Chevron Corporation $CVX Stock Sold by Welch & Forbes LLC

Welch & Forbes LLC cut its stake in shares of Chevron Corporation (NYSE:CVX) by 1.7% during the third quarter, HoldingsChannel.com reports. The firm owned 392,035 shares of the oil and gas company’s stock after selling 6,600 shares during the period. Welch & Forbes LLC’s holdings in Chevron were worth $80,058,000 as of its most recent SEC filing.

Other large investors have also recently added to or reduced their stakes in the company. Main Street Group LTD acquired a new stake in shares of Chevron during the 1st quarter valued at $28,000. Kilter Group LLC acquired a new position in shares of Chevron in the second quarter worth $28,000. Principia Wealth Advisory LLC raised its holdings in shares of Chevron by 49.6% during the second quarter. Principia Wealth Advisory LLC now owns 181 shares of the oil and gas company’s stock worth $30,000 after acquiring an additional 60 shares in the last quarter. Strategic Wealth Advisors LLC acquired a new stake in Chevron during the second quarter valued at $33,000. Finally, Burk Holdings LLC purchased a new position in Chevron in the second quarter valued at about $42,000. Institutional investors and hedge funds own 72.42% of the company’s stock.

Chevron Stock Performance

Shares of NYSE:CVX opened at $210.91 on Tuesday. The business has a fifty day moving average of $215.09 and a 200-day moving average of $194.63. The firm has a market cap of $416.71 billion, a PE ratio of 15.43, a price-to-earnings-growth ratio of 0.51 and a beta of 0.47. The company has a debt-to-equity ratio of 0.19, a quick ratio of 0.98 and a current ratio of 1.25. Chevron Corporation has a twelve month low of $146.49 and a twelve month high of $236.48.

Chevron (NYSE:CVX) last issued its quarterly earnings data on Friday, October 30th. The oil and gas company reported $5.28 EPS for the quarter, topping analysts’ consensus estimates of $4.87 by $0.41. The firm had revenue of $65.24 billion for the quarter, compared to analyst estimates of $61.82 billion. Chevron had a net margin of 11.56% and a return on equity of 14.64%. The company’s revenue was up 36.3% on a year-over-year basis. During the same quarter in the prior year, the firm earned $1.85 EPS. On average, equities research analysts predict that Chevron Corporation will post 18.56 EPS for the current fiscal year.

Chevron Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Thursday, December 10th. Stockholders of record on Wednesday, November 18th will be given a dividend of $1.78 per share. This represents a $7.12 dividend on an annualized basis and a dividend yield of 3.4%. The ex-dividend date is Wednesday, November 18th. Chevron’s dividend payout ratio is presently 52.08%.

Insider Activity

In related news, insider Andrew Walz sold 16,800 shares of the business’s stock in a transaction that occurred on Monday, August 17th. The shares were sold at an average price of $201.06, for a total value of $3,377,808.00. Following the completion of the transaction, the insider owned 14 shares in the company, valued at $2,814.84. The trade was a 99.92% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, insider R. Pate sold 40,700 shares of the stock in a transaction on Tuesday, October 20th. The shares were sold at an average price of $226.65, for a total value of $9,224,655.00. Following the completion of the transaction, the insider owned 8,791 shares in the company, valued at $1,992,480.15. The trade was a 82.24% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 379,470 shares of company stock valued at $77,216,415 over the last three months. 0.56% of the stock is owned by insiders.

Wall Street Analyst Weigh In

CVX has been the subject of a number of recent research reports. Sanford C. Bernstein raised their price target on Chevron from $204.00 to $209.00 and gave the stock a “market perform” rating in a research note on Monday, August 3rd. Royal Bank Of Canada boosted their target price on shares of Chevron from $220.00 to $230.00 and gave the stock an “outperform” rating in a research report on Thursday, September 24th. Wells Fargo & Company boosted their target price on shares of Chevron from $230.00 to $268.00 and gave the stock an “overweight” rating in a research report on Monday, November 2nd. The Goldman Sachs Group reaffirmed a “buy” rating and issued a $241.00 target price on shares of Chevron in a research report on Tuesday, October 20th. Finally, Piper Sandler lifted their price target on shares of Chevron from $207.00 to $243.00 and gave the stock an “overweight” rating in a research note on Thursday, September 3rd. One research analyst has rated the stock with a Strong Buy rating, twenty-three have given a Buy rating, six have issued a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $221.88.

About Chevron

Chevron Corporation (NYSE:CVX) is an integrated energy company engaged in the exploration, development, production, transportation and sale of crude oil and natural gas. Its upstream operations include oil and gas exploration and production, while its downstream business includes refining crude oil, marketing fuels and manufacturing and distributing lubricants, petrochemicals and fuel additives.

The company also invests in lower-carbon businesses and technologies, including renewable fuels, carbon capture and storage, hydrogen and other opportunities intended to reduce emissions from its operations and energy products.