Elefante Mark B Acquires 325 Shares of Chevron Corporation $CVX

Elefante Mark B boosted its holdings in Chevron Corporation (NYSE:CVX) by 1.7% in the second quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 19,708 shares of the oil and gas company’s stock after purchasing an additional 325 shares during the quarter. Chevron comprises 2.1% of Elefante Mark B’s holdings, making the stock its 23rd largest holding. Elefante Mark B’s holdings in Chevron were worth $2,822,000 as of its most recent SEC filing.

A number of other hedge funds have also added to or reduced their stakes in the business. Jag Capital Management LLC increased its holdings in Chevron by 18.8% in the second quarter. Jag Capital Management LLC now owns 1,436 shares of the oil and gas company’s stock worth $206,000 after purchasing an additional 227 shares in the last quarter. Cornerstone Wealth Group LLC increased its holdings in Chevron by 0.7% in the second quarter. Cornerstone Wealth Group LLC now owns 54,672 shares of the oil and gas company’s stock worth $7,828,000 after purchasing an additional 356 shares in the last quarter. Heartland Bank & Trust Co increased its holdings in Chevron by 8.9% in the second quarter. Heartland Bank & Trust Co now owns 7,118 shares of the oil and gas company’s stock worth $1,019,000 after purchasing an additional 581 shares in the last quarter. Verdence Capital Advisors LLC increased its holdings in Chevron by 1.9% in the second quarter. Verdence Capital Advisors LLC now owns 34,060 shares of the oil and gas company’s stock worth $4,877,000 after purchasing an additional 629 shares in the last quarter. Finally, Envestnet Portfolio Solutions Inc. increased its holdings in Chevron by 2.1% in the second quarter. Envestnet Portfolio Solutions Inc. now owns 224,229 shares of the oil and gas company’s stock worth $32,107,000 after purchasing an additional 4,566 shares in the last quarter. 72.42% of the stock is currently owned by institutional investors.

Chevron Stock Up 2.0%

Shares of NYSE:CVX opened at $151.86 on Tuesday. The stock has a market cap of $262.42 billion, a price-to-earnings ratio of 19.54, a PEG ratio of 1.93 and a beta of 0.84. 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. The business’s 50 day moving average is $156.12 and its 200 day moving average is $148.31.

Chevron (NYSE:CVX) last announced its earnings results on Friday, August 1st. The oil and gas company reported $1.77 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.58 by $0.19. The company had revenue of $44.82 billion for the quarter, compared to analysts’ expectations of $44.59 billion. Chevron had a return on equity of 9.90% and a net margin of 7.02%.Chevron’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 earnings per share. On average, sell-side analysts forecast that Chevron Corporation will post 10.79 earnings per share for the current fiscal year.

Chevron Dividend Announcement

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

Insider Activity at Chevron

In other Chevron news, Director John B. Hess sold 375,000 shares of the business’s 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 transaction, the director owned 1,403,045 shares of the company’s stock, valued at approximately $222,102,023.50. The trade was a 21.09% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, VP Alana K. Knowles sold 3,978 shares of the business’s 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 transaction, the vice president directly owned 1,181 shares in the company, valued at approximately $188,960. This represents a 77.11% decrease in their position. The disclosure for this sale can be found here. 0.20% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

A number of brokerages have weighed in on CVX. Weiss Ratings reiterated a “hold (c)” rating on shares of Chevron in a report on Wednesday, October 8th. Wells Fargo & Company restated an “overweight” rating and set a $178.00 price objective on shares of Chevron in a report on Friday, August 1st. Piper Sandler boosted 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. Evercore ISI restated an “outperform” rating and set a $180.00 price objective on shares of Chevron in a report on Thursday, July 31st. Finally, TD Cowen boosted their price objective on Chevron from $150.00 to $155.00 and gave the company a “hold” rating in a report on Monday, August 4th. Eleven research analysts have rated the stock with a Buy rating, nine have given a Hold rating and three have assigned a Sell rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Hold” and an average target price of $165.40.

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.