Wesbanco Bank Inc. Buys 46,652 Shares of Chevron Corporation $CVX

Key Points

• Wesbanco Bank Inc. increased its stake in Chevron Corporation by 20.2% during the second quarter, holding 278,071 shares valued at approximately $39.8 million.
• Several institutional investors have also significantly increased their stakes in Chevron, with notable acquisitions including GQG Partners LLC, which invested about $1.47 billion in the first quarter.
• Chevron recently announced a quarterly dividend of $1.71 per share, yielding 4.4% annually, and reported earnings of $1.77 per share, exceeding analyst expectations.

Wesbanco Bank Inc. increased its stake in Chevron Corporation (NYSE:CVX - Free Report) by 20.2% in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 278,071 shares of the oil and gas company's stock after purchasing an additional 46,652 shares during the period. Chevron accounts for 1.2% of Wesbanco Bank Inc.'s portfolio, making the stock its 14th largest holding. Wesbanco Bank Inc.'s holdings in Chevron were worth $39,817,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors have also recently bought and sold shares of the stock. Modus Advisors LLC raised its position in Chevron by 3.1% in the 2nd quarter. Modus Advisors LLC now owns 20,043 shares of the oil and gas company's stock worth $2,870,000 after purchasing an additional 611 shares during the last quarter. First Community Trust NA raised its position in shares of Chevron by 5.2% during the 2nd quarter. First Community Trust NA now owns 7,605 shares of the oil and gas company's stock valued at $1,089,000 after acquiring an additional 375 shares during the last quarter. Insight Wealth Strategies LLC raised its position in shares of Chevron by 5.4% during the 2nd quarter. Insight Wealth Strategies LLC now owns 217,541 shares of the oil and gas company's stock valued at $31,668,000 after acquiring an additional 11,083 shares during the last quarter. Greenfield Savings Bank increased its position in shares of Chevron by 0.6% in the 2nd quarter. Greenfield Savings Bank now owns 11,611 shares of the oil and gas company's stock valued at $1,663,000 after buying an additional 68 shares in the last quarter. Finally, Abner Herrman & Brock LLC increased its position in shares of Chevron by 0.7% in the 2nd quarter. Abner Herrman & Brock LLC now owns 93,239 shares of the oil and gas company's stock valued at $13,351,000 after buying an additional 650 shares in the last quarter. Institutional investors own 72.42% of the company's stock.

Wall Street Analyst Weigh In

A number of equities analysts recently weighed in on CVX shares. Scotiabank reaffirmed a "sector perform" rating and issued a $160.00 target price (up from $143.00) on shares of Chevron in a research note on Friday, July 11th. Evercore ISI restated an "outperform" rating and set a $180.00 price objective on shares of Chevron in a research note on Thursday, July 31st. Jefferies Financial Group restated a "buy" rating on shares of Chevron in a research note on Friday, July 18th. Piper Sandler increased their price objective on shares of Chevron from $164.00 to $168.00 and gave the stock an "overweight" rating in a research note on Monday, August 18th. Finally, Melius initiated coverage on shares of Chevron in a research note on Wednesday, August 20th. They issued a "hold" rating and a $155.00 target price for the company. Eleven investment analysts have rated the stock with a Buy rating, eight have issued a Hold rating and three have assigned a Sell rating to the stock. According to MarketBeat.com, Chevron currently has an average rating of "Hold" and a consensus target price of $164.80.

Chevron Stock Performance

CVX stock traded down $1.02 during mid-day trading on Friday, hitting $157.23. 5,545,397 shares of the company were exchanged, compared to its average volume of 7,652,500. The business has a 50 day simple moving average of $154.67 and a 200-day simple moving average of $148.79. The company has a current ratio of 1.00, a quick ratio of 0.74 and a debt-to-equity ratio of 0.16. The stock has a market capitalization of $271.69 billion, a PE ratio of 20.24, a price-to-earnings-growth ratio of 1.98 and a beta of 0.90. Chevron Corporation has a 1-year low of $132.04 and a 1-year high of $168.96.

Chevron (NYSE:CVX - Get Free Report) last issued its quarterly earnings data on Friday, August 1st. The oil and gas company reported $1.77 earnings per share (EPS) for the quarter, topping the consensus estimate 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 business's revenue for the quarter was down 12.4% compared to the same quarter last year. During the same period last year, the business posted $2.55 earnings per share. On average, equities analysts forecast that Chevron Corporation will post 10.79 earnings per share for the current year.

Chevron Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Wednesday, September 10th. Stockholders of record on Tuesday, August 19th were issued 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 dividend yield of 4.4%. Chevron's dividend payout ratio (DPR) is currently 88.03%.

Insider Activity at Chevron

In related news, 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 transaction, the director directly 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 ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, VP Alana K. Knowles sold 3,978 shares of Chevron 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 transaction, the vice president directly owned 1,181 shares in the company, valued at $188,960. This trade represents a 77.11% decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.20% of the stock is currently owned by company insiders.

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.