Wedmont Private Capital Increases Stake in Chevron Corporation $CVX

Wedmont Private Capital grew its stake in Chevron Corporation (NYSE:CVX) by 60.0% during the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 19,364 shares of the oil and gas company’s stock after purchasing an additional 7,260 shares during the period. Wedmont Private Capital’s holdings in Chevron were worth $3,000,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Berkshire Hathaway Inc increased its stake in shares of 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 purchasing an additional 3,454,258 shares in the last quarter. Kingstone Capital Partners Texas LLC boosted its position in 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 worth $13,214,757,000 after purchasing an additional 83,702,101 shares in the last quarter. Charles Schwab Investment Management Inc. grew its holdings in Chevron by 4.0% in the second quarter. Charles Schwab Investment Management Inc. now owns 34,772,753 shares of the oil and gas company’s stock valued at $4,979,255,000 after purchasing an additional 1,342,723 shares during the period. Fisher Asset Management LLC increased its position in shares of Chevron by 1.9% in the second quarter. Fisher Asset Management LLC now owns 20,826,805 shares of the oil and gas company’s stock valued at $2,982,190,000 after buying an additional 378,936 shares in the last quarter. Finally, Norges Bank purchased a new stake in shares of Chevron in the second quarter valued at approximately $2,721,477,000. Institutional investors and hedge funds own 72.42% of the company’s stock.

Wall Street Analysts Forecast Growth

CVX has been the topic of a number of recent analyst reports. Piper Sandler decreased their target price on Chevron from $171.00 to $169.00 and set an “overweight” rating on the stock in a research report on Monday, November 10th. Hsbc Global Res raised shares of Chevron from a “hold” rating to a “strong-buy” rating in a report on Monday, December 1st. Scotiabank boosted their target price on shares of Chevron from $160.00 to $165.00 and gave the stock a “sector perform” rating in a research note on Thursday, October 9th. Bank of America lowered their price objective on Chevron from $183.00 to $180.00 and set a “buy” rating on the stock in a report on Thursday, December 11th. Finally, HSBC set a $169.00 target price on Chevron and gave the company a “buy” rating in a research report on Monday, December 1st. One investment analyst has rated the stock with a Strong Buy rating, eleven have given a Buy rating, seven have issued a Hold rating and four have issued a Sell rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and an average target price of $166.00.

Chevron Trading Down 1.2%

Shares of Chevron stock opened at $147.69 on Friday. The company has a debt-to-equity ratio of 0.19, a current ratio of 1.15 and a quick ratio of 0.86. The stock’s 50 day simple moving average is $152.34 and its 200-day simple moving average is $152.30. The stock has a market cap of $297.38 billion, a P/E ratio of 20.77, a P/E/G ratio of 8.88 and a beta of 0.68. Chevron Corporation has a 1-year low of $132.04 and a 1-year high of $168.96.

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

Chevron Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Wednesday, December 10th. Stockholders of record on Tuesday, November 18th were given a dividend of $1.71 per share. The ex-dividend date of this dividend was Tuesday, November 18th. This represents a $6.84 annualized dividend 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 firm’s stock in a transaction dated 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 sale, the director directly owned 1,128,045 shares in the company, valued at approximately $170,052,783.75. This trade represents a 19.60% 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. Corporate insiders own 0.21% 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.