Chicago Partners Investment Group LLC Boosts Position in Chevron Corporation $CVX

Key Points

• Chicago Partners Investment Group LLC increased its stake in Chevron Corporation by 12.5%, owning 21,246 shares valued at approximately $3.25 million as of its latest SEC filing.
• Several institutional investors have made significant changes to their positions in Chevron, with Hedge funds owning about 72.42% of the company's stock.
• Chevron's recent quarterly earnings exceeded analyst expectations, reporting $1.77 EPS against a forecast of $1.58, alongside a dividend announcement of $1.71 per share.

Chicago Partners Investment Group LLC increased its stake in Chevron Corporation (NYSE:CVX - Free Report) by 12.5% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 21,246 shares of the oil and gas company's stock after buying an additional 2,362 shares during the period. Chicago Partners Investment Group LLC's holdings in Chevron were worth $3,253,000 as of its most recent SEC filing.

Several other institutional investors also recently added to or reduced their stakes in CVX. Harvest Fund Management Co. Ltd increased its stake in Chevron by 420.7% in the 1st quarter. Harvest Fund Management Co. Ltd now owns 151 shares of the oil and gas company's stock worth $25,000 after buying an additional 122 shares during the period. Elequin Capital LP purchased a new position in Chevron during the 1st quarter valued at about $31,000. Cloud Capital Management LLC purchased a new position in Chevron during the 1st quarter valued at about $39,000. Investment Management Corp VA ADV increased its position 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 during the period. Finally, GFG Capital LLC purchased a new position in Chevron during the 2nd quarter valued at about $42,000. Hedge funds and other institutional investors own 72.42% of the company's stock.

Wall Street Analysts Forecast Growth

A number of research firms have commented on CVX. Weiss Ratings reissued a "hold (c)" rating on shares of Chevron in a research report on Wednesday, October 8th. Jefferies Financial Group reissued a "buy" rating on shares of Chevron in a research report on Friday, July 18th. UBS Group raised their target price on shares of Chevron from $186.00 to $197.00 and gave the company a "buy" rating in a research report on Wednesday, August 20th. Morgan Stanley began coverage on shares of Chevron in a research report on Monday, August 4th. They set an "overweight" rating and a $174.00 target price on the stock. Finally, Piper Sandler raised their target price on shares of Chevron from $164.00 to $168.00 and gave the company an "overweight" rating in a research report on Monday, August 18th. Eleven research analysts have rated the stock with a Buy rating, nine have given a Hold rating and three have issued a Sell rating to the company. Based on data from MarketBeat, the stock currently has an average rating of "Hold" and a consensus target price of $165.25.

Insider Activity at Chevron

In other Chevron news, Director John B. Hess sold 375,000 shares of the business's 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 sale, 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 position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, VP Alana K. Knowles sold 3,978 shares of the business's stock in a transaction that occurred on Friday, August 29th. The stock was sold at an average price of $160.00, for a total transaction of $636,480.00. Following the sale, the vice president directly owned 1,181 shares in the company, valued at approximately $188,960. This represents a 77.11% decrease in their position. The disclosure for this sale can be found here. 0.20% of the stock is currently owned by insiders.

Chevron Stock Up 0.9%

Shares of Chevron stock opened at $153.12 on Monday. The firm's 50 day moving average price is $156.03 and its 200-day moving average price is $147.96. 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 52-week low of $132.04 and a 52-week high of $168.96. The company has a market cap of $264.58 billion, a P/E ratio of 19.71, a PEG ratio of 2.02 and a beta of 0.84.

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 analysts' consensus estimates 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 for the quarter, compared to the consensus estimate of $44.59 billion. During the same quarter in the previous year, the firm earned $2.55 EPS. The company's quarterly revenue was down 12.4% compared to the same quarter last year. On average, sell-side analysts predict that Chevron Corporation will post 10.79 EPS for the current fiscal year.

Chevron Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Wednesday, September 10th. Shareholders of record on Tuesday, August 19th were given a dividend of $1.71 per share. This represents a $6.84 annualized dividend and a yield of 4.5%. The ex-dividend date of this dividend was Tuesday, August 19th. Chevron's payout ratio is currently 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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