Welch Group LLC Purchases 2,575 Shares of Chevron Corporation $CVX

Welch Group LLC grew its position in shares of Chevron Corporation (NYSE:CVX) by 0.6% in the third quarter, HoldingsChannel reports. The fund owned 434,666 shares of the oil and gas company’s stock after acquiring an additional 2,575 shares during the period. Chevron makes up 3.0% of Welch Group LLC’s portfolio, making the stock its 7th largest position. Welch Group LLC’s holdings in Chevron were worth $88,763,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the business. State Street Corp lifted its position in Chevron by 3.9% during the 2nd quarter. State Street Corp now owns 159,136,768 shares of the oil and gas company’s stock worth $28,016,651,000 after buying an additional 5,998,852 shares in the last quarter. BlackRock Inc. bought a new stake in Chevron during the second quarter worth about $25,663,729,000. Bank of America Corp DE boosted its position in Chevron by 5.1% during the first quarter. Bank of America Corp DE now owns 27,630,227 shares of the oil and gas company’s stock valued at $5,716,694,000 after purchasing an additional 1,334,976 shares during the last quarter. Amundi boosted its position in Chevron by 3.0% during the first quarter. Amundi now owns 12,185,436 shares of the oil and gas company’s stock valued at $2,521,166,000 after purchasing an additional 349,416 shares during the last quarter. Finally, Bank of New York Mellon Corp bought a new position in Chevron in the second quarter valued at approximately $2,378,114,000. 72.42% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity

In other news, CEO Michael Wirth sold 317,100 shares of the business’s stock in a transaction on Friday, August 14th. The stock was sold at an average price of $200.46, for a total transaction of $63,565,866.00. Following the completion of the transaction, the chief executive officer owned 26,308 shares of the company’s stock, valued at approximately $5,273,701.68. The trade was a 92.34% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Andrew Walz sold 16,800 shares of the stock in a transaction that occurred on Monday, August 17th. The shares were sold at an average price of $201.06, for a total transaction of $3,377,808.00. Following the completion of the transaction, the insider directly owned 14 shares of the company’s stock, valued at approximately $2,814.84. The trade was a 99.92% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last quarter, insiders have sold 385,017 shares of company stock worth $78,253,704. Insiders own 0.56% of the company’s stock.

Chevron Trading Up 0.0%

Shares of CVX stock opened at $235.62 on Monday. Chevron Corporation has a 12-month low of $146.49 and a 12-month high of $236.48. The firm has a 50 day moving average price of $213.16 and a two-hundred day moving average price of $193.07. The company has a quick ratio of 0.98, a current ratio of 1.25 and a debt-to-equity ratio of 0.19. The company has a market capitalization of $465.53 billion, a PE ratio of 17.24, a price-to-earnings-growth ratio of 0.56 and a beta of 0.47.

Chevron (NYSE:CVX) last released its quarterly earnings results on Friday, October 30th. The oil and gas company reported $5.28 earnings per share for the quarter, topping the consensus estimate of $4.87 by $0.41. Chevron had a return on equity of 14.64% and a net margin of 11.56%. The business had revenue of $65.24 billion during the quarter, compared to analysts’ expectations of $61.82 billion. During the same period last year, the firm posted $1.85 EPS. The firm’s revenue for the quarter was up 36.3% compared to the same quarter last year. As a group, analysts predict that Chevron Corporation will post 18.15 earnings per share for the current year.

Chevron Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Thursday, December 10th. Shareholders of record on Wednesday, November 18th will be issued a $1.78 dividend. This represents a $7.12 annualized dividend and a yield of 3.0%. The ex-dividend date of this dividend is Wednesday, November 18th. Chevron’s dividend payout ratio (DPR) is currently 68.26%.

Wall Street Analysts Forecast Growth

CVX has been the topic of several recent analyst reports. Morgan Stanley reaffirmed an “overweight” rating on shares of Chevron in a research report on Monday. Sanford C. Bernstein raised their target price on shares of Chevron from $204.00 to $209.00 and gave the company a “market perform” rating in a research note on Monday, August 3rd. Piper Sandler upped their price target on shares of Chevron from $207.00 to $243.00 and gave the stock an “overweight” rating in a research report on Thursday, September 3rd. UBS Group lifted their price objective on shares of Chevron from $220.00 to $235.00 and gave the company a “buy” rating in a research report on Thursday, October 8th. Finally, BMO Capital Markets boosted their price objective on shares of Chevron from $210.00 to $235.00 and gave the stock an “outperform” rating in a research note on Thursday, September 3rd. One analyst has rated the stock with a Strong Buy rating, twenty-two have given a Buy rating, five have issued a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $215.54.

Chevron Company Profile

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.