Exencial Wealth Advisors LLC Decreases Position in Chevron Corporation $CVX

Key Points

• Exencial Wealth Advisors LLC reduced its position in Chevron Corporation by 4.6%, selling 3,800 shares and now holding 78,418 shares valued at approximately $11.23 million.
• Chevron's stock has received varied ratings from analysts, with a consensus target price of $165.25 and multiple analysts initiating coverage with price targets ranging from $155.00 to $197.00.
• Chevron recently declared a quarterly dividend of $1.71, contributing to an annualized yield of 4.4%, with a dividend payout ratio of 88.03%.

Exencial Wealth Advisors LLC cut its stake in Chevron Corporation (NYSE:CVX - Free Report) by 4.6% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 78,418 shares of the oil and gas company's stock after selling 3,800 shares during the quarter. Exencial Wealth Advisors LLC's holdings in Chevron were worth $11,229,000 at the end of the most recent reporting period.

Other institutional investors have also bought and sold shares of the company. Harvest Fund Management Co. Ltd lifted its stake in Chevron by 420.7% in the 1st quarter. Harvest Fund Management Co. Ltd now owns 151 shares of the oil and gas company's stock worth $25,000 after purchasing an additional 122 shares in the last quarter. Elequin Capital LP purchased a new position in Chevron in the 1st quarter worth approximately $31,000. IMG Wealth Management Inc. lifted its stake in Chevron by 52.3% in the 2nd quarter. IMG Wealth Management Inc. now owns 265 shares of the oil and gas company's stock worth $38,000 after purchasing an additional 91 shares in the last quarter. Cloud Capital Management LLC purchased a new position in Chevron in the 1st quarter worth approximately $39,000. Finally, Investment Management Corp VA ADV lifted its stake in Chevron by 171.3% in the 1st quarter. Investment Management Corp VA ADV now owns 236 shares of the oil and gas company's stock worth $39,000 after purchasing an additional 149 shares in 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 research analysts have weighed in on the stock. Morgan Stanley initiated coverage on shares of Chevron in a research note on Monday, August 4th. They issued an "overweight" rating and a $174.00 target price on the stock. Melius Research initiated coverage on shares of Chevron in a report on Wednesday, August 20th. They set a "hold" rating and a $155.00 price target for the company. Piper Sandler raised their price target on shares of Chevron from $164.00 to $168.00 and gave the stock an "overweight" rating in a report on Monday, August 18th. UBS Group raised their price target on shares of Chevron from $186.00 to $197.00 and gave the stock a "buy" rating in a report on Wednesday, August 20th. Finally, TD Cowen raised their price target on shares of Chevron from $150.00 to $155.00 and gave the stock a "hold" rating in a report on Monday, August 4th. One analyst has rated the stock with a Strong Buy rating, ten have given a Buy rating, nine have given a Hold rating and three have assigned a Sell rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of "Hold" and a consensus target price of $165.25.

Chevron Stock Down 0.4%

Chevron stock opened at $153.80 on Wednesday. Chevron Corporation has a fifty-two week low of $132.04 and a fifty-two week high of $168.96. The company has a debt-to-equity ratio of 0.16, a quick ratio of 0.74 and a current ratio of 1.00. The firm has a 50 day moving average price of $156.04 and a 200 day moving average price of $148.08. The company has a market capitalization of $265.76 billion, a PE ratio of 19.79, a price-to-earnings-growth ratio of 2.06 and a beta of 0.84.

Chevron (NYSE:CVX - Get Free Report) last posted its earnings results on Friday, August 1st. The oil and gas company reported $1.77 earnings per share for the quarter, beating 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 during the quarter, compared to the consensus estimate of $44.59 billion. During the same quarter last year, the firm earned $2.55 EPS. The firm's revenue for the quarter was down 12.4% on a year-over-year basis. Research analysts expect that Chevron Corporation will post 10.79 earnings per share for the current year.

Chevron Dividend Announcement

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

Insider Activity at Chevron

In other Chevron news, VP Alana K. Knowles sold 3,978 shares of the business'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 completion of the transaction, the vice president owned 1,181 shares in the company, valued at $188,960. The trade was a 77.11% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, Director John B. Hess sold 375,000 shares of the business'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 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 position. The disclosure for this sale can be found here. 0.20% of the stock is currently 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.

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