Avidian Wealth Enterprises LLC Sells 511 Shares of Chevron Corporation $CVX

Avidian Wealth Enterprises LLC lowered its stake in Chevron Corporation (NYSE:CVX) by 1.2% during the 2nd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 42,310 shares of the oil and gas company’s stock after selling 511 shares during the quarter. Avidian Wealth Enterprises LLC’s holdings in Chevron were worth $6,058,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in CVX. GAMMA Investing LLC raised its stake in Chevron by 27.3% during the 1st quarter. GAMMA Investing LLC now owns 32,329 shares of the oil and gas company’s stock valued at $5,408,000 after purchasing an additional 6,928 shares during the period. Genesee Capital Advisors LLC raised its stake in Chevron by 2.4% during the 1st quarter. Genesee Capital Advisors LLC now owns 4,559 shares of the oil and gas company’s stock valued at $763,000 after purchasing an additional 107 shares during the period. Cherry Creek Investment Advisors Inc. raised its stake in Chevron by 2.2% during the 1st quarter. Cherry Creek Investment Advisors Inc. now owns 4,430 shares of the oil and gas company’s stock valued at $741,000 after purchasing an additional 95 shares during the period. 1858 Wealth Management LLC bought a new stake in Chevron during the 1st quarter valued at approximately $216,000. Finally, Crumly & Associates Inc. grew its holdings in Chevron by 4.3% during the 1st quarter. Crumly & Associates Inc. now owns 3,438 shares of the oil and gas company’s stock valued at $575,000 after buying an additional 143 shares in the last quarter. Institutional investors own 72.42% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities analysts have weighed in on the company. Raymond James Financial restated an “outperform” rating and set a $160.00 price target (down previously from $170.00) on shares of Chevron in a report on Friday. Weiss Ratings restated a “hold (c)” rating on shares of Chevron in a report on Wednesday, October 8th. Barclays cut their price target on Chevron from $160.00 to $158.00 and set an “equal weight” rating for the company in a report on Tuesday, October 7th. TD Cowen raised their price target on Chevron from $150.00 to $155.00 and gave the company a “hold” rating in a report on Monday, August 4th. Finally, Piper Sandler raised their price target on Chevron from $164.00 to $168.00 and gave the company an “overweight” rating in a report on Monday, August 18th. Eleven analysts have rated the stock with a Buy rating, nine have issued a Hold rating and three have given a Sell rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus price target of $165.25.

Chevron Price Performance

Shares of CVX stock opened at $154.53 on Tuesday. Chevron Corporation has a 52-week low of $132.04 and a 52-week high of $168.96. The company has a debt-to-equity ratio of 0.16, a quick ratio of 0.74 and a current ratio of 1.00. The firm has a market capitalization of $267.02 billion, a P/E ratio of 19.89, a P/E/G ratio of 2.02 and a beta of 0.84. The stock has a 50 day moving average price of $156.05 and a 200 day moving average price of $148.04.

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 analysts’ consensus estimates of $1.58 by $0.19. The business had revenue of $44.82 billion during 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%.Chevron’s revenue was down 12.4% on a year-over-year basis. During the same period in the previous year, the company posted $2.55 EPS. As a group, sell-side analysts predict that Chevron Corporation will post 10.79 earnings per share for the current year.

Chevron Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Wednesday, September 10th. Shareholders 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 dividend on an annualized basis and a yield of 4.4%. Chevron’s payout ratio is 88.03%.

Insiders Place Their Bets

In other Chevron news, 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 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 sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, VP Alana K. Knowles sold 3,978 shares of Chevron stock in a transaction on Friday, August 29th. The shares were sold at an average price of $160.00, for a total value of $636,480.00. Following the sale, the vice president directly owned 1,181 shares of the company’s stock, valued at approximately $188,960. This trade represents a 77.11% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 0.20% of the company’s stock.

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.