Wealthquest Corp Makes New Investment in Chevron Corporation $CVX

Wealthquest Corp purchased a new stake in Chevron Corporation (NYSE:CVX) in the fourth quarter, HoldingsChannel reports. The institutional investor purchased 5,818 shares of the oil and gas company’s stock, valued at approximately $887,000.

Other hedge funds and other institutional investors also recently modified their holdings of the company. Kuhn & Co Investment Counsel increased its stake in shares of Chevron by 26.9% during the 4th quarter. Kuhn & Co Investment Counsel now owns 2,266 shares of the oil and gas company’s stock worth $345,000 after purchasing an additional 481 shares during the last quarter. Atticus Wealth Management LLC lifted its stake in Chevron by 4.3% in the 4th quarter. Atticus Wealth Management LLC now owns 4,759 shares of the oil and gas company’s stock valued at $725,000 after purchasing an additional 195 shares during the last quarter. Summit Asset Management LLC grew its holdings in Chevron by 3.3% during the fourth quarter. Summit Asset Management LLC now owns 4,963 shares of the oil and gas company’s stock worth $756,000 after purchasing an additional 159 shares during the period. Frazier Financial Advisors LLC grew its holdings in Chevron by 98.2% during the fourth quarter. Frazier Financial Advisors LLC now owns 666 shares of the oil and gas company’s stock worth $102,000 after purchasing an additional 330 shares during the period. Finally, Prospera Financial Services Inc increased its position in Chevron by 1.8% during the fourth quarter. Prospera Financial Services Inc now owns 151,846 shares of the oil and gas company’s stock worth $23,152,000 after buying an additional 2,689 shares during the last quarter. Institutional investors own 72.42% of the company’s stock.

Insider Activity

In other news, CEO Michael K. Wirth sold 272,624 shares of Chevron stock in a transaction on Monday, March 2nd. The stock was sold at an average price of $189.35, for a total transaction of $51,621,354.40. Following the completion of the sale, the chief executive officer owned 31,266 shares of the company’s stock, valued at approximately $5,920,217.10. This trade represents a 89.71% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Andrew Benjamin Walz sold 11,600 shares of the business’s stock in a transaction dated Monday, March 2nd. The shares were sold at an average price of $188.58, for a total transaction of $2,187,528.00. Additional details regarding this sale are available in the official SEC disclosure. Over the last ninety days, insiders have sold 1,179,699 shares of company stock worth $224,675,517. Corporate insiders own 0.56% of the company’s stock.

Chevron News Summary

Here are the key news stories impacting Chevron this week:

• Positive Sentiment: WTI crude above $95 per barrel is lifting Permian oil and associated gas economics, which should be a tailwind for Chevron’s upstream earnings and cash flow. More Gas Per Barrel of Oil: A Growth Lever for Permian Operators
• Positive Sentiment: Morgan Stanley raised its price target on Chevron to $214 from $212 and reiterated an overweight rating, signaling continued Wall Street confidence in the stock’s upside. Benzinga / The Fly analyst update
• Positive Sentiment: Chevron’s planned participation in a Bernstein conference next week keeps investor attention on management commentary and strategic updates. Chevron to Participate in Fireside Q&A at Bernstein 42nd Annual Strategic Decisions Conference
• Positive Sentiment: Chevron’s new next-generation Techron gasoline additive may help support brand strength and retail fuel performance over time. Chevron Introduces Next-gen Techron in U.S. Chevron and Texaco Gasolines
• Positive Sentiment: Chevron stands to receive about $2.17 billion from the sale of several Asia Pacific refining and retail assets to Eneos, which supports balance-sheet flexibility and portfolio simplification. Chevron Corporation (CVX) Poised for $2.17B Boost from Asia Pacific Asset Sale

Wall Street Analysts Forecast Growth

Several research firms have issued reports on CVX. UBS Group upped their price objective on Chevron from $218.00 to $220.00 and gave the company a “buy” rating in a research note on Monday, May 4th. Mizuho boosted their target price on Chevron from $206.00 to $217.00 and gave the stock an “outperform” rating in a report on Tuesday, March 17th. The Goldman Sachs Group restated a “buy” rating and issued a $216.00 price target on shares of Chevron in a research note on Wednesday, May 6th. Royal Bank Of Canada reaffirmed an “outperform” rating and set a $220.00 price target on shares of Chevron in a report on Tuesday, May 5th. Finally, Scotiabank lifted their price objective on shares of Chevron from $168.00 to $187.00 and gave the stock a “sector perform” rating in a research report on Wednesday, April 22nd. One analyst has rated the stock with a Strong Buy rating, eighteen have assigned a Buy rating, five have given a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $204.22.

Chevron Trading Up 0.0%

Shares of CVX stock opened at $191.51 on Monday. Chevron Corporation has a 12-month low of $134.06 and a 12-month high of $214.71. The company has a market capitalization of $381.42 billion, a PE ratio of 33.19, a price-to-earnings-growth ratio of 0.64 and a beta of 0.51. The firm has a 50 day moving average price of $193.54 and a two-hundred day moving average price of $174.75. The company has a quick ratio of 0.84, a current ratio of 1.09 and a debt-to-equity ratio of 0.21.

Chevron (NYSE:CVX) last posted its earnings results on Friday, May 1st. The oil and gas company reported $1.41 EPS for the quarter, beating the consensus estimate of $1.00 by $0.41. The company had revenue of $47.56 billion for the quarter, compared to the consensus estimate of $51.86 billion. Chevron had a return on equity of 6.90% and a net margin of 5.79%.The firm’s revenue for the quarter was up 2.1% on a year-over-year basis. During the same quarter in the prior year, the business earned $2.18 earnings per share. As a group, analysts predict that Chevron Corporation will post 15.74 earnings per share for the current year.

Chevron Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, June 10th. Shareholders of record on Tuesday, May 19th will be issued a $1.78 dividend. This represents a $7.12 dividend on an annualized basis and a yield of 3.7%. The ex-dividend date of this dividend is Tuesday, May 19th. Chevron’s dividend payout ratio is currently 123.40%.

Chevron Company Profile

Chevron Corporation (NYSE: CVX) is an American multinational energy company engaged in virtually all aspects of the oil and gas industry. As an integrated energy firm, Chevron’s core activities include upstream oil and natural gas exploration and production, midstream transportation and storage, downstream refining and marketing of fuels and lubricants, and petrochemical manufacturing through joint ventures and subsidiaries. The company markets fuels under brands such as Chevron, Texaco and Caltex and supplies a range of products and services to retail customers, industrial users and commercial fleets worldwide.

Chevron traces its corporate lineage to the early petroleum companies that eventually became Standard Oil of California and has evolved through significant mergers and restructurings, including the acquisitions of Gulf Oil and Texaco.