Chevron Corporation $CVX Shares Purchased by Cove Private Wealth LLC

Key Points

• Cove Private Wealth LLC increased its holdings in Chevron Corporation by 16.4%, owning 11,800 shares valued at $1.69 million as of the latest SEC filing.
• Chevron reported a net margin of 7.02% with a quarterly EPS of $1.77, exceeding the consensus estimate by $0.19, despite a 12.4% decline in revenue year-over-year.
• Chevron declared a quarterly dividend of $1.71 per share, representing a 4.3% dividend yield and a payout ratio of 88.03%.

Cove Private Wealth LLC increased its holdings in shares of Chevron Corporation (NYSE:CVX - Free Report) by 16.4% in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 11,800 shares of the oil and gas company's stock after purchasing an additional 1,662 shares during the period. Cove Private Wealth LLC's holdings in Chevron were worth $1,690,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds also recently made changes to their positions in the company. Kingstone Capital Partners Texas LLC raised its stake in 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 buying an additional 83,702,101 shares in the last quarter. Charles Schwab Investment Management Inc. lifted its stake 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 valued at $5,592,263,000 after buying an additional 1,574,464 shares during the last quarter. Invesco Ltd. lifted its stake in Chevron by 5.5% in the first quarter. Invesco Ltd. now owns 15,855,325 shares of the oil and gas company's stock valued at $2,652,437,000 after buying an additional 827,851 shares during the last quarter. Dimensional Fund Advisors LP boosted its holdings in shares of Chevron by 0.3% during the first quarter. Dimensional Fund Advisors LP now owns 12,281,983 shares of the oil and gas company's stock valued at $2,054,513,000 after acquiring an additional 40,758 shares during the period. Finally, GQG Partners LLC bought a new position in shares of Chevron during the first quarter worth about $1,466,751,000. Hedge funds and other institutional investors own 72.42% of the company's stock.

Chevron Trading Down 0.4%

NYSE:CVX opened at $160.13 on Friday. Chevron Corporation has a 12 month low of $132.04 and a 12 month high of $168.96. The company's 50 day moving average is $156.04 and its 200-day moving average is $149.15. The company has a quick ratio of 0.74, a current ratio of 1.00 and a debt-to-equity ratio of 0.16. The firm has a market cap of $276.70 billion, a price-to-earnings ratio of 20.61, a P/E/G ratio of 2.01 and a beta of 0.90.

Chevron (NYSE:CVX - Get Free Report) last released its earnings results 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. 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 analysts' expectations of $44.59 billion. During the same period in the prior year, the company earned $2.55 EPS. The business's quarterly revenue was down 12.4% compared to the same quarter last year. Equities analysts anticipate that Chevron Corporation will post 10.79 EPS for the current year.

Chevron Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Wednesday, September 10th. Stockholders of record on Tuesday, August 19th were paid a $1.71 dividend. This represents a $6.84 annualized dividend and a dividend yield of 4.3%. The ex-dividend date was Tuesday, August 19th. Chevron's payout ratio is currently 88.03%.

Insider Transactions at Chevron

In related news, VP Alana K. Knowles sold 3,978 shares of the business's stock in a transaction that occurred on Friday, August 29th. The shares were sold at an average price of $160.00, for a total transaction of $636,480.00. Following the completion of 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 ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, Director John B. Hess sold 375,000 shares of the stock in a transaction that occurred on Friday, August 22nd. The shares were 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 in the company, valued at $222,102,023.50. This represents a 21.09% decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.21% of the stock is owned by insiders.

Wall Street Analyst Weigh In

CVX has been the subject of several recent analyst reports. Evercore ISI restated an "outperform" rating and issued a $180.00 target price on shares of Chevron in a research report on Thursday, July 31st. Melius Research started coverage on shares of Chevron in a report on Wednesday, August 20th. They issued a "hold" rating and a $155.00 price target for the company. Mizuho decreased their target price on Chevron from $192.00 to $191.00 and set an "outperform" rating on the stock in a report on Monday, September 15th. Morgan Stanley started coverage on shares of Chevron in a report on Monday, August 4th. They set an "overweight" rating and a $174.00 price target on the stock. Finally, Barclays reissued an "equal weight" rating on shares of Chevron in a research note on Tuesday, July 15th. Eleven investment analysts have rated the stock with a Buy rating, eight have issued a Hold rating and three have given a Sell rating to the stock. According to data from MarketBeat, Chevron currently has an average rating of "Hold" and an average price target of $165.05.

About Chevron

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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