Chevron Corporation $CVX Shares Acquired by Ellsworth Advisors LLC

Key Points

• Ellsworth Advisors LLC increased its holdings in Chelron Corporation by 5.5%, owning a total of 40,216 shares valued at approximately $6.73 million, making it one of their largest positions.
• A number of institutional investors, including Charles Schwab and UBS, also adjusted their stakes in Chevron, reflecting growing interest in the company amidst fluctuating oil prices.
• Chevron's most recent earnings report showed earnings per share of $1.77, surpassing analysts' expectations, although revenues declined by 12.4% year-over-year.

Ellsworth Advisors LLC boosted its stake in shares of Chevron Corporation (NYSE:CVX - Free Report) by 5.5% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 40,216 shares of the oil and gas company's stock after buying an additional 2,085 shares during the quarter. Chevron accounts for approximately 1.8% of Ellsworth Advisors LLC's portfolio, making the stock its 8th largest holding. Ellsworth Advisors LLC's holdings in Chevron were worth $6,728,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Sage Capital Advisors llc grew its position in shares of Chevron by 2.2% in the first quarter. Sage Capital Advisors llc now owns 42,421 shares of the oil and gas company's stock valued at $7,097,000 after purchasing an additional 919 shares during the last quarter. CCG Wealth Management LLC grew its position in shares of Chevron by 2.3% in the first quarter. CCG Wealth Management LLC now owns 6,334 shares of the oil and gas company's stock valued at $1,060,000 after purchasing an additional 145 shares during the last quarter. Ignite Planners LLC grew its position in shares of Chevron by 14.1% in the first quarter. Ignite Planners LLC now owns 12,316 shares of the oil and gas company's stock valued at $2,060,000 after purchasing an additional 1,519 shares during the last quarter. Vista Capital Partners Inc. grew its position in shares of Chevron by 9.1% in the first quarter. Vista Capital Partners Inc. now owns 5,938 shares of the oil and gas company's stock valued at $993,000 after purchasing an additional 495 shares during the last quarter. Finally, Oregon Public Employees Retirement Fund grew its position in shares of Chevron by 0.5% in the first quarter. Oregon Public Employees Retirement Fund now owns 143,914 shares of the oil and gas company's stock valued at $24,075,000 after purchasing an additional 675 shares during the last quarter. 72.42% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several research firms have recently commented on CVX. TD Cowen increased their price target on shares of Chevron from $150.00 to $155.00 and gave the company a "hold" rating in a research report on Monday, August 4th. Barclays reissued an "equal weight" rating on shares of Chevron in a research note on Tuesday, July 15th. Bank of America upped their price objective on shares of Chevron from $170.00 to $185.00 and gave the company a "buy" rating in a research note on Wednesday. Melius Research assumed coverage on shares of Chevron in a research note on Wednesday, August 20th. They set a "hold" rating and a $155.00 price objective on the stock. Finally, Piper Sandler upped their price objective on shares of Chevron from $164.00 to $168.00 and gave the company an "overweight" rating in a research note on Monday, August 18th. Eleven analysts have rated the stock with a Buy rating, eight have issued a Hold rating and three have issued a Sell rating to the company's stock. Based on data from MarketBeat, Chevron presently has an average rating of "Hold" and a consensus target price of $164.80.

Chevron Stock Down 0.6%

Chevron stock traded down $1.02 during midday trading on Friday, hitting $157.23. 5,545,397 shares of the stock were exchanged, compared to its average volume of 7,956,036. Chevron Corporation has a 1 year low of $132.04 and a 1 year high of $168.96. The firm has a market cap of $271.69 billion, a P/E ratio of 20.24, a P/E/G ratio of 2.00 and a beta of 0.90. The company has a debt-to-equity ratio of 0.16, a current ratio of 1.00 and a quick ratio of 0.74. The company has a 50 day moving average price of $154.67 and a two-hundred day moving average price of $148.89.

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, topping the consensus estimate 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 posted $2.55 EPS. The firm's quarterly revenue was down 12.4% on a year-over-year basis. On average, sell-side analysts predict that Chevron Corporation will post 10.79 earnings per share for the current fiscal year.

Chevron Dividend Announcement

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

Insider Buying and Selling at Chevron

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

Chevron Company 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.