Clearstead Advisors LLC Grows Stock Position in Chevron Corporation $CVX

Key Points

• Clearstead Advisors LLC increased its Chevron stake by 4.8% in the fourth quarter, buying 7,764 additional shares and bringing its total position to 170,540 shares valued at about $26.0 million.
• Chevron reported strong quarterly earnings with EPS of $1.41, beating analyst expectations of $1.00, though revenue of $47.56 billion came in below forecasts. The company also announced a quarterly dividend of $1.78 per share, or $7.12 annualized, yielding about 3.7%.
• Wall Street sentiment remains generally positive, with analysts such as Barclays, Morgan Stanley, and RBC raising or reaffirming favorable views; Chevron now has a consensus “Moderate Buy” rating and an average target price of $204.22.

Clearstead Advisors LLC lifted its position in Chevron Corporation (NYSE:CVX - Free Report) by 4.8% in the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 170,540 shares of the oil and gas company's stock after purchasing an additional 7,764 shares during the quarter. Clearstead Advisors LLC's holdings in Chevron were worth $25,992,000 as of its most recent SEC filing.

Several other institutional investors have also recently modified their holdings of CVX. United Bank raised its stake in shares of Chevron by 7.7% in the second quarter. United Bank now owns 11,079 shares of the oil and gas company's stock worth $1,586,000 after purchasing an additional 796 shares during the last quarter. Schnieders Capital Management LLC. raised its stake in shares of Chevron by 9.0% in the second quarter. Schnieders Capital Management LLC. now owns 50,839 shares of the oil and gas company's stock worth $7,280,000 after purchasing an additional 4,214 shares during the last quarter. BNP Paribas raised its stake in shares of Chevron by 76.4% in the second quarter. BNP Paribas now owns 441 shares of the oil and gas company's stock worth $63,000 after purchasing an additional 191 shares during the last quarter. Osterweis Capital Management Inc. raised its stake in shares of Chevron by 678.9% in the second quarter. Osterweis Capital Management Inc. now owns 1,363 shares of the oil and gas company's stock worth $195,000 after purchasing an additional 1,188 shares during the last quarter. Finally, Main Street Financial Solutions LLC raised its stake in shares of Chevron by 3.6% in the second quarter. Main Street Financial Solutions LLC now owns 16,052 shares of the oil and gas company's stock worth $2,299,000 after purchasing an additional 553 shares during the last quarter. 72.42% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling

In other Chevron news, insider Andrew Benjamin Walz sold 11,600 shares of the firm's stock in a transaction on Monday, March 2nd. The stock was sold at an average price of $188.58, for a total value of $2,187,528.00. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, insider R. Hewitt Pate sold 58,000 shares of the firm's stock in a transaction on Monday, March 2nd. The shares were sold at an average price of $188.65, for a total value of $10,941,700.00. Following the completion of the transaction, the insider owned 8,558 shares in the company, valued at $1,614,466.70. The trade was a 87.14% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 1,179,699 shares of company stock worth $224,675,517 in the last ninety days. Company insiders own 0.56% of the company's stock.

Analyst Ratings Changes

Several research analysts have recently issued reports on CVX shares. Barclays raised their price objective on Chevron from $180.00 to $192.00 and gave the stock an "equal weight" rating in a research note on Monday, May 4th. Zacks Research raised Chevron from a "hold" rating to a "strong-buy" rating in a report on Friday, April 3rd. Melius Research raised Chevron from a "hold" rating to a "buy" rating and set a $205.00 target price on the stock in a report on Tuesday, February 17th. Royal Bank Of Canada reaffirmed an "outperform" rating and set a $220.00 target price on shares of Chevron in a report on Tuesday, May 5th. Finally, Morgan Stanley raised their target price on Chevron from $212.00 to $214.00 and gave the stock an "overweight" rating in a report on Friday. One analyst has rated the stock with a Strong Buy rating, eighteen have issued a Buy rating, five have issued a Hold rating and one has given a Sell rating to the company's stock. According to MarketBeat, Chevron currently has a consensus rating of "Moderate Buy" and an average target price of $204.22.

Chevron Stock Up 0.0%

Shares of CVX opened at $191.51 on Monday. The company has a current ratio of 1.09, a quick ratio of 0.84 and a debt-to-equity ratio of 0.21. Chevron Corporation has a 12 month low of $134.06 and a 12 month high of $214.71. The stock's 50 day moving average is $193.54 and its two-hundred day moving average is $174.75. The firm has a market cap of $381.42 billion, a P/E ratio of 33.19, a PEG ratio of 0.64 and a beta of 0.51.

Chevron (NYSE:CVX - Get Free Report) last issued its quarterly earnings data on Friday, May 1st. The oil and gas company reported $1.41 EPS for the quarter, beating the consensus estimate of $1.00 by $0.41. The company had revenue of $47.56 billion for the quarter, compared to analyst estimates of $51.86 billion. Chevron had a return on equity of 6.90% and a net margin of 5.79%.Chevron's quarterly revenue was up 2.1% compared to the same quarter last year. During the same period last year, the company earned $2.18 earnings per share. Analysts predict that Chevron Corporation will post 15.74 earnings per share for the current fiscal year.

Chevron Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, June 10th. Shareholders of record on Tuesday, May 19th will be issued a $1.78 dividend. The ex-dividend date is Tuesday, May 19th. This represents a $7.12 dividend on an annualized basis and a yield of 3.7%. Chevron's dividend payout ratio (DPR) is presently 123.40%.

Chevron News Roundup

Here are the key news stories impacting Chevron this week:

• Positive Sentiment: WTI crude above $95 per barrel is lifting Permian oil and associated gas economics, which should be a tailwind for Chevron’s upstream earnings and cash flow. More Gas Per Barrel of Oil: A Growth Lever for Permian Operators
• Positive Sentiment: Morgan Stanley raised its price target on Chevron to $214 from $212 and reiterated an overweight rating, signaling continued Wall Street confidence in the stock’s upside. Benzinga / The Fly analyst update
• Positive Sentiment: Chevron’s planned participation in a Bernstein conference next week keeps investor attention on management commentary and strategic updates. Chevron to Participate in Fireside Q&A at Bernstein 42nd Annual Strategic Decisions Conference
• Positive Sentiment: Chevron’s new next-generation Techron gasoline additive may help support brand strength and retail fuel performance over time. Chevron Introduces Next-gen Techron in U.S. Chevron and Texaco Gasolines
• Positive Sentiment: Chevron stands to receive about $2.17 billion from the sale of several Asia Pacific refining and retail assets to Eneos, which supports balance-sheet flexibility and portfolio simplification. Chevron Corporation (CVX) Poised for $2.17B Boost from Asia Pacific Asset Sale

About Chevron

Chevron Corporation NYSE: CVX is an American multinational energy company engaged in virtually all aspects of the oil and gas industry. As an integrated energy firm, Chevron's core activities include upstream oil and natural gas exploration and production, midstream transportation and storage, downstream refining and marketing of fuels and lubricants, and petrochemical manufacturing through joint ventures and subsidiaries. The company markets fuels under brands such as Chevron, Texaco and Caltex and supplies a range of products and services to retail customers, industrial users and commercial fleets worldwide.

Chevron traces its corporate lineage to the early petroleum companies that eventually became Standard Oil of California and has evolved through significant mergers and restructurings, including the acquisitions of Gulf Oil and Texaco.

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