Chevron Corporation $CVX Shares Bought by Centric Wealth Management

Key Points

• Centric Wealth Management increased its stake in Chevron by 21.8%, now holding nearly 20,000 shares valued at approximately $3.31 million.
• Chevron's quarterly dividend of $1.71 will be paid on September 10th, reflecting an annualized yield of 4.3%.
• Wall Street analysts have mixed views on Chevron, with ratings that include 11 Buy, 8 Hold, and 3 Sell, leading to a consensus target price of $163.95.

Centric Wealth Management increased its holdings in Chevron Corporation (NYSE:CVX - Free Report) by 21.8% in the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 19,785 shares of the oil and gas company's stock after purchasing an additional 3,543 shares during the period. Centric Wealth Management's holdings in Chevron were worth $3,310,000 at the end of the most recent quarter.

Other institutional investors have also added to or reduced their stakes in the company. Harvest Fund Management Co. Ltd boosted its position in shares of Chevron by 420.7% during the 1st quarter. Harvest Fund Management Co. Ltd now owns 151 shares of the oil and gas company's stock worth $25,000 after acquiring an additional 122 shares in the last quarter. 10Elms LLP bought a new stake in shares of Chevron during the fourth quarter valued at approximately $29,000. Elequin Capital LP bought a new position in shares of Chevron in the first quarter worth about $31,000. IFS Advisors LLC increased its holdings in shares of Chevron by 119.6% during the first quarter. IFS Advisors LLC now owns 213 shares of the oil and gas company's stock valued at $36,000 after acquiring an additional 116 shares in the last quarter. Finally, Cloud Capital Management LLC purchased a new position in Chevron in the 1st quarter valued at $39,000. 72.42% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

Several research firms have weighed in on CVX. Melius Research began coverage on Chevron in a report on Wednesday, August 20th. They issued a "hold" rating and a $155.00 target price on the stock. Evercore ISI reaffirmed an "outperform" rating and set a $180.00 price objective on shares of Chevron in a research report on Thursday, July 31st. Raymond James Financial reiterated an "outperform" rating on shares of Chevron in a research note on Friday, August 1st. Jefferies Financial Group restated a "buy" rating on shares of Chevron in a research report on Friday, July 18th. Finally, HSBC cut Chevron from a "buy" rating to a "hold" rating and dropped their price objective for the stock from $176.00 to $158.00 in a research note on Tuesday, May 13th. Eleven analysts have rated the stock with a Buy rating, eight have given a Hold rating and three have issued a Sell rating to the company's stock. According to data from MarketBeat.com, Chevron currently has a consensus rating of "Hold" and a consensus target price of $163.95.

Insider Activity at Chevron

In related news, Director John B. Hess sold 375,000 shares of Chevron stock in a transaction dated Friday, August 22nd. The stock was sold at an average price of $158.30, for a total value of $59,362,500.00. Following the sale, the director directly owned 1,403,045 shares in the company, valued at approximately $222,102,023.50. The trade was a 21.09% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. 0.20% of the stock is owned by company insiders.

Chevron Stock Up 0.8%

NYSE:CVX traded up $1.22 during trading hours on Tuesday, reaching $161.82. 8,269,166 shares of the company traded hands, compared to its average volume of 9,294,771. The stock has a market capitalization of $279.62 billion, a P/E ratio of 20.83, a P/E/G ratio of 2.38 and a beta of 0.90. The business's 50-day moving average price is $152.56 and its two-hundred day moving average price is $148.77. Chevron Corporation has a 1 year low of $132.04 and a 1 year high of $168.96. The company has a current ratio of 1.00, a quick ratio of 0.74 and a debt-to-equity ratio of 0.16.

Chevron (NYSE:CVX - Get Free Report) last announced its quarterly earnings data on Friday, August 1st. The oil and gas company reported $1.77 EPS for the quarter, beating the consensus estimate of $1.58 by $0.19. The business had revenue of $44.82 billion for the quarter, compared to the consensus estimate of $44.59 billion. Chevron had a return on equity of 9.90% and a net margin of 7.02%.The business's revenue was down 12.4% on a year-over-year basis. During the same period in the previous year, the business earned $2.55 earnings per share. Analysts predict that Chevron Corporation will post 10.79 earnings per share for the current year.

Chevron Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Wednesday, September 10th. Investors of record on Tuesday, August 19th will be paid a $1.71 dividend. The ex-dividend date is Tuesday, August 19th. This represents a $6.84 dividend on an annualized basis and a yield of 4.2%. Chevron's dividend payout ratio (DPR) is 88.03%.

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.