Firethorn Wealth Partners LLC Boosts Holdings in Chevron Corporation $CVX

Firethorn Wealth Partners LLC lifted its stake in Chevron Corporation (NYSE:CVX) by 4.2% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 4,195 shares of the oil and gas company’s stock after buying an additional 169 shares during the period. Firethorn Wealth Partners LLC’s holdings in Chevron were worth $601,000 at the end of the most recent quarter.

A number of other hedge funds have also recently modified their holdings of CVX. Insight Advisors LLC PA grew its position in shares of Chevron by 5.3% in the 1st quarter. Insight Advisors LLC PA now owns 1,881 shares of the oil and gas company’s stock valued at $315,000 after buying an additional 94 shares during the last quarter. Ehrlich Financial Group purchased a new position in shares of Chevron in the 1st quarter valued at $211,000. Sovereign Financial Group Inc. grew its position in shares of Chevron by 7.7% in the 1st quarter. Sovereign Financial Group Inc. now owns 2,895 shares of the oil and gas company’s stock valued at $484,000 after buying an additional 207 shares during the last quarter. Pines Wealth Management LLC grew its position in Chevron by 3.3% during the 1st quarter. Pines Wealth Management LLC now owns 7,808 shares of the oil and gas company’s stock worth $1,306,000 after purchasing an additional 253 shares during the last quarter. Finally, Verum Partners LLC grew its position in Chevron by 8.2% during the 1st quarter. Verum Partners LLC now owns 2,945 shares of the oil and gas company’s stock worth $493,000 after purchasing an additional 222 shares during the last quarter. 72.42% of the stock is owned by hedge funds and other institutional investors.

Chevron Stock Up 0.1%

Shares of NYSE:CVX opened at $153.59 on Friday. The company has a market cap of $265.40 billion, a price-to-earnings ratio of 19.77, a PEG ratio of 1.99 and a beta of 0.84. The firm’s 50-day simple moving average is $156.23 and its 200-day simple moving average is $148.99. 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 fifty-two week low of $132.04 and a fifty-two week high of $168.96.

Chevron (NYSE:CVX) last issued its earnings results on Friday, August 1st. The oil and gas company reported $1.77 earnings per share for the quarter, beating the consensus estimate of $1.58 by $0.19. The business had revenue of $44.82 billion for the quarter, compared to the consensus estimate of $44.59 billion. Chevron had a net margin of 7.02% and a return on equity of 9.90%. The business’s quarterly revenue was down 12.4% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $2.55 earnings per share. As a group, equities research analysts predict that Chevron Corporation will post 10.79 earnings per share for the current year.

Chevron Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, September 10th. Investors of record on Tuesday, August 19th were paid a $1.71 dividend. The ex-dividend date was Tuesday, August 19th. This represents a $6.84 annualized dividend and a dividend yield of 4.5%. Chevron’s dividend payout ratio (DPR) is 88.03%.

Insider Activity

In related news, VP Alana K. Knowles sold 3,978 shares of the firm’s stock in a transaction dated Friday, August 29th. The shares were 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 $188,960. This trade represents a 77.11% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director John B. Hess sold 375,000 shares of the firm’s stock in a transaction dated Friday, August 22nd. The shares were sold at an average price of $158.30, for a total transaction 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 trade represents a 21.09% decrease in their position. The disclosure for this sale can be found here. 0.21% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

Several research analysts have issued reports on the stock. Weiss Ratings reissued a “hold (c)” rating on shares of Chevron in a research report on Saturday, September 27th. TD Cowen raised their price objective on shares of Chevron from $150.00 to $155.00 and gave the stock a “hold” rating in a research report on Monday, August 4th. Scotiabank reissued a “sector perform” rating and set a $160.00 price objective (up from $143.00) on shares of Chevron in a research report on Friday, July 11th. Barclays reissued an “equal weight” rating on shares of Chevron in a research report on Tuesday, July 15th. Finally, UBS Group raised their price objective on shares of Chevron from $186.00 to $197.00 and gave the stock a “buy” rating in a research report on Wednesday, August 20th. Eleven investment analysts have rated the stock with a Buy rating, nine have issued a Hold rating and three have issued a Sell rating to the company’s stock. According to MarketBeat, the company presently has an average rating of “Hold” and an average price target 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.