Chevron Corporation $CVX Stock Holdings Lifted by Costello Asset Management INC

Key Points

• Costello Asset Management INC increased its stake in Chevron Corporation by 26.9%, now holding a total of 16,694 shares valued at approximately $2.39 million.
• Several analysts have raised their price targets for Chevron, with UBS Group setting a new target of $197.00, reflecting a positive outlook on the stock.
• Insider trading activity includes a significant sale by Director John B. Hess, who sold 375,000 shares for over $59 million, indicating a noticeable decrease in his ownership position.

Costello Asset Management INC raised its stake in Chevron Corporation (NYSE:CVX - Free Report) by 26.9% during the 2nd quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 16,694 shares of the oil and gas company's stock after buying an additional 3,541 shares during the period. Chevron makes up about 0.9% of Costello Asset Management INC's investment portfolio, making the stock its 26th largest holding. Costello Asset Management INC's holdings in Chevron were worth $2,390,000 as of its most recent filing with the SEC.

Other institutional investors also recently modified their holdings of the company. Harvest Fund Management Co. Ltd increased its holdings in shares of 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 buying an additional 122 shares in the last quarter. Elequin Capital LP bought a new position in shares of Chevron in the first quarter valued at $31,000. Cloud Capital Management LLC bought a new position in shares of Chevron in the first quarter valued at $39,000. Investment Management Corp VA ADV increased its holdings in shares of Chevron by 171.3% in the first quarter. Investment Management Corp VA ADV now owns 236 shares of the oil and gas company's stock valued at $39,000 after buying an additional 149 shares in the last quarter. Finally, 1 North Wealth Services LLC bought a new position in shares of Chevron in the first quarter valued at $45,000. Institutional investors own 72.42% of the company's stock.

Analysts Set New Price Targets

Several research analysts have issued reports on the company. UBS Group upped their price target on Chevron from $186.00 to $197.00 and gave the company a "buy" rating in a report on Wednesday, August 20th. Evercore ISI reiterated an "outperform" rating and set a $180.00 price objective on shares of Chevron in a research report on Thursday, July 31st. Piper Sandler lifted their price objective on shares of Chevron from $164.00 to $168.00 and gave the stock an "overweight" rating in a research report on Monday, August 18th. Bank of America lifted their price objective on shares of Chevron from $170.00 to $185.00 and gave the stock a "buy" rating in a research report on Wednesday, September 10th. Finally, Melius started coverage on shares of Chevron in a research report on Wednesday, August 20th. They set a "hold" rating and a $155.00 price objective on the stock. Eleven investment analysts have rated the stock with a Buy rating, nine have given a Hold rating and three have assigned a Sell rating to the company. According to MarketBeat, the stock currently has an average rating of "Hold" and a consensus target price of $165.40.

Insider Buying and Selling at Chevron

In other news, Director John B. Hess sold 375,000 shares of the business's stock in a transaction 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 transaction, the director directly owned 1,403,045 shares in the company, valued at $222,102,023.50. The trade was a 21.09% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, VP Alana K. Knowles sold 3,978 shares of the business's stock in a transaction 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 transaction, the vice president owned 1,181 shares in the company, valued at approximately $188,960. This represents a 77.11% 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.

Chevron Trading Down 1.4%

Chevron stock opened at $151.63 on Friday. The company's fifty day simple moving average is $156.15 and its 200-day simple moving average is $148.79. The company has a quick ratio of 0.74, a current ratio of 1.00 and a debt-to-equity ratio of 0.16. Chevron Corporation has a 12 month low of $132.04 and a 12 month high of $168.96. The stock has a market cap of $262.02 billion, a P/E ratio of 19.51, a P/E/G ratio of 1.98 and a beta of 0.84.

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, 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 business had revenue of $44.82 billion for the quarter, compared to analysts' expectations of $44.59 billion. During the same period in the previous year, the company posted $2.55 EPS. Chevron's revenue was down 12.4% on a year-over-year basis. As a group, sell-side analysts forecast that Chevron Corporation will post 10.79 EPS for the current fiscal year.

Chevron Announces Dividend

The business also recently declared 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. This represents a $6.84 annualized dividend and a dividend yield of 4.5%. The ex-dividend date was Tuesday, August 19th. Chevron's payout ratio is currently 88.03%.

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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