Chevron Corporation $CVX Shares Acquired by Greatmark Investment Partners Inc.

Key Points

• Greatmark Investment Partners Inc. increased its holdings in Chevron by 10.8% in the second quarter, acquiring 3,130 additional shares to reach a total value of $4,601,000.
• Institutional investors collectively own 72.42% of Chevron's stock, with significant acquisitions from firms like Kingstone Capital Partners, which boosted its stake by over 652,000%.
• Chevron reported earnings of $1.77 per share for the latest quarter, exceeding analyst expectations, although its revenue decreased by 12.4% year-over-year.

Greatmark Investment Partners Inc. boosted its holdings in shares of Chevron Corporation (NYSE:CVX - Free Report) by 10.8% in the second quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 32,129 shares of the oil and gas company's stock after buying an additional 3,130 shares during the quarter. Greatmark Investment Partners Inc.'s holdings in Chevron were worth $4,601,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in CVX. Kingstone Capital Partners Texas LLC lifted its stake in Chevron by 652,139.5% in the 2nd 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 in the last quarter. GQG Partners LLC acquired a new stake in shares of Chevron during the first quarter worth about $1,466,751,000. Nuveen LLC purchased a new position in Chevron in the 1st quarter valued at $1,362,232,000. Charles Schwab Investment Management Inc. grew its position 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 buying an additional 1,574,464 shares during the period. Finally, Canada Pension Plan Investment Board grew its holdings in Chevron by 141.2% during the 1st quarter. Canada Pension Plan Investment Board now owns 1,891,824 shares of the oil and gas company's stock valued at $316,483,000 after buying an additional 1,107,628 shares during the last quarter. Hedge funds and other institutional investors own 72.42% of the company's stock.

Insider Buying and Selling at Chevron

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

Analysts Set New Price Targets

CVX has been the subject of several recent research reports. Raymond James Financial reissued an "outperform" rating and issued a $160.00 price objective (down previously from $170.00) on shares of Chevron in a research report on Friday. Scotiabank boosted their price objective on shares of Chevron from $160.00 to $165.00 and gave the company a "sector perform" rating in a research report on Thursday, October 9th. Melius Research initiated coverage on Chevron in a research note on Wednesday, August 20th. They issued a "hold" rating and a $155.00 price target for the company. Mizuho lowered their price target on Chevron from $192.00 to $191.00 and set an "outperform" rating on the stock in a research report on Monday, September 15th. Finally, Evercore ISI reiterated an "outperform" rating and issued a $180.00 price target on shares of Chevron in a research report on Thursday, July 31st. One analyst has rated the stock with a Strong Buy rating, ten have given a Buy rating, nine have issued a Hold rating and three have assigned a Sell rating to the company's stock. According to MarketBeat, Chevron presently has an average rating of "Hold" and an average price target of $165.25.

Chevron Stock Performance

Chevron stock opened at $153.80 on Wednesday. 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 capitalization of $265.76 billion, a P/E ratio of 19.79, a P/E/G ratio of 2.06 and a beta of 0.84. Chevron Corporation has a 52-week low of $132.04 and a 52-week high of $168.96. The stock has a fifty day moving average price of $156.04 and a two-hundred day moving average price of $148.08.

Chevron (NYSE:CVX - Get Free Report) last announced its quarterly earnings data 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 firm had revenue of $44.82 billion during the quarter, compared to analysts' expectations of $44.59 billion. During the same period in the previous year, the business posted $2.55 EPS. The company's quarterly revenue was down 12.4% compared to the same quarter last year. As a group, analysts anticipate that Chevron Corporation will post 10.79 EPS for the current fiscal year.

Chevron Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Wednesday, September 10th. Investors of record on Tuesday, August 19th were given a dividend of $1.71 per share. The ex-dividend date of this dividend was Tuesday, August 19th. This represents a $6.84 annualized dividend and a yield of 4.4%. Chevron's dividend payout ratio 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.

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