Fiduciary Alliance LLC Boosts Stake in Chevron Corporation $CVX

Key Points

• Fiduciary Alliance LLC increased its stake in Chevron Corporation by 24.6%, owning 20,258 shares valued at approximately $2.9 million at the end of the reporting period.
• Chevron's stock has received mixed ratings from analysts, with a consensus rating of Hold and an average price target of $165.05.
• The company reported earnings of $1.77 per share, exceeding estimates, despite quarterly revenue down 12.4% year-over-year.

Fiduciary Alliance LLC increased its holdings in shares of Chevron Corporation (NYSE:CVX - Free Report) by 24.6% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 20,258 shares of the oil and gas company's stock after acquiring an additional 4,000 shares during the quarter. Fiduciary Alