C2C Wealth Management LLC Has $5.31 Million Position in Chevron Corporation $CVX

Key Points

• C2C Wealth Management LLC reduced its Chevron holdings by 5.5%, now owning 37,099 shares valued at $5.31 million, representing 4.8% of its portfolio.
• In the second quarter, strong institutional interest was noted, with Kingstone Capital Partners Texas LLC increasing its stake by a staggering 652,139.5%, now holding over $13 billion in shares.
• Chevron recently announced a quarterly dividend of $1.71 per share, yielding 4.4%, and reported earnings of $1.77 per share for the last quarter, exceeding analyst expectations.

C2C Wealth Management LLC decreased its holdings in shares of Chevron Corporation (NYSE:CVX - Free Report) by 5.5% in the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 37,099 shares of the oil and gas company's stock after selling 2,148 shares during the period. Chevron comprises 4.8% of C2C Wealth Management LLC's portfolio, making the stock its 7th biggest holding. C2C Wealth Management LLC's holdings in Chevron were worth $5,312,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in CVX. Kingstone Capital Partners Texas LLC lifted its stake in Chevron by 652,139.5% during the second quarter. Kingstone Capital Partners Texas LLC now owns 83,714,936 shares of the oil and gas company's stock worth $13,214,757,000 after purchasing an additional 83,702,101 shares during the period. GQG Partners LLC bought a new position in Chevron during the first quarter worth about $1,466,751,000. Nuveen LLC bought a new position in Chevron during the first quarter worth about $1,362,232,000. Charles Schwab Investment Management Inc. lifted its stake in Chevron by 4.9% during the first quarter. Charles Schwab Investment Management Inc. now owns 33,430,030 shares of the oil and gas company's stock worth $5,592,263,000 after purchasing an additional 1,574,464 shares during the period. Finally, Canada Pension Plan Investment Board lifted its stake in Chevron by 141.2% during the first quarter. Canada Pension Plan Investment Board now owns 1,891,824 shares of the oil and gas company's stock worth $316,483,000 after purchasing an additional 1,107,628 shares during the period. Institutional investors own 72.42% of the company's stock.

Chevron Stock Performance

Shares of Chevron stock opened at $156.13 on Tuesday. The company has a debt-to-equity ratio of 0.16, a current ratio of 1.00 and a quick ratio of 0.74. The firm has a market cap of $269.79 billion, a P/E ratio of 20.09, a P/E/G ratio of 2.00 and a beta of 0.90. The firm has a 50 day simple moving average of $156.17 and a 200 day simple moving average of $149.09. Chevron Corporation has a fifty-two week low of $132.04 and a fifty-two week high of $168.96.

Chevron (NYSE:CVX - Get Free Report) last issued its quarterly earnings results on Friday, August 1st. The oil and gas company reported $1.77 earnings per share for the quarter, beating analysts' consensus estimates of $1.58 by $0.19. The business had revenue of $44.82 billion during the quarter, compared to analyst estimates of $44.59 billion. Chevron had a net margin of 7.02% and a return on equity of 9.90%. Chevron's revenue for the quarter was down 12.4% compared to the same quarter last year. During the same quarter last year, the business posted $2.55 earnings per share. Sell-side analysts predict that Chevron Corporation will post 10.79 earnings per share for the current fiscal year.

Chevron Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Wednesday, September 10th. Shareholders of record on Tuesday, August 19th were issued a dividend of $1.71 per share. This represents a $6.84 dividend on an annualized basis and a yield of 4.4%. The ex-dividend date of this dividend was Tuesday, August 19th. Chevron's payout ratio is currently 88.03%.

Insiders Place Their Bets

In other Chevron news, VP Alana K. Knowles sold 3,978 shares of Chevron stock in a transaction on Friday, August 29th. The shares were sold at an average price of $160.00, for a total transaction of $636,480.00. Following the completion of the sale, the vice president owned 1,181 shares of the company's stock, valued at approximately $188,960. The trade was a 77.11% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director John B. Hess sold 375,000 shares of Chevron stock in a transaction on Friday, August 22nd. The stock was sold at an average price of $158.30, for a total transaction of $59,362,500.00. Following the sale, the director directly owned 1,403,045 shares of the company's stock, valued at $222,102,023.50. This represents a 21.09% decrease in their position. The disclosure for this sale can be found here. 0.20% of the stock is currently owned by insiders.

Wall Street Analyst Weigh In

A number of research analysts have recently issued reports on the stock. TD Cowen lifted their target price on shares of Chevron from $150.00 to $155.00 and gave the company a "hold" rating in a research note on Monday, August 4th. Evercore ISI reiterated an "outperform" rating and issued a $180.00 target price on shares of Chevron in a research note on Thursday, July 31st. Wells Fargo & Company reiterated an "overweight" rating and issued a $178.00 target price on shares of Chevron in a research note on Friday, August 1st. UBS Group lifted their target price on shares of Chevron from $186.00 to $197.00 and gave the company a "buy" rating in a research note on Wednesday, August 20th. Finally, Raymond James Financial reiterated an "outperform" rating on shares of Chevron in a research note on Friday, August 1st. Eleven research analysts have rated the stock with a Buy rating, eight have assigned a Hold rating and three have given a Sell rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of "Hold" and a consensus target price of $165.05.

Chevron Profile

Chevron Corporation, through its subsidiaries, engages in the integrated energy and chemicals operations in the United States and internationally. The company operates in two segments, Upstream and Downstream. The Upstream segment is involved in the exploration, development, production, and transportation of crude oil and natural gas; processing, liquefaction, transportation, and regasification of liquefied natural gas; transportation of crude oil through pipelines; transportation, storage, and marketing of natural gas; and carbon capture and storage, as well as a gas-to-liquids plant.

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