Modern Wealth Management LLC Raises Stock Holdings in Chevron Corporation $CVX

Modern Wealth Management LLC increased its holdings in shares of Chevron Corporation (NYSE:CVX) by 3.6% in the second quarter, according to its most recent filing with the SEC. The fund owned 116,659 shares of the oil and gas company’s stock after acquiring an additional 4,071 shares during the period. Modern Wealth Management LLC’s holdings in Chevron were worth $16,704,000 at the end of the most recent quarter.

Other hedge funds also recently bought and sold shares of the company. Kingstone Capital Partners Texas LLC boosted its stake in shares of Chevron by 652,139.5% during the second quarter. Kingstone Capital Partners Texas LLC now owns 83,714,936 shares of the oil and gas company’s stock valued at $13,214,757,000 after purchasing an additional 83,702,101 shares during the period. Norges Bank bought a new stake in Chevron during the 2nd quarter valued at about $2,721,477,000. Laurel Wealth Advisors LLC lifted its holdings in Chevron by 14,194.2% during the 2nd quarter. Laurel Wealth Advisors LLC now owns 3,722,217 shares of the oil and gas company’s stock valued at $532,984,000 after buying an additional 3,696,177 shares in the last quarter. Berkshire Hathaway Inc boosted its position in Chevron by 2.9% in the 2nd quarter. Berkshire Hathaway Inc now owns 122,064,792 shares of the oil and gas company’s stock valued at $17,478,458,000 after buying an additional 3,454,258 shares during the period. Finally, Charles Schwab Investment Management Inc. grew its stake in Chevron by 4.0% in the 2nd quarter. Charles Schwab Investment Management Inc. now owns 34,772,753 shares of the oil and gas company’s stock worth $4,979,255,000 after acquiring an additional 1,342,723 shares in the last quarter. Institutional investors own 72.42% of the company’s stock.

Chevron Stock Down 0.5%

Shares of NYSE CVX opened at $149.95 on Friday. Chevron Corporation has a 12-month low of $132.04 and a 12-month high of $168.96. The stock’s fifty day simple moving average is $152.74 and its two-hundred day simple moving average is $151.98. The stock has a market capitalization of $301.93 billion, a PE ratio of 21.09, a price-to-earnings-growth ratio of 8.95 and a beta of 0.68. The company has a current ratio of 1.15, a quick ratio of 0.86 and a debt-to-equity ratio of 0.19.

Chevron (NYSE:CVX) last issued its quarterly earnings data on Friday, October 31st. The oil and gas company reported $1.85 earnings per share for the quarter, topping analysts’ consensus estimates of $1.71 by $0.14. Chevron had a return on equity of 8.74% and a net margin of 6.57%.The firm had revenue of $48.17 billion during the quarter, compared to analysts’ expectations of $46.99 billion. During the same period in the prior year, the business posted $2.48 EPS. The firm’s quarterly revenue was down 1.9% on a year-over-year basis. As a group, analysts expect that Chevron Corporation will post 10.79 EPS for the current fiscal year.

Chevron Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, December 10th. Stockholders of record on Tuesday, November 18th were given a $1.71 dividend. The ex-dividend date of this dividend was Tuesday, November 18th. This represents a $6.84 dividend on an annualized basis and a dividend yield of 4.6%. Chevron’s payout ratio is presently 96.20%.

Insider Activity

In related news, Director John B. Hess sold 275,000 shares of the business’s stock in a transaction that occurred on Thursday, November 20th. The shares were sold at an average price of $150.75, for a total transaction of $41,456,250.00. Following the completion of the transaction, the director owned 1,128,045 shares in the company, valued at $170,052,783.75. The trade was a 19.60% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. 0.21% of the stock is currently owned by insiders.

Analyst Ratings Changes

Several analysts have recently weighed in on CVX shares. Morgan Stanley lifted their price target on shares of Chevron from $177.00 to $180.00 and gave the company an “overweight” rating in a research note on Thursday, November 13th. Hsbc Global Res upgraded Chevron from a “hold” rating to a “strong-buy” rating in a report on Monday, December 1st. Zacks Research cut Chevron from a “hold” rating to a “strong sell” rating in a report on Monday, November 24th. Melius assumed coverage on Chevron in a research note on Wednesday, August 20th. They set a “hold” rating and a $155.00 price target on the stock. Finally, Scotiabank lifted their price objective on Chevron from $160.00 to $165.00 and gave the company a “sector perform” rating in a report on Thursday, October 9th. One equities research analyst has rated the stock with a Strong Buy rating, eleven have given a Buy rating, seven have assigned a Hold rating and four have issued a Sell rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average target price of $166.00.

Chevron Company Profile

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.