Concurrent Investment Advisors LLC Acquires 26,365 Shares of Chevron Corporation $CVX

Key Points

• Concurrent Investment Advisors LLC increased its stake in Chevron (CVX) by 21.8% in Q4, buying 26,365 shares to hold 147,432 shares valued at about $22.47 million.
• Wall Street is largely positive on Chevron with a consensus rating of “Moderate Buy” and an average price target of $198.09, after multiple brokerages raised ratings and targets.
• Company insiders have been net sellers recently — CEO Michael Wirth sold 272,624 shares and insiders disposed of 779,407 shares (~$146M) over the last three months — even as Chevron raised its quarterly dividend to $1.78 (annualized $7.12, ~3.8% yield).

Concurrent Investment Advisors LLC grew its position in shares of Chevron Corporation (NYSE:CVX - Free Report) by 21.8% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 147,432 shares of the oil and gas company's stock after acquiring an additional 26,365 shares during the period. Concurrent Investment Advisors LLC's holdings in Chevron were worth $22,470,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently modified their holdings of the company. Generali Investments Management Co LLC raised its stake in shares of Chevron by 2.6% during the fourth quarter. Generali Investments Management Co LLC now owns 23,026 shares of the oil and gas company's stock valued at $3,509,000 after acquiring an additional 576 shares during the last quarter. Obermeyer Wealth Partners raised its stake in shares of Chevron by 23.5% during the fourth quarter. Obermeyer Wealth Partners now owns 6,570 shares of the oil and gas company's stock valued at $1,001,000 after acquiring an additional 1,251 shares during the last quarter. Dupree Financial Group LLC raised its stake in shares of Chevron by 0.8% during the fourth quarter. Dupree Financial Group LLC now owns 53,589 shares of the oil and gas company's stock valued at $8,168,000 after acquiring an additional 436 shares during the last quarter. TBH Global Asset Management LLC raised its stake in shares of Chevron by 10.6% during the fourth quarter. TBH Global Asset Management LLC now owns 7,778 shares of the oil and gas company's stock valued at $1,185,000 after acquiring an additional 745 shares during the last quarter. Finally, Golden Reserve Retirement LLC bought a new position in shares of Chevron during the fourth quarter valued at about $474,000. 72.42% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

Several brokerages have recently commented on CVX. UBS Group reaffirmed a "buy" rating and set a $212.00 price objective on shares of Chevron in a research note on Monday, February 2nd. Piper Sandler upped their price objective on shares of Chevron from $179.00 to $242.00 and gave the company an "overweight" rating in a research note on Thursday, March 12th. Bank of America upped their price objective on shares of Chevron from $188.00 to $206.00 and gave the company a "buy" rating in a research note on Monday, March 2nd. Royal Bank Of Canada upped their price objective on shares of Chevron from $200.00 to $220.00 and gave the company an "outperform" rating in a research note on Monday, April 13th. Finally, Melius Research raised shares of Chevron from a "hold" rating to a "buy" rating and set a $205.00 price objective for the company in a research note on Tuesday, February 17th. One analyst has rated the stock with a Strong Buy rating, seventeen have issued a Buy rating, five have given a Hold rating and two have given a Sell rating to the stock. Based on data from MarketBeat.com, Chevron presently has an average rating of "Moderate Buy" and a consensus price target of $198.09.

Chevron Price Performance

Shares of NYSE CVX opened at $185.13 on Friday. Chevron Corporation has a 1 year low of $133.77 and a 1 year high of $214.71. The company has a debt-to-equity ratio of 0.21, a current ratio of 1.15 and a quick ratio of 0.86. The company's 50-day moving average is $192.56 and its 200 day moving average is $170.05. The stock has a market capitalization of $368.82 billion, a P/E ratio of 27.80, a P/E/G ratio of 0.79 and a beta of 0.60.

