Draper Asset Management LLC Takes $456,000 Position in Chevron Corporation $CVX

Key Points

• Draper Asset Management LLC has acquired a new position in Chevron Corporation, purchasing 3,169 shares valued at approximately $456,000, which represents about 0.3% of its total holdings.
• Chevron's stock currently has an average analyst rating of "Hold", with a consensus target price of $165.25, reflecting mixed outlooks from various investment firms.
• The company reported a quarterly earnings per share of $1.77, exceeding analysts' estimates, but revenue declined 12.4% year-over-year to $44.82 billion.

Draper Asset Management LLC bought a new position in Chevron Corporation (NYSE:CVX - Free Report) during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm bought 3,169 shares of the oil and gas company's stock, valued at approximately $456,000. Chevron accounts for approximately 0.3% of Draper Asset Management LLC's holdings, making the stock its 24th largest position.

A number of other large investors also recently modified their holdings of the business. Greenfield Savings Bank boosted its stake in Chevron by 0.6% during the second quarter. Greenfield Savings Bank now owns 11,611 shares of the oil and gas company's stock valued at $1,663,000 after buying an additional 68 shares in the last quarter. Atwater Malick LLC boosted its position in shares of Chevron by 2.4% in the 2nd quarter. Atwater Malick LLC now owns 2,886 shares of the oil and gas company's stock valued at $413,000 after purchasing an additional 68 shares during the period. Hubbell Strickland Wealth Management LLC grew its stake in Chevron by 0.7% during the 2nd quarter. Hubbell Strickland Wealth Management LLC now owns 10,081 shares of the oil and gas company's stock valued at $1,443,000 after acquiring an additional 68 shares in the last quarter. Mowery & Schoenfeld Wealth Management LLC increased its stake in Chevron by 10.3% in the 2nd quarter. Mowery & Schoenfeld Wealth Management LLC now owns 750 shares of the oil and gas company's stock valued at $107,000 after buying an additional 70 shares during the period. Finally, Capital Advisors Ltd. LLC increased its stake in Chevron by 4.1% in the 2nd quarter. Capital Advisors Ltd. LLC now owns 1,815 shares of the oil and gas company's stock valued at $260,000 after buying an additional 71 shares during the period. 72.42% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

CVX has been the subject of a number of recent research reports. Evercore ISI reaffirmed an "outperform" rating and set a $180.00 price target on shares of Chevron in a research note on Thursday, July 31st. Barclays cut their price objective on Chevron from $160.00 to $158.00 and set an "equal weight" rating on the stock in a research note on Tuesday, October 7th. TD Cowen lifted their price target on Chevron from $150.00 to $155.00 and gave the stock a "hold" rating in a research report on Monday, August 4th. Mizuho dropped their price target on Chevron from $192.00 to $191.00 and set an "outperform" rating on the stock in a research report on Monday, September 15th. Finally, Raymond James Financial reaffirmed an "outperform" rating and issued a $160.00 price target (down from $170.00) on shares of Chevron in a research report on Friday, October 17th. One investment analyst has rated the stock with a Strong Buy rating, ten have assigned a Buy rating, nine have given a Hold rating and three have assigned a Sell rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of "Hold" and a consensus target price of $165.25.

Chevron Stock Performance

Shares of NYSE:CVX opened at $156.48 on Friday. The business's fifty day moving average price is $156.05 and its two-hundred day moving average price is $148.25. Chevron Corporation has a fifty-two week low of $132.04 and a fifty-two week high of $168.96. The stock has a market capitalization of $270.39 billion, a price-to-earnings ratio of 20.14, a price-to-earnings-growth ratio of 4.42 and a beta of 0.84. The company has a debt-to-equity ratio of 0.16, a current ratio of 1.00 and a quick ratio of 0.74.

Chevron (NYSE:CVX - Get Free Report) last announced its quarterly earnings results on Friday, August 1st. The oil and gas company reported $1.77 earnings per share for the quarter, beating analysts' consensus estimates of $1.58 by $0.19. Chevron had a return on equity of 9.90% and a net margin of 7.02%.The firm had revenue of $44.82 billion for the quarter, compared to analysts' expectations of $44.59 billion. During the same period in the prior year, the business posted $2.55 earnings per share. The business's revenue was down 12.4% compared to the same quarter last year. As a group, analysts predict that Chevron Corporation will post 10.79 EPS for the current fiscal year.

Chevron Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, September 10th. Shareholders of record on Tuesday, August 19th were paid a $1.71 dividend. The ex-dividend date of this dividend was Tuesday, August 19th. This represents a $6.84 dividend on an annualized basis and a yield of 4.4%. Chevron's payout ratio is currently 88.03%.

Insiders Place Their Bets

In other news, Director John B. Hess sold 375,000 shares of the company's stock in a transaction on Friday, August 22nd. The stock was sold at an average price of $158.30, for a total transaction of $59,362,500.00. Following the transaction, the director owned 1,403,045 shares of the company's stock, valued at $222,102,023.50. This represents a 21.09% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, VP Alana K. Knowles sold 3,978 shares of the company's stock in a transaction on Friday, August 29th. The shares were sold at an average price of $160.00, for a total value of $636,480.00. Following the transaction, the vice president directly owned 1,181 shares in the company, valued at $188,960. This trade represents 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 insiders.

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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