Global Financial Private Client LLC Raises Holdings in Chevron Corporation $CVX

Global Financial Private Client LLC boosted its stake in shares of Chevron Corporation (NYSE:CVX) by 13.2% in the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 24,272 shares of the oil and gas company’s stock after acquiring an additional 2,828 shares during the quarter. Chevron accounts for about 1.3% of Global Financial Private Client LLC’s investment portfolio, making the stock its 11th largest holding. Global Financial Private Client LLC’s holdings in Chevron were worth $3,475,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors also recently bought and sold shares of the company. Harvest Fund Management Co. Ltd lifted its holdings in Chevron by 420.7% in the 1st quarter. Harvest Fund Management Co. Ltd now owns 151 shares of the oil and gas company’s stock worth $25,000 after buying an additional 122 shares during the period. Elequin Capital LP purchased a new position in shares of Chevron in the 1st quarter valued at approximately $31,000. 10Elms LLP purchased a new position in shares of Chevron in the 4th quarter valued at approximately $29,000. IFS Advisors LLC lifted its stake in shares of Chevron by 119.6% in the 1st quarter. IFS Advisors LLC now owns 213 shares of the oil and gas company’s stock valued at $36,000 after purchasing an additional 116 shares during the period. Finally, Cloud Capital Management LLC purchased a new position in shares of Chevron in the 1st quarter valued at approximately $39,000. 72.42% of the stock is currently owned by hedge funds and other institutional investors.

Chevron Stock Down 0.8%

Chevron stock opened at $158.87 on Friday. The firm has a market cap of $274.52 billion, a price-to-earnings ratio of 20.45, a PEG ratio of 2.01 and a beta of 0.90. The stock has a fifty day simple moving average of $155.23 and a two-hundred day simple moving average of $148.98. Chevron Corporation has a 12 month low of $132.04 and a 12 month high of $168.96. The company has a current ratio of 1.00, a quick ratio of 0.74 and a debt-to-equity ratio of 0.16.

Chevron (NYSE:CVX) last posted its earnings results on Friday, August 1st. The oil and gas company reported $1.77 EPS for the quarter, topping analysts’ consensus estimates of $1.58 by $0.19. Chevron had a return on equity of 9.90% and a net margin of 7.02%.The business had revenue of $44.82 billion during the quarter, compared to analyst estimates of $44.59 billion. During the same quarter last year, the company earned $2.55 EPS. The company’s quarterly revenue was down 12.4% compared to the same quarter last year. Equities analysts predict that Chevron Corporation will post 10.79 EPS for the current fiscal year.

Chevron Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, September 10th. Investors of record on Tuesday, August 19th were issued a $1.71 dividend. The ex-dividend date of this dividend was Tuesday, August 19th. This represents a $6.84 annualized dividend and a dividend yield of 4.3%. Chevron’s payout ratio is presently 88.03%.

Insider Buying and Selling at Chevron

In related news, VP Alana K. Knowles sold 3,978 shares of Chevron stock in a transaction on Friday, August 29th. The stock was sold at an average price of $160.00, for a total value of $636,480.00. Following the completion of the sale, the vice president owned 1,181 shares of the company’s stock, valued at $188,960. The trade was a 77.11% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, Director John B. Hess sold 375,000 shares of Chevron stock in a transaction on Friday, August 22nd. The stock was sold at an average price of $158.30, for a total value of $59,362,500.00. Following the completion of the sale, the director directly owned 1,403,045 shares of the company’s stock, valued at $222,102,023.50. The trade was a 21.09% decrease in their position. The disclosure for this sale can be found here. Insiders own 0.21% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research analysts recently weighed in on the company. Wells Fargo & Company reaffirmed an “overweight” rating and set a $178.00 price objective on shares of Chevron in a research report on Friday, August 1st. UBS Group raised their price objective on Chevron from $186.00 to $197.00 and gave the company a “buy” rating in a research report on Wednesday, August 20th. Melius assumed coverage on Chevron in a research report on Wednesday, August 20th. They set a “hold” rating and a $155.00 price objective for the company. Barclays reaffirmed an “equal weight” rating on shares of Chevron in a research report on Tuesday, July 15th. Finally, Piper Sandler lifted their target price on Chevron from $164.00 to $168.00 and gave the stock an “overweight” rating in a report on Monday, August 18th. Eleven equities research analysts have rated the stock with a Buy rating, eight have given a Hold rating and three have issued a Sell rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Hold” and an average target price of $165.05.

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.