Chevron (NYSE:CVX - Get Free Report) last announced its quarterly earnings results on Friday, January 30th. The oil and gas company reported $1.52 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.44 by $0.08. Chevron had a net margin of 6.51% and a return on equity of 7.89%. The company had revenue of $45.79 billion for the quarter, compared to analysts' expectations of $48.18 billion. During the same quarter in the previous year, the company earned $2.06 earnings per share. Chevron's quarterly revenue was down 10.2% on a year-over-year basis. On average, sell-side analysts expect that Chevron Corporation will post 12.49 earnings per share for the current year.

Chevron Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, March 10th. Investors of record on Tuesday, February 17th were given a dividend of $1.78 per share. This is an increase from Chevron's previous quarterly dividend of $1.71. This represents a $7.12 annualized dividend and a dividend yield of 3.8%. The ex-dividend date was Tuesday, February 17th. Chevron's dividend payout ratio is presently 106.91%.

Insider Activity at Chevron

In related news, CEO Michael K. Wirth sold 272,624 shares of the business's stock in a transaction dated Monday, March 2nd. The shares were sold at an average price of $189.35, for a total transaction of $51,621,354.40. Following the transaction, the chief executive officer owned 31,266 shares in the company, valued at $5,920,217.10. The trade was a 89.71% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Vice Chairman Mark A. Nelson sold 139,600 shares of the business's stock in a transaction dated Monday, March 2nd. The shares were sold at an average price of $187.92, for a total transaction of $26,233,632.00. Following the transaction, the insider owned 11,337 shares in the company, valued at $2,130,449.04. This represents a 92.49% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold 779,407 shares of company stock valued at $145,972,971 over the last three months. Corporate insiders own 0.56% of the company's stock.

Key Chevron News

Here are the key news stories impacting Chevron this week:

• Positive Sentiment: Wheatstone LNG has fully resumed production after cyclone repairs, restoring expected cash flow from the Australian LNG asset and removing a short-term production drag. Chevron resumes full production at Wheatstone LNG after repairs for cyclone damage
• Positive Sentiment: Chevron says it reached an asset-swap agreement that expands its stake in Venezuelan heavy oil operations — a move that could lift reserves and long-term production potential if implemented. Chevron Corporation (CVX) Expands Stakes in Venezuela Oil Operations
• Positive Sentiment: Warren Buffett’s ongoing stake and commentary on Chevron continue to be cited as a vote of confidence for long-term investors, supporting sentiment versus peers. Deepening Growth Pipeline Sustains Warren Buffett’s Confidence In Chevron (CVX)
• Positive Sentiment: Zacks has highlighted Chevron as a Bull of the Day and it's included in lists of high-flying "old economy" stocks with room to run — analyst attention can help prop up demand in a pullback. Chevron and Avis Budget have been highlighted as Zacks Bull and Bear of the Day
• Neutral Sentiment: Chevron is a trending stock with increased retail and analyst attention; that raises liquidity and volatility but is ambivalent for direction without fresh catalysts. Chevron Corporation (CVX) Is a Trending Stock: Facts to Know Before Betting on It
• Negative Sentiment: Venezuelan partner Suelopetrol says it was not informed of Chevron’s reported expansion — a public dispute that raises execution, legal and geopolitical risk around the asset-swap and could delay realization of the announced upside. Suelopetrol says it has not been Informed of Chevron’s (CVX) Expansion at Venezuela Joint Venture
• Negative Sentiment: Zacks preview flags an expected decline in Q1 earnings, which raises the risk of a disappointing release and near-term downside if results or guidance miss. Earnings Preview: Chevron (CVX) Q1 Earnings Expected to Decline
• Negative Sentiment: After a strong YTD rally, articles note a month-long cooldown and profit-taking in big oil names; that broader flow explains part of today’s pullback even without company-specific bad news. Exxon Stock and Chevron Stock Are Up 20%+ YTD – Why the Long Oil Trade Is Stalling Out

Chevron Company Profile

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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