Worthington Financial Partners LLC Acquires New Stake in Chevron Corporation $CVX

Worthington Financial Partners LLC bought a new position in Chevron Corporation (NYSE:CVX) in the fourth quarter, HoldingsChannel.com reports. The firm bought 2,924 shares of the oil and gas company’s stock, valued at approximately $446,000.

A number of other large investors have also recently added to or reduced their stakes in the company. D.B. Root & Company LLC lifted its holdings in shares of Chevron by 1.0% in the fourth quarter. D.B. Root & Company LLC now owns 5,552 shares of the oil and gas company’s stock valued at $846,000 after purchasing an additional 57 shares in the last quarter. Fox Hill Wealth Management grew its holdings in shares of Chevron by 1.7% during the fourth quarter. Fox Hill Wealth Management now owns 3,443 shares of the oil and gas company’s stock worth $525,000 after buying an additional 57 shares in the last quarter. Cornerstone Planning Group LLC raised its position in Chevron by 6.8% in the 4th quarter. Cornerstone Planning Group LLC now owns 930 shares of the oil and gas company’s stock valued at $142,000 after buying an additional 59 shares during the last quarter. MMA Asset Management LLC raised its position in Chevron by 3.4% in the 4th quarter. MMA Asset Management LLC now owns 1,820 shares of the oil and gas company’s stock valued at $277,000 after buying an additional 59 shares during the last quarter. Finally, EWA LLC lifted its stake in Chevron by 2.8% in the 4th quarter. EWA LLC now owns 2,182 shares of the oil and gas company’s stock valued at $333,000 after acquiring an additional 59 shares in the last quarter. Institutional investors own 72.42% of the company’s stock.

Chevron Trading Down 0.1%

Shares of Chevron stock opened at $173.51 on Friday. Chevron Corporation has a 12-month low of $142.40 and a 12-month high of $214.71. The stock has a market cap of $345.56 billion, a P/E ratio of 30.07, a P/E/G ratio of 0.57 and a beta of 0.48. The company has a quick ratio of 0.84, a current ratio of 1.09 and a debt-to-equity ratio of 0.21. The business’s 50 day moving average is $186.63 and its 200-day moving average is $179.01.

Chevron (NYSE:CVX) last released its quarterly earnings data 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. Chevron had a return on equity of 6.90% and a net margin of 5.79%.The company had revenue of $47.56 billion during the quarter, compared to the consensus estimate of $51.86 billion. During the same quarter in the prior year, the firm posted $2.18 EPS. The firm’s revenue for the quarter was up 2.1% compared to the same quarter last year. Equities research analysts predict that Chevron Corporation will post 15.88 earnings per share for the current fiscal year.

Chevron Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Wednesday, June 10th. Shareholders of record on Tuesday, May 19th were paid a $1.78 dividend. The ex-dividend date was Tuesday, May 19th. This represents a $7.12 dividend on an annualized basis and a yield of 4.1%. Chevron’s dividend payout ratio (DPR) is currently 123.40%.

Analyst Upgrades and Downgrades

CVX has been the topic of a number of recent research reports. Citigroup lifted their price objective on shares of Chevron from $210.00 to $235.00 and gave the company a “buy” rating in a report on Thursday, April 2nd. Wells Fargo & Company increased their target price on shares of Chevron from $204.00 to $222.00 and gave the stock an “overweight” rating in a report on Thursday, April 9th. Tudor Pickering raised shares of Chevron from a “hold” rating to a “buy” rating and set a $225.00 target price for the company in a research report on Thursday, April 9th. Royal Bank Of Canada reiterated an “outperform” rating and issued a $220.00 price target on shares of Chevron in a research note on Tuesday, May 5th. Finally, Piper Sandler boosted their price target on shares of Chevron from $179.00 to $242.00 and gave the stock an “overweight” rating in a research report on Thursday, March 12th. Eighteen analysts have rated the stock with a Buy rating, six have given a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $205.70.

Insiders Place Their Bets

In other news, insider R. Hewitt Pate sold 40,200 shares of Chevron stock in a transaction dated Monday, March 30th. The shares were sold at an average price of $213.30, for a total value of $8,574,660.00. Following the completion of the transaction, the insider owned 8,638 shares of the company’s stock, valued at $1,842,485.40. This trade represents a 82.31% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, Director John B. Hess sold 380,000 shares of the business’s stock in a transaction dated Wednesday, May 20th. The stock was sold at an average price of $193.20, for a total transaction of $73,416,000.00. Following the transaction, the director owned 278,045 shares in the company, valued at $53,718,294. This represents a 57.75% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last quarter, insiders sold 615,200 shares of company stock valued at $118,022,760. Corporate insiders own 0.56% of the company’s stock.

About Chevron

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.