Chevron Corporation $CVX Shares Purchased by Fifth Third Wealth Advisors LLC

Key Points

• Fifth Third Wealth Advisors LLC increased its stake in Chevron Corporation by 10.8% during the second quarter, owning 42,811 shares valued at approximately $6.13 million.
• Chevron's VP Alana K. Knowles and Director John B. Hess recently sold a significant number of shares, reducing their ownership by 77.11% and 21.09%, respectively.
• Analysts have mixed views on Chevron, with eleven analysts rating it as a Buy and a consensus price target of $165.40.

Fifth Third Wealth Advisors LLC boosted its stake in Chevron Corporation (NYSE:CVX - Free Report) by 10.8% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 42,811 shares of the oil and gas company's stock after purchasing an additional 4,166 shares during the period. Fifth Third Wealth Advisors LLC's holdings in Chevron were worth $6,130,000 at the end of the most recent reporting period.

A number of other large investors have also modified their holdings of CVX. Harvest Fund Management Co. Ltd grew its position in Chevron by 420.7% in the first quarter. Harvest Fund Management Co. Ltd now owns 151 shares of the oil and gas company's stock valued at $25,000 after acquiring an additional 122 shares in the last quarter. Elequin Capital LP acquired a new stake in Chevron during the 1st quarter valued at $31,000. Cloud Capital Management LLC acquired a new stake in Chevron during the 1st quarter valued at $39,000. Investment Management Corp VA ADV grew its holdings in Chevron by 171.3% during 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 purchasing an additional 149 shares in the last quarter. Finally, GFG Capital LLC acquired a new stake in shares of Chevron during the second quarter valued at about $42,000. 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 Chevron stock in a transaction that occurred on Friday, August 29th. The stock was 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 directly 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 legal filing with the SEC, which is available at this link. Also, Director John B. Hess sold 375,000 shares of Chevron stock in a transaction that occurred on 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 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. Insiders own 0.21% of the company's stock.

Wall Street Analysts Forecast Growth

CVX has been the subject of several recent analyst reports. Weiss Ratings restated a "hold (c)" rating on shares of Chevron in a research note on Wednesday. Bank of America raised their price objective on Chevron from $170.00 to $185.00 and gave the company a "buy" rating in a research note on Wednesday, September 10th. Scotiabank raised 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. TD Cowen raised 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. Finally, Wells Fargo & Company reissued an "overweight" rating and set a $178.00 price target on shares of Chevron in a research report on Friday, August 1st. Eleven equities research analysts have rated the stock with a Buy rating, nine have assigned a Hold rating and three have assigned a Sell rating to the company's stock. Based on data from MarketBeat.com, the stock has a consensus rating of "Hold" and a consensus target price of $165.40.

Chevron Price Performance

Shares of CVX opened at $149.11 on Friday. The firm has a market cap of $257.66 billion, a price-to-earnings ratio of 19.19, a PEG ratio of 1.95 and a beta of 0.84. The stock has a 50 day moving average of $156.10 and a 200-day moving average of $148.67. The company has a current ratio of 1.00, a quick ratio of 0.74 and a debt-to-equity ratio of 0.16. Chevron Corporation has a 52 week low of $132.04 and a 52 week high of $168.96.

Chevron (NYSE:CVX - Get Free Report) last released 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. The firm had revenue of $44.82 billion during the quarter, compared to the consensus estimate of $44.59 billion. Chevron had a net margin of 7.02% and a return on equity of 9.90%. The firm's revenue was down 12.4% on a year-over-year basis. During the same quarter in the previous year, the company posted $2.55 earnings per share. As a group, analysts forecast that Chevron Corporation will post 10.79 EPS for the current year.

Chevron Dividend Announcement

The firm also recently declared 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 of this dividend was Tuesday, August 19th. This represents a $6.84 annualized dividend and a dividend yield of 4.6%. Chevron's payout ratio is 88.03%.

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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