Bingham Private Wealth LLC Boosts Stock Position in Chevron Corporation $CVX

Bingham Private Wealth LLC grew its stake in shares of Chevron Corporation (NYSE:CVX) by 6.3% in the second quarter, HoldingsChannel reports. The fund owned 6,943 shares of the oil and gas company’s stock after buying an additional 409 shares during the quarter. Chevron makes up about 0.9% of Bingham Private Wealth LLC’s portfolio, making the stock its 29th largest position. Bingham Private Wealth LLC’s holdings in Chevron were worth $994,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of the business. Harvest Fund Management Co. Ltd grew its holdings in Chevron by 420.7% during the 1st quarter. Harvest Fund Management Co. Ltd now owns 151 shares of the oil and gas company’s stock valued at $25,000 after purchasing an additional 122 shares in the last quarter. Elequin Capital LP bought a new stake in shares of Chevron during the 1st quarter valued at about $31,000. Cloud Capital Management LLC bought a new stake in Chevron in the first quarter valued at $39,000. Investment Management Corp VA ADV boosted its stake in Chevron by 171.3% during the 1st quarter. Investment Management Corp VA ADV now owns 236 shares of the oil and gas company’s stock valued at $39,000 after purchasing an additional 149 shares during the period. Finally, Cooksen Wealth LLC bought a new position in Chevron in the 1st quarter worth approximately $43,000. 72.42% of the stock is owned by institutional investors and hedge funds.

Insider Transactions at Chevron

In other Chevron news, VP Alana K. Knowles sold 3,978 shares of the stock in a transaction dated 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 transaction, the vice president directly owned 1,181 shares in the company, valued at approximately $188,960. This trade represents a 77.11% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through 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 transaction of $59,362,500.00. Following the transaction, the director owned 1,403,045 shares in the company, valued at approximately $222,102,023.50. This trade represents a 21.09% decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 0.20% of the company’s stock.

Wall Street Analyst Weigh In

Several brokerages have recently issued reports on CVX. Scotiabank reiterated a “sector perform” rating and set a $160.00 price target (up from $143.00) on shares of Chevron in a research report on Friday, July 11th. TD Cowen raised their target price on Chevron from $150.00 to $155.00 and gave the stock a “hold” rating in a research report on Monday, August 4th. Evercore ISI reiterated an “outperform” rating and issued a $180.00 target price on shares of Chevron in a research report on Thursday, July 31st. Raymond James Financial reiterated an “outperform” rating on shares of Chevron in a report on Friday, August 1st. Finally, Bank of America boosted their target price on Chevron from $170.00 to $185.00 and gave the stock a “buy” rating in a report on Wednesday, September 10th. Eleven analysts have rated the stock with a Buy rating, nine have given a Hold rating and three have issued a Sell rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Hold” and an average target price of $165.05.

Chevron Stock Up 0.3%

CVX stock opened at $153.99 on Tuesday. The stock has a market capitalization of $266.09 billion, a P/E ratio of 19.82, a P/E/G ratio of 1.99 and a beta of 0.84. Chevron Corporation has a fifty-two week low of $132.04 and a fifty-two week high of $168.96. The business has a 50-day moving average of $156.19 and a 200-day moving average of $148.80. The company has a debt-to-equity ratio of 0.16, a current ratio of 1.00 and a quick ratio of 0.74.

Chevron (NYSE:CVX) last posted its quarterly earnings results on Friday, August 1st. The oil and gas company reported $1.77 earnings per share for the quarter, topping the consensus estimate 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 business’s quarterly revenue was down 12.4% on a year-over-year basis. During the same quarter in the previous year, the firm earned $2.55 EPS. On average, sell-side analysts anticipate that Chevron Corporation will post 10.79 earnings per share for the current fiscal year.

Chevron Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Wednesday, September 10th. Stockholders of record on Tuesday, August 19th were issued a dividend of $1.71 per share. This represents a $6.84 annualized dividend and a dividend yield of 4.4%. The ex-dividend date of this dividend was Tuesday, August 19th. Chevron’s dividend payout ratio is 88.03%.

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.