Chevron Corporation $CVX Shares Acquired by Welch Group LLC

Key Points

• Welch Group LLC increased its stake in Chevron Corporation by 2.4%, owning 419,880 shares valued at approximately $60.1 million, making it 15th in their investment portfolio.
• A significant number of other hedge funds have adjusted their positions in Chevron, with Kingstone Capital Partners increasing its stake by an astounding 652,139.5%.
• Chevron announced a quarterly dividend of $1.71, representing an annualized yield of 4.6%, with a high dividend payout ratio of 88.03%.

Welch Group LLC lifted its stake in shares of Chevron Corporation (NYSE:CVX - Free Report) by 2.4% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 419,880 shares of the oil and gas company's stock after acquiring an additional 9,703 shares during the quarter. Chevron comprises about 2.5% of Welch Group LLC's investment portfolio, making the stock its 15th biggest holding. Welch Group LLC's holdings in Chevron were worth $60,123,000 at the end of the most recent reporting period.

A number of other hedge funds have also made changes to their positions in CVX. Kingstone Capital Partners Texas LLC increased its stake in shares of 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 valued at $13,214,757,000 after acquiring an additional 83,702,101 shares during the period. GQG Partners LLC acquired a new position in Chevron in the first quarter worth approximately $1,466,751,000. Nuveen LLC acquired a new position in Chevron in the first quarter worth approximately $1,362,232,000. Charles Schwab Investment Management Inc. grew its position in Chevron by 4.9% in 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 last quarter. Finally, Canada Pension Plan Investment Board grew its position in Chevron by 141.2% in 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 buying an additional 1,107,628 shares during the last quarter. Institutional investors and hedge funds own 72.42% of the company's stock.

Insider Buying and Selling

In other Chevron news, VP Alana K. Knowles sold 3,978 shares of the stock in a transaction that occurred on 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 sale, the vice president owned 1,181 shares in the company, valued at $188,960. This represents a 77.11% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director John B. Hess sold 375,000 shares of the stock in a transaction that occurred 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 completion of the sale, the director owned 1,403,045 shares of the company's stock, valued at approximately $222,102,023.50. The trade was a 21.09% decrease in their position. The disclosure for this sale can be found here. 0.20% of the stock is owned by corporate insiders.

Chevron Trading Down 1.7%

Chevron stock opened at $149.11 on Monday. The company has a 50 day moving average price of $156.10 and a 200 day moving average price of $148.41. Chevron Corporation has a 52 week low of $132.04 and a 52 week 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. The firm has a market capitalization of $257.66 billion, a price-to-earnings ratio of 19.19, a P/E/G ratio of 1.93 and a beta of 0.84.

Chevron (NYSE:CVX - Get Free Report) last posted its quarterly earnings data 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. Chevron had a net margin of 7.02% and a return on equity of 9.90%. The firm had revenue of $44.82 billion during the quarter, compared to analyst estimates of $44.59 billion. During the same quarter last year, the business posted $2.55 EPS. The company's revenue was down 12.4% on a year-over-year basis. Research analysts forecast that Chevron Corporation will post 10.79 EPS for the current year.

Chevron Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Wednesday, September 10th. Shareholders of record on Tuesday, August 19th were given a $1.71 dividend. The ex-dividend date was Tuesday, August 19th. This represents a $6.84 dividend on an annualized basis and a yield of 4.6%. Chevron's dividend payout ratio is presently 88.03%.

Wall Street Analysts Forecast Growth

CVX has been the topic of several recent research reports. Melius initiated coverage on shares of Chevron in a research report on Wednesday, August 20th. They issued a "hold" rating and a $155.00 price target on the stock. TD Cowen lifted their price target on shares of Chevron from $150.00 to $155.00 and gave the stock a "hold" rating in a research report on Monday, August 4th. Scotiabank lifted their price target on shares of Chevron from $160.00 to $165.00 and gave the stock a "sector perform" rating in a research report on Thursday. UBS Group lifted their price target on shares of Chevron from $186.00 to $197.00 and gave the stock a "buy" rating in a research report on Wednesday, August 20th. Finally, Melius Research started coverage on shares of Chevron in a research report on Wednesday, August 20th. They issued a "hold" rating and a $155.00 price target on the stock. Eleven equities research analysts have rated the stock with a Buy rating, nine have assigned a Hold rating and three have issued a Sell rating to the stock. According to data from MarketBeat.com, Chevron currently has an average rating of "Hold" and an average target price of $165.40.

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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