Wealth Effects LLC Purchases Shares of 14,694 Chevron Corporation $CVX

Wealth Effects LLC acquired a new position in shares of Chevron Corporation (NYSE:CVX) in the 2nd quarter, according to its most recent filing with the Securities & Exchange Commission. The fund acquired 14,694 shares of the oil and gas company’s stock, valued at approximately $2,436,000.

Several other hedge funds and other institutional investors have also made changes to their positions in CVX. United Bank boosted its position in shares of Chevron by 7.7% in the second quarter. United Bank now owns 11,079 shares of the oil and gas company’s stock worth $1,586,000 after buying an additional 796 shares during the period. Schnieders Capital Management LLC. lifted its position in Chevron by 9.0% during the 2nd quarter. Schnieders Capital Management LLC. now owns 50,839 shares of the oil and gas company’s stock worth $7,280,000 after acquiring an additional 4,214 shares in the last quarter. BNP Paribas boosted its holdings in Chevron by 76.4% in the 2nd quarter. BNP Paribas now owns 441 shares of the oil and gas company’s stock worth $63,000 after acquiring an additional 191 shares during the period. Osterweis Capital Management Inc. raised its stake in shares of Chevron by 678.9% during the second quarter. Osterweis Capital Management Inc. now owns 1,363 shares of the oil and gas company’s stock valued at $195,000 after purchasing an additional 1,188 shares during the period. Finally, Main Street Financial Solutions LLC raised its stake in shares of Chevron by 3.6% during the second quarter. Main Street Financial Solutions LLC now owns 16,052 shares of the oil and gas company’s stock valued at $2,299,000 after purchasing an additional 553 shares during the period. Institutional investors and hedge funds own 72.42% of the company’s stock.

Wall Street Analyst Weigh In

Several research analysts have recently weighed in on CVX shares. Zacks Research downgraded shares of Chevron from a “strong-buy” rating to a “hold” rating in a research note on Monday, June 8th. Morgan Stanley dropped their price target on shares of Chevron from $214.00 to $210.00 and set an “overweight” rating on the stock in a research note on Monday, June 29th. Jefferies Financial Group reiterated a “buy” rating and issued a $216.00 price objective on shares of Chevron in a report on Friday, July 10th. Royal Bank Of Canada reissued an “outperform” rating and issued a $220.00 price objective on shares of Chevron in a research report on Tuesday, May 5th. Finally, Piper Sandler assumed coverage on Chevron in a research note on Thursday, July 23rd. They set an “overweight” rating and a $207.00 target price for the company. Twenty analysts have rated the stock with a Buy rating, five have assigned a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, Chevron has an average rating of “Moderate Buy” and a consensus target price of $207.48.

Chevron Stock Down 0.0%

CVX stock opened at $199.99 on Monday. Chevron Corporation has a twelve month low of $146.49 and a twelve month high of $214.71. The company has a current ratio of 1.25, a quick ratio of 0.98 and a debt-to-equity ratio of 0.19. The company has a market capitalization of $395.13 billion, a P/E ratio of 19.17, a PEG ratio of 0.61 and a beta of 0.49. The firm has a 50 day simple moving average of $183.30 and a 200-day simple moving average of $187.01.

Chevron (NYSE:CVX) last posted its quarterly earnings results on Friday, July 31st. The oil and gas company reported $6.06 earnings per share (EPS) for the quarter, beating the consensus estimate of $5.55 by $0.51. The firm had revenue of $67.20 billion for the quarter, compared to analysts’ expectations of $62.72 billion. Chevron had a net margin of 9.57% and a return on equity of 11.09%. The firm’s quarterly revenue was up 57.4% on a year-over-year basis. During the same period in the prior year, the company posted $1.77 earnings per share. On average, equities research analysts predict that Chevron Corporation will post 15.86 earnings per share for the current fiscal year.

Chevron Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, September 10th. Stockholders of record on Wednesday, August 19th will be given a $1.78 dividend. The ex-dividend date of this dividend is Wednesday, August 19th. This represents a $7.12 annualized dividend and a dividend yield of 3.6%. Chevron’s payout ratio is presently 68.26%.

Insider Transactions at Chevron

In related news, CEO Michael K. Wirth sold 5,547 shares of Chevron stock in a transaction dated Wednesday, August 5th. The stock was sold at an average price of $187.00, for a total value of $1,037,289.00. Following the completion of the transaction, the chief executive officer directly owned 26,308 shares in the company, valued at approximately $4,919,596. This trade represents a 17.41% 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. Also, Director John B. Hess sold 100,000 shares of the business’s stock in a transaction dated Monday, August 3rd. The shares were sold at an average price of $194.26, for a total value of $19,426,000.00. Following the completion of the sale, the director directly owned 178,045 shares of the company’s stock, valued at approximately $34,587,021.70. This represents a 35.97% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last 90 days, insiders sold 1,196,212 shares of company stock worth $231,819,366. Company insiders own 0.56% of the company’s stock.

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.