Chevron Corporation $CVX Shares Bought by SteelPeak Wealth LLC

Key Points

• SteelPeak Wealth LLC increased its stake in Chevron Corporation by 3.8% during Q2, now owning 143,748 shares valued at $20.58 million.
• Wall Street analysts remain optimistic, with multiple brokerages raising their price targets on Chevron shares, with UBS Group raising it to $197.00.
• Chevron recently declared a quarterly dividend of $1.71 per share, amounting to an annualized dividend of $6.84 and resulting in a dividend yield of 4.4%.

SteelPeak Wealth LLC increased its stake in Chevron Corporation (NYSE:CVX - Free Report) by 3.8% in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 143,748 shares of the oil and gas company's stock after acquiring an additional 5,277 shares during the period. SteelPeak Wealth LLC's holdings in Chevron were worth $20,583,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in CVX. Patriot Financial Group Insurance Agency LLC boosted its stake in Chevron by 2.1% during the first quarter. Patriot Financial Group Insurance Agency LLC now owns 9,633 shares of the oil and gas company's stock valued at $1,611,000 after buying an additional 194 shares in the last quarter. City Center Advisors LLC acquired a new stake in Chevron in the 1st quarter valued at about $232,000. Priebe Wealth Holdings LLC boosted its position in shares of Chevron by 11.7% during the 1st quarter. Priebe Wealth Holdings LLC now owns 1,775 shares of the oil and gas company's stock valued at $297,000 after purchasing an additional 186 shares in the last quarter. Cherrydale Wealth Management LLC acquired a new position in shares of Chevron in the 1st quarter worth approximately $244,000. Finally, Courier Capital LLC raised its holdings in shares of Chevron by 0.5% in the 1st quarter. Courier Capital LLC now owns 62,072 shares of the oil and gas company's stock worth $10,384,000 after purchasing an additional 302 shares in the last quarter. Institutional investors own 72.42% of the company's stock.

Wall Street Analysts Forecast Growth

A number of brokerages recently weighed in on CVX. Piper Sandler raised their target price on shares of Chevron from $164.00 to $168.00 and gave the stock an "overweight" rating in a report on Monday, August 18th. Melius began coverage on Chevron in a research note on Wednesday, August 20th. They set a "hold" rating and a $155.00 price objective for the company. Wells Fargo & Company reaffirmed an "overweight" rating and set a $178.00 target price on shares of Chevron in a research report on Friday, August 1st. Raymond James Financial reaffirmed an "outperform" rating on shares of Chevron in a report on Friday, August 1st. Finally, UBS Group lifted their price target on Chevron from $186.00 to $197.00 and gave the stock a "buy" rating in a research note on Wednesday, August 20th. 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. Based on data from MarketBeat.com, the company has an average rating of "Hold" and a consensus price target of $165.05.

Insiders Place Their Bets

In other Chevron news, VP Alana K. Knowles sold 3,978 shares of the business's stock in a transaction dated Friday, August 29th. The stock was sold at an average price of $160.00, for a total value of $636,480.00. Following the transaction, the vice president owned 1,181 shares in the company, valued at $188,960. The trade was a 77.11% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Director John B. Hess sold 375,000 shares of the company's 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 completion of the transaction, 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 ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 0.20% of the company's stock.

Chevron Trading Up 0.3%

NYSE:CVX opened at $153.99 on Tuesday. The stock has a market cap of $266.09 billion, a PE ratio of 19.82, a price-to-earnings-growth ratio of 1.99 and a beta of 0.84. Chevron Corporation has a fifty-two week low of $132.04 and a fifty-two week high of $168.96. 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 stock's 50-day moving average is $156.19 and its two-hundred day moving average is $148.80.

Chevron (NYSE:CVX - Get Free Report) last posted its quarterly earnings results on Friday, August 1st. The oil and gas company reported $1.77 EPS for the quarter, topping the consensus estimate of $1.58 by $0.19. Chevron had a net margin of 7.02% and a return on equity of 9.90%. The business had revenue of $44.82 billion during the quarter, compared to analysts' expectations of $44.59 billion. During the same period last year, the company posted $2.55 earnings per share. The firm's quarterly revenue was down 12.4% compared to the same quarter last year. As a group, equities research analysts forecast that Chevron Corporation will post 10.79 earnings per share for the current fiscal 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 paid a dividend of $1.71 per share. The ex-dividend date of this dividend was Tuesday, August 19th. This represents a $6.84 dividend on an annualized basis and a dividend yield of 4.4%. Chevron's dividend payout ratio (DPR) is 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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