Evolve Private Wealth LLC Increases Position in Chevron Corporation $CVX

Key Points

• Evolve Private Wealth LLC boosted its Chevron stake by 78.2% in the first quarter, bringing holdings to 25,753 shares valued at about $5.33 million.
• Analysts remain broadly positive on Chevron, with an average rating of “Moderate Buy” and an average price target of $205.70 across coverage.
• Chevron reported Q1 EPS of $1.41, beating expectations, and recently paid a quarterly dividend of $1.78 per share, equal to an annualized yield of about 4.1%.

Evolve Private Wealth LLC increased its holdings in Chevron Corporation (NYSE:CVX - Free Report) by 78.2% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 25,753 shares of the oil and gas company's stock after acquiring an additional 11,303 shares during the period. Evolve Private Wealth LLC's holdings in Chevron were worth $5,328,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently modified their holdings of the company. CWC Advisors LLC. bought a new stake in Chevron during the first quarter worth $260,000. Balboa Wealth Partners grew its stake in Chevron by 38.8% in the 1st quarter. Balboa Wealth Partners now owns 6,439 shares of the oil and gas company's stock valued at $1,332,000 after purchasing an additional 1,799 shares during the period. Forbes J M & Co. LLP grew its stake in Chevron by 1.9% in the 1st quarter. Forbes J M & Co. LLP now owns 6,764 shares of the oil and gas company's stock valued at $1,399,000 after purchasing an additional 127 shares during the period. First Community Trust NA increased its position in shares of Chevron by 6.7% during the 1st quarter. First Community Trust NA now owns 7,937 shares of the oil and gas company's stock valued at $1,642,000 after purchasing an additional 499 shares during the last quarter. Finally, Sheets Smith Wealth Management increased its position in shares of Chevron by 3.1% during the 1st quarter. Sheets Smith Wealth Management now owns 6,711 shares of the oil and gas company's stock valued at $1,389,000 after purchasing an additional 199 shares during the last quarter. 72.42% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of equities analysts recently weighed in on CVX shares. TD Cowen boosted their price target on shares of Chevron from $204.00 to $205.00 and gave the stock a "hold" rating in a report on Friday, May 8th. Tudor Pickering upgraded shares of Chevron from a "hold" rating to a "buy" rating and set a $225.00 price objective for the company in a report on Thursday, April 9th. Weiss Ratings lowered shares of Chevron from a "hold (c+)" rating to a "hold (c)" rating in a research report on Tuesday, June 2nd. BNP Paribas Exane upgraded shares of Chevron from a "neutral" rating to an "outperform" rating and set a $174.00 target price on the stock in a research note on Friday, April 17th. Finally, HSBC upgraded shares of Chevron from a "hold" rating to a "buy" rating and set a $215.00 target price on the stock in a research note on Friday, March 20th. Eighteen research analysts have rated the stock with a Buy rating, six have given a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, the company currently has an average rating of "Moderate Buy" and an average target price of $205.70.

Chevron Price Performance

Chevron stock opened at $173.51 on Monday. Chevron Corporation has a one year low of $142.40 and a one year high of $214.71. The business has a fifty day moving average price of $186.63 and a 200-day moving average price of $179.20. The company has a debt-to-equity ratio of 0.21, a current ratio of 1.09 and a quick ratio of 0.84. The firm has a market capitalization of $345.56 billion, a P/E ratio of 30.07, a PEG ratio of 0.57 and a beta of 0.48.

Chevron (NYSE:CVX - Get Free Report) last released its quarterly earnings data on Friday, May 1st. The oil and gas company reported $1.41 earnings per share (EPS) for the quarter, beating analysts' consensus estimates 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%.The firm's revenue for the quarter was up 2.1% compared to the same quarter last year. During the same period in the previous year, the company posted $2.18 EPS. As a group, equities research analysts forecast that Chevron Corporation will post 15.88 EPS for the current year.

Chevron Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Wednesday, June 10th. Shareholders of record on Tuesday, May 19th were issued a dividend of $1.78 per share. This represents a $7.12 dividend on an annualized basis and a yield of 4.1%. The ex-dividend date of this dividend was Tuesday, May 19th. Chevron's payout ratio is presently 123.40%.

Insider Activity

In related news, insider R. Hewitt Pate sold 40,200 shares of the business's stock in a transaction that occurred on Monday, March 30th. The shares were sold at an average price of $213.30, for a total transaction of $8,574,660.00. Following the completion of the transaction, the insider owned 8,638 shares of the company's stock, valued at approximately $1,842,485.40. The trade was a 82.31% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director John B. Hess sold 380,000 shares of the business's stock in a transaction that occurred on Wednesday, May 20th. The shares were sold at an average price of $193.20, for a total transaction of $73,416,000.00. Following the transaction, the director directly owned 278,045 shares of the company's stock, valued at approximately $53,718,294. This represents a 57.75% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last quarter, insiders have sold 615,200 shares of company stock worth $118,022,760. Company insiders own 0.56% of the company's stock.

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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