Chevron Corporation $CVX is LMG Wealth Partners LLC's 10th Largest Position

Key Points

• LMG Wealth Partners LLC increased its stake in Chevron Corporation by 2.7% in Q2, making it the firm's 10th largest position, valued at approximately $10.38 million.
• Chevron reported earnings of $1.77 per share in its latest earnings results, exceeding analysts' expectations of $1.58, but its quarterly revenue of $44.82 billion was down 12.4% year-over-year.
• The company declared a quarterly dividend of $1.71 per share, representing a 4.5% yield, with a current payout ratio of 88.03%.

LMG Wealth Partners LLC lifted its stake in Chevron Corporation (NYSE:CVX - Free Report) by 2.7% in the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 72,514 shares of the oil and gas company's stock after purchasing an additional 1,935 shares during the period. Chevron accounts for approximately 2.1% of LMG Wealth Partners LLC's holdings, making the stock its 10th largest position. LMG Wealth Partners LLC's holdings in Chevron were worth $10,383,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Harvest Fund Management Co. Ltd boosted its holdings in Chevron by 420.7% in the 1st quarter. Harvest Fund Management Co. Ltd now owns 151 shares of the oil and gas company's stock worth $25,000 after buying an additional 122 shares during the period. Elequin Capital LP purchased a new position in shares of Chevron during the first quarter valued at about $31,000. Cloud Capital Management LLC purchased a new position in shares of Chevron during the first quarter valued at about $39,000. Investment Management Corp VA ADV grew its position in shares of Chevron by 171.3% during the first quarter. Investment Management Corp VA ADV now owns 236 shares of the oil and gas company's stock valued at $39,000 after purchasing an additional 149 shares in the last quarter. Finally, GFG Capital LLC bought a new position in shares of Chevron in the 2nd quarter valued at about $42,000. 72.42% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of brokerages recently commented on CVX. Melius began coverage on shares of Chevron in a report on Wednesday, August 20th. They issued a "hold" rating and a $155.00 price target for the company. Piper Sandler raised their price objective on shares of Chevron from $164.00 to $168.00 and gave the stock an "overweight" rating in a research note on Monday, August 18th. Jefferies Financial Group reissued a "buy" rating on shares of Chevron in a research note on Friday, July 18th. Mizuho decreased their price objective on shares of Chevron from $192.00 to $191.00 and set an "outperform" rating for the company in a research note on Monday, September 15th. Finally, Weiss Ratings reissued a "hold (c)" rating on shares of Chevron in a research note on Wednesday, October 8th. Eleven investment analysts have rated the stock with a Buy rating, nine have assigned a Hold rating and three have given a Sell rating to the company's stock. According to MarketBeat, the stock has a consensus rating of "Hold" and a consensus target price of $165.25.

Chevron Stock Performance

Shares of NYSE:CVX opened at $153.12 on Monday. The firm has a market cap of $264.58 billion, a PE ratio of 19.71, a price-to-earnings-growth ratio of 2.02 and a beta of 0.84. The firm's 50 day simple moving average is $156.03 and its 200-day simple moving average is $147.96. Chevron Corporation has a one year low of $132.04 and a one year high of $168.96. The company has a debt-to-equity ratio of 0.16, a quick ratio of 0.74 and a current ratio of 1.00.

Chevron (NYSE:CVX - Get Free Report) last issued its earnings results on Friday, August 1st. The oil and gas company reported $1.77 EPS for the quarter, topping analysts' consensus estimates of $1.58 by $0.19. The business had revenue of $44.82 billion for 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%. The company's quarterly revenue was down 12.4% compared to the same quarter last year. During the same period last year, the company posted $2.55 earnings per share. As a group, equities analysts predict that Chevron Corporation will post 10.79 EPS for the current year.

Chevron Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, September 10th. Investors of record on Tuesday, August 19th were issued a dividend of $1.71 per share. This represents a $6.84 annualized dividend and a yield of 4.5%. The ex-dividend date of this dividend was Tuesday, August 19th. Chevron's dividend payout ratio (DPR) is presently 88.03%.

Insider Activity at Chevron

In related news, Director John B. Hess sold 375,000 shares of Chevron stock in a transaction that occurred on Friday, August 22nd. The shares were sold at an average price of $158.30, for a total transaction of $59,362,500.00. Following the transaction, the director directly owned 1,403,045 shares of the company's stock, valued at $222,102,023.50. This trade represents a 21.09% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. Also, VP Alana K. Knowles sold 3,978 shares of Chevron stock in a transaction that occurred 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 transaction, the vice president directly owned 1,181 shares in the company, valued at approximately $188,960. The trade was a 77.11% decrease in their ownership of the stock. The disclosure for this sale can be found here. Company insiders own 0.20% of the company's stock.

Chevron Company 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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