DDD Partners LLC Buys 15,993 Shares of Chevron Corporation $CVX

Key Points

• DDD Partners LLC increased its stake in Chemron Corporation by 11.6%, acquiring 15,993 shares, making Chevron its 12th largest holding with a total value of approximately $22.09 million.
• Chevron recently reported earnings of $1.77 per share, beating estimates, despite a 12.4% year-over-year revenue decline.
• The company declared a quarterly dividend of $1.71 per share, with a substantial annualized yield of 4.4%, following a dividend payout ratio of 88.03%.

DDD Partners LLC raised its stake in Chevron Corporation (NYSE:CVX - Free Report) by 11.6% during the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 154,261 shares of the oil and gas company's stock after acquiring an additional 15,993 shares during the quarter. Chevron comprises 2.4% of DDD Partners LLC's holdings, making the stock its 12th largest position. DDD Partners LLC's holdings in Chevron were worth $22,089,000 as of its most recent filing with the Securities & Exchange Commission.

Several other large investors have also recently bought and sold shares of CVX. GAMMA Investing LLC raised its holdings in Chevron by 27.3% in the 1st quarter. GAMMA Investing LLC now owns 32,329 shares of the oil and gas company's stock valued at $5,408,000 after acquiring an additional 6,928 shares during the period. Strategic Investment Advisors MI grew its position in shares of Chevron by 12.8% during the 1st quarter. Strategic Investment Advisors MI now owns 1,729 shares of the oil and gas company's stock worth $289,000 after purchasing an additional 196 shares in the last quarter. waypoint wealth counsel grew its position in shares of Chevron by 4.4% during the 1st quarter. waypoint wealth counsel now owns 2,325 shares of the oil and gas company's stock worth $389,000 after purchasing an additional 98 shares in the last quarter. Independent Solutions Wealth Management LLC grew its position in shares of Chevron by 0.8% during the 1st quarter. Independent Solutions Wealth Management LLC now owns 24,573 shares of the oil and gas company's stock worth $4,111,000 after purchasing an additional 202 shares in the last quarter. Finally, DORVAL Corp acquired a new position in shares of Chevron during the 1st quarter worth approximately $215,000. 72.42% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of research analysts have issued reports on CVX shares. Melius started coverage on shares of Chevron in a research report on Wednesday, August 20th. They set a "hold" rating and a $155.00 target price on the stock. Morgan Stanley initiated coverage on shares of Chevron in a research report on Monday, August 4th. They set an "overweight" rating and a $174.00 price objective for the company. Weiss Ratings restated a "hold (c)" rating on shares of Chevron in a research report on Wednesday, October 8th. Piper Sandler boosted their price objective 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. Finally, Raymond James Financial restated an "outperform" rating and set a $160.00 price objective (down from $170.00) on shares of Chevron in a research report on Friday, October 17th. One analyst has rated the stock with a Strong Buy rating, ten have assigned a Buy rating, nine have issued a Hold rating and three have given a Sell rating to the company's stock. According to data from MarketBeat.com, the company presently has a consensus rating of "Hold" and a consensus target price of $165.25.

Chevron Price Performance

Chevron stock traded up $0.15 during mid-day trading on Friday, reaching $156.71. The company had a trading volume of 400,502 shares, compared to its average volume of 8,865,466. Chevron Corporation has a fifty-two week low of $132.04 and a fifty-two week high of $168.96. 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 company has a market cap of $270.78 billion, a P/E ratio of 20.18, a P/E/G ratio of 4.42 and a beta of 0.84. The business has a fifty day simple moving average of $156.05 and a 200 day simple moving average of $148.25.

Chevron (NYSE:CVX - Get Free Report) last released its quarterly earnings results on Friday, August 1st. The oil and gas company reported $1.77 earnings per share (EPS) for the quarter, beating 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 company's revenue for the quarter was down 12.4% on a year-over-year basis. During the same quarter last year, the firm earned $2.55 earnings per share. On average, equities research analysts predict that Chevron Corporation will post 10.79 earnings per share for the current year.

Chevron Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Wednesday, September 10th. Stockholders of record on Tuesday, August 19th were paid 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 presently 88.03%.

Insider Buying and Selling at Chevron

In other news, Director John B. Hess sold 375,000 shares of the firm'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 completion of the transaction, the director owned 1,403,045 shares of the company's stock, valued at approximately $222,102,023.50. This trade represents a 21.09% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, VP Alana K. Knowles sold 3,978 shares of the firm'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 directly owned 1,181 shares of the company's stock, valued at $188,960. The trade was a 77.11% decrease in their position. The disclosure for this sale can be found here. 0.21% of the stock is currently owned by company insiders.

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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