SteelPeak Wealth LLC Sells 3,131 Shares of Chevron Co. (NYSE:CVX)

SteelPeak Wealth LLC reduced its position in Chevron Co. (NYSE:CVX) by 4.5% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 66,386 shares of the oil and gas company’s stock after selling 3,131 shares during the period. SteelPeak Wealth LLC’s holdings in Chevron were worth $10,472,000 at the end of the most recent quarter.

A number of other hedge funds also recently made changes to their positions in CVX. Caxton Associates LP purchased a new stake in shares of Chevron in the third quarter worth about $207,000. Ariel Investments LLC purchased a new stake in Chevron during the third quarter valued at approximately $1,654,000. Ameriprise Financial Inc. raised its position in Chevron by 0.4% during the third quarter. Ameriprise Financial Inc. now owns 14,814,522 shares of the oil and gas company’s stock valued at $2,499,684,000 after purchasing an additional 62,254 shares during the period. Alps Advisors Inc. purchased a new stake in Chevron during the third quarter valued at approximately $347,000. Finally, Alerus Financial NA raised its position in Chevron by 76.9% during the third quarter. Alerus Financial NA now owns 96,173 shares of the oil and gas company’s stock valued at $16,217,000 after purchasing an additional 41,806 shares during the period. 72.42% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of brokerages have issued reports on CVX. Piper Sandler upped their price objective on Chevron from $180.00 to $204.00 and gave the company an “overweight” rating in a research report on Thursday, April 18th. Truist Financial increased their price target on Chevron from $156.00 to $166.00 and gave the stock a “hold” rating in a report on Friday, May 10th. The Goldman Sachs Group reiterated a “buy” rating on shares of Chevron in a report on Monday, April 1st. Raymond James increased 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. Finally, Scotiabank raised Chevron from a “sector perform” rating to a “sector outperform” rating and increased their price objective for the stock 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 company’s stock. Based on data from MarketBeat.com, Chevron currently has a consensus rating of “Moderate Buy” and a consensus target price of $186.95.

Insider Buying and Selling

In related news, Director Enrique Hernandez, Jr. sold 5,098 shares of Chevron stock in a transaction dated Monday, May 6th. The stock was sold at an average price of $163.50, for a total value of $833,523.00. Following the sale, the director now directly 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 is available at this link. In related news, VP Alana K. Knowles sold 2,800 shares of Chevron stock in a transaction dated Tuesday, April 2nd. The stock was 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 in the company, valued at approximately $44,184.84. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Enrique Hernandez, Jr. sold 5,098 shares of Chevron stock in a transaction dated Monday, May 6th. The stock was 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 $416,761.50. The disclosure for this sale can be found here. In the last three months, insiders have sold 19,546 shares of company stock worth $3,176,223. Insiders own 0.20% of the company’s stock.

Chevron Stock Performance

Shares of CVX stock opened at $156.42 on Monday. The firm has a market capitalization of $288.28 billion, a price-to-earnings ratio of 14.39, a price-to-earnings-growth ratio of 2.38 and a beta of 1.10. The company has a debt-to-equity ratio of 0.13, a current ratio of 1.23 and a quick ratio of 0.93. The business has a fifty day moving average of $159.22 and a 200 day moving average of $154.78. Chevron Co. has a 1 year low of $139.62 and a 1 year high of $171.70.

Chevron (NYSE:CVX) last posted 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 return on equity of 14.40% and a net margin of 10.21%. The firm had revenue of $48.72 billion for the quarter, compared to analysts’ expectations of $48.42 billion. During the same period last year, the firm earned $3.55 EPS. The company’s quarterly revenue was down 4.1% on a year-over-year basis. As a group, research analysts expect that Chevron Co. will post 13.15 earnings per share for the current year.

Chevron Announces Dividend

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

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.