Chevron Corporation $CVX Shares Acquired by Empirical Financial Services LLC d.b.a. Empirical Wealth Management

Key Points

• Empirical Financial Services LLC increased its holdings in Chevron Corporation by 5.0%, owning 49,955 shares worth approximately $7.15 million as of the latest SEC filing.
• Chevron's insider transactions revealed that Director John B. Hess sold 375,000 shares for about $59.36 million, resulting in a 21.09% decrease in his position.
• Bank of America raised its price target on Chevron from $170 to $185 with a "buy" rating, contributing to a current consensus rating of "Hold" among analysts.

Empirical Financial Services LLC d.b.a. Empirical Wealth Management grew its holdings in Chevron Corporation (NYSE:CVX - Free Report) by 5.0% during the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 49,955 shares of the oil and gas company's stock after purchasing an additional 2,396 shares during the period. Empirical Financial Services LLC d.b.a. Empirical Wealth Management's holdings in Chevron were worth $7,153,000 as of its most recent filing with the Securities & Exchange Commission.

Several other large investors have also modified their holdings of CVX. Harvest Fund Management Co. Ltd lifted its stake in shares of 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 valued at $25,000 after purchasing an additional 122 shares during the last quarter. Elequin Capital LP purchased a new stake in shares of Chevron in the 1st quarter valued at $31,000. Cloud Capital Management LLC purchased a new stake in shares of Chevron in the 1st quarter valued at $39,000. Investment Management Corp VA ADV raised its holdings in shares of Chevron by 171.3% in the 1st quarter. Investment Management Corp VA ADV now owns 236 shares of the oil and gas company's stock valued at $39,000 after buying an additional 149 shares during the period. Finally, Cooksen Wealth LLC purchased a new stake in shares of Chevron in the 1st quarter valued at $43,000. Institutional investors and hedge funds own 72.42% of the company's stock.

Insider Transactions at Chevron

In other news, Director John B. Hess sold 375,000 shares of the 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 transaction, the director owned 1,403,045 shares in the company, valued at approximately $222,102,023.50. This represents a 21.09% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, VP Alana K. Knowles sold 3,978 shares of the stock in a transaction dated Friday, August 29th. The shares were sold at an average price of $160.00, for a total value of $636,480.00. Following the completion of the transaction, the vice president owned 1,181 shares in the company, valued at approximately $188,960. The trade was a 77.11% decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 0.21% of the company's stock.

Analyst Ratings Changes

Several research firms recently issued reports on CVX. Bank of America boosted their price objective on Chevron from $170.00 to $185.00 and gave the company a "buy" rating in a report on Wednesday, September 10th. Weiss Ratings reiterated a "hold (c)" rating on shares of Chevron in a report on Saturday, September 27th. TD Cowen boosted their price objective on Chevron from $150.00 to $155.00 and gave the company a "hold" rating in a report on Monday, August 4th. Jefferies Financial Group reiterated a "buy" rating on shares of Chevron in a report on Friday, July 18th. Finally, Raymond James Financial reiterated an "outperform" rating on shares of Chevron in a report on Friday, August 1st. Eleven research analysts have rated the stock with a Buy rating, nine have given a Hold rating and three have assigned a Sell rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of "Hold" and a consensus target price of $165.05.

Chevron Price Performance

Shares of NYSE CVX opened at $153.59 on Friday. The stock's 50-day moving average is $156.23 and its two-hundred day moving average is $149.09. The company has a debt-to-equity ratio of 0.16, a current ratio of 1.00 and a quick ratio of 0.74. Chevron Corporation has a 1-year low of $132.04 and a 1-year high of $168.96. The company has a market cap of $265.40 billion, a price-to-earnings ratio of 19.77, a price-to-earnings-growth ratio of 1.98 and a beta of 0.84.

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, topping the consensus estimate of $1.58 by $0.19. Chevron had a return on equity of 9.90% and a net margin of 7.02%.The company had revenue of $44.82 billion for the quarter, compared to the consensus estimate of $44.59 billion. During the same quarter in the prior year, the business earned $2.55 EPS. Chevron's revenue was down 12.4% on a year-over-year basis. Analysts forecast that Chevron Corporation will post 10.79 EPS for the current fiscal year.

Chevron Dividend Announcement

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

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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