Spectrum Strategic Capital Management LLC Invests $2.03 Million in Chevron Corporation $CVX

Spectrum Strategic Capital Management LLC purchased a new position in shares of Chevron Corporation (NYSE:CVX) in the second quarter, according to its most recent disclosure with the SEC. The firm purchased 14,153 shares of the oil and gas company’s stock, valued at approximately $2,027,000. Chevron makes up 1.0% of Spectrum Strategic Capital Management LLC’s investment portfolio, making the stock its 21st largest position.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the company. Emerald Advisors LLC raised its stake in shares of Chevron by 15.1% during the 2nd quarter. Emerald Advisors LLC now owns 7,673 shares of the oil and gas company’s stock worth $1,099,000 after purchasing an additional 1,008 shares in the last quarter. Eagle Bluffs Wealth Management LLC raised its stake in shares of Chevron by 2.0% during the 2nd quarter. Eagle Bluffs Wealth Management LLC now owns 6,186 shares of the oil and gas company’s stock worth $886,000 after purchasing an additional 122 shares in the last quarter. Mainsail Financial Group LLC increased its holdings in shares of Chevron by 4.0% during the 2nd quarter. Mainsail Financial Group LLC now owns 6,503 shares of the oil and gas company’s stock valued at $980,000 after acquiring an additional 251 shares during the last quarter. DiNuzzo Private Wealth Inc. increased its holdings in shares of Chevron by 30.6% during the 2nd quarter. DiNuzzo Private Wealth Inc. now owns 691 shares of the oil and gas company’s stock valued at $99,000 after acquiring an additional 162 shares during the last quarter. Finally, Alliance Wealth Advisors LLC increased its holdings in shares of Chevron by 5.4% during the 2nd quarter. Alliance Wealth Advisors LLC now owns 2,601 shares of the oil and gas company’s stock valued at $372,000 after acquiring an additional 133 shares during the last quarter. 72.42% of the stock is owned by hedge funds and other institutional investors.

Chevron Stock Performance

CVX opened at $156.13 on Tuesday. The firm has a market capitalization of $269.79 billion, a P/E ratio of 20.09, a price-to-earnings-growth ratio of 2.00 and a beta of 0.90. The stock’s 50 day moving average price is $156.17 and its two-hundred day moving average price is $149.09. The company has a quick ratio of 0.74, a current ratio of 1.00 and a debt-to-equity ratio of 0.16. Chevron Corporation has a 12-month low of $132.04 and a 12-month high of $168.96.

Chevron (NYSE:CVX) last released its earnings results on Friday, August 1st. The oil and gas company reported $1.77 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.58 by $0.19. The firm had revenue of $44.82 billion for the quarter, compared to analyst estimates of $44.59 billion. Chevron had a return on equity of 9.90% and a net margin of 7.02%.The company’s revenue was down 12.4% on a year-over-year basis. During the same quarter last year, the firm posted $2.55 EPS. On average, equities analysts forecast that Chevron Corporation will post 10.79 earnings per share for the current year.

Chevron Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, September 10th. Shareholders of record on Tuesday, August 19th were given a $1.71 dividend. The ex-dividend date was Tuesday, August 19th. This represents a $6.84 dividend on an annualized basis and a dividend yield of 4.4%. Chevron’s dividend payout ratio (DPR) is currently 88.03%.

Insider Buying and Selling

In other Chevron news, VP Alana K. Knowles sold 3,978 shares of the firm’s stock in a transaction that occurred 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 in the company, valued at approximately $188,960. This trade represents a 77.11% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director John B. Hess sold 375,000 shares of the firm’s stock in a transaction that occurred 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 owned 1,403,045 shares of the company’s stock, valued at $222,102,023.50. This represents a 21.09% decrease in their position. The disclosure for this sale can be found here. 0.20% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

A number of research analysts have recently commented on CVX shares. Bank of America increased their price objective on Chevron from $170.00 to $185.00 and gave the company a “buy” rating in a report on Wednesday, September 10th. Evercore ISI reissued an “outperform” rating and set a $180.00 price objective on shares of Chevron in a report on Thursday, July 31st. Piper Sandler increased their price objective on Chevron from $164.00 to $168.00 and gave the company an “overweight” rating in a report on Monday, August 18th. Wells Fargo & Company reissued an “overweight” rating and set a $178.00 price objective on shares of Chevron in a report on Friday, August 1st. Finally, Scotiabank reissued a “sector perform” rating and set a $160.00 price objective (up previously from $143.00) on shares of Chevron in a report on Friday, July 11th. Eleven analysts have rated the stock with a Buy rating, eight have given a Hold rating and three have assigned a Sell rating to the stock. According to MarketBeat.com, the stock presently has a consensus 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.