Axxcess Wealth Management LLC Purchases 167,118 Shares of Chevron Corporation $CVX

Key Points

• Axxcess Wealth Management LLC increased its Chevron stake by 257.2% in the fourth quarter, adding 167,118 shares to bring its total holdings to 232,082 shares worth about $35.4 million.
• Chevron reported better-than-expected earnings for the latest quarter, posting $1.41 EPS versus the $1.00 consensus, though revenue of $47.56 billion came in below estimates.
• The company announced a quarterly dividend of $1.78 per share to be paid June 10, and analysts currently rate the stock a “Moderate Buy” with an average target price of $204.13.

Axxcess Wealth Management LLC grew its position in shares of Chevron Corporation (NYSE:CVX - Free Report) by 257.2% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 232,082 shares of the oil and gas company's stock after buying an additional 167,118 shares during the quarter. Axxcess Wealth Management LLC's holdings in Chevron were worth $35,371,000 as of its most recent filing with the Securities and Exchange Commission.

Other large investors have also recently added to or reduced their stakes in the company. D.B. Root & Company LLC lifted its position in shares of Chevron by 1.0% during the fourth quarter. D.B. Root & Company LLC now owns 5,552 shares of the oil and gas company's stock worth $846,000 after purchasing an additional 57 shares in the last quarter. Cornerstone Planning Group LLC lifted its position in shares of Chevron by 6.8% during the fourth quarter. Cornerstone Planning Group LLC now owns 930 shares of the oil and gas company's stock worth $142,000 after purchasing an additional 59 shares in the last quarter. MMA Asset Management LLC lifted its position in shares of Chevron by 3.4% during the fourth quarter. MMA Asset Management LLC now owns 1,820 shares of the oil and gas company's stock worth $277,000 after purchasing an additional 59 shares in the last quarter. EWA LLC lifted its position in shares of Chevron by 2.8% during the fourth quarter. EWA LLC now owns 2,182 shares of the oil and gas company's stock worth $333,000 after purchasing an additional 59 shares in the last quarter. Finally, Barlow Wealth Partners LLC lifted its position in shares of Chevron by 1.1% during the fourth quarter. Barlow Wealth Partners LLC now owns 5,363 shares of the oil and gas company's stock worth $869,000 after purchasing an additional 60 shares in the last quarter. 72.42% of the stock is owned by institutional investors.

Insider Transactions at Chevron

In other Chevron news, Director John B. Hess sold 195,000 shares of the company's stock in a transaction that occurred on Wednesday, May 6th. The shares were sold at an average price of $184.78, for a total value of $36,032,100.00. Following the completion of the sale, the director owned 658,045 shares of the company's stock, valued at approximately $121,593,555.10. This represents a 22.86% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider R. Hewitt Pate sold 40,200 shares of the company's stock in a transaction that occurred on Monday, March 30th. The shares were sold at an average price of $213.30, for a total transaction of $8,574,660.00. Following the completion of the sale, the insider directly owned 8,638 shares of the company's stock, valued at $1,842,485.40. The trade was a 82.31% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last three months, insiders have sold 799,699 shares of company stock valued at $151,259,517. Corporate insiders own 0.56% of the company's stock.

Chevron Trading Down 0.1%

Shares of NYSE CVX opened at $191.23 on Friday. The company's 50 day simple moving average is $193.55 and its 200 day simple moving average is $174.48. Chevron Corporation has a fifty-two week low of $133.77 and a fifty-two week high of $214.71. The firm has a market capitalization of $380.84 billion, a P/E ratio of 33.14, a P/E/G ratio of 0.64 and a beta of 0.51. The company has a debt-to-equity ratio of 0.21, a current ratio of 1.09 and a quick ratio of 0.84.

Chevron (NYSE:CVX - Get Free Report) last announced its quarterly earnings data on Friday, May 1st. The oil and gas company reported $1.41 earnings per share for the quarter, beating the consensus estimate of $1.00 by $0.41. Chevron had a net margin of 5.79% and a return on equity of 6.90%. The business had revenue of $47.56 billion for the quarter, compared to analyst estimates of $51.86 billion. During the same period in the prior year, the business posted $2.18 earnings per share. Chevron's revenue was up 2.1% compared to the same quarter last year. On average, analysts predict that Chevron Corporation will post 15.43 EPS for the current year.

Chevron Announces Dividend

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

Analyst Ratings Changes

A number of brokerages have recently issued reports on CVX. Wall Street Zen upgraded shares of Chevron from a "sell" rating to a "hold" rating in a research report on Saturday, January 31st. Tudor Pickering upgraded shares of Chevron from a "hold" rating to a "buy" rating and set a $225.00 target price on the stock in a research report on Thursday, April 9th. The Goldman Sachs Group reiterated a "buy" rating and set a $216.00 target price on shares of Chevron in a research report on Wednesday, May 6th. TD Cowen upped their target price on shares of Chevron from $204.00 to $205.00 and gave the stock a "hold" rating in a research report on Friday, May 8th. Finally, Royal Bank Of Canada restated an "outperform" rating and issued a $220.00 price objective on shares of Chevron in a report on Tuesday, May 5th. One investment analyst has rated the stock with a Strong Buy rating, eighteen have given a Buy rating, five have given a Hold rating and one has assigned a Sell rating to the company's stock. According to MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average target price of $204.13.

Key Chevron News

Here are the key news stories impacting Chevron this week:

• Positive Sentiment: Chevron’s planned sale of Asia Pacific refining and retail assets to Eneos for about $2.17 billion supports its portfolio-streamlining strategy and may strengthen the balance sheet. Chevron Corporation (CVX) Poised for $2.17B Boost from Asia Pacific Asset Sale
• Positive Sentiment: Management will participate in a fireside chat at Bernstein’s annual conference next week, which could provide fresh guidance on operations, capital spending, and shareholder returns. Advisory: Chevron to Participate in Fireside Q&A at Bernstein 42nd Annual Strategic Decisions Conference
• Positive Sentiment: Chevron introduced next-generation Techron in the U.S., a product update that may help support branded fuel demand and reinforce its consumer fuel business. Chevron Introduces Next-gen Techron in U.S. Chevron and Texaco Gasolines
• Neutral Sentiment: Several recent pieces compared Chevron favorably with other integrated oil majors and highlighted ongoing investor interest in energy stocks, but these were mostly commentary rather than new company-specific catalysts. Shell vs. Chevron: Which Integrated Oil Major Has the Upper Hand?
• Negative Sentiment: Chevron remains under scrutiny ahead of its annual meeting, as an activist-led ESG/Israel-related proposal is drawing controversy and could create headline risk for the stock. Chevron Israel Activism Puts ESG Risks And Valuation In Focus

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.

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