June 10th. Stockholders of record on Friday, May 17th were paid a $1.63 dividend. The ex-dividend date was Thursday, May 16th. This represents a $6.52 dividend on an annualized basis and a dividend yield of 4.17%. Chevron’s dividend payout ratio (DPR) is currently 59.98%.

Analyst Upgrades and Downgrades

Several brokerages recently issued reports on CVX. Truist Financial lifted their price objective on Chevron from $156.00 to $166.00 and gave the stock a “hold” rating in a research report on Friday, May 10th. Mizuho increased their price objective on Chevron from $200.00 to $205.00 and gave the company a “buy” rating in a research note on Monday, May 13th. Raymond James boosted their target price on shares of Chevron from $170.00 to $174.00 and gave the company an “outperform” rating in a research note on Monday, April 15th. Piper Sandler raised their price target 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, UBS Group boosted their price objective on shares of Chevron from $185.00 to $197.00 and gave the company a “buy” rating in a research report on Tuesday, April 9th. Five investment analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $186.95.

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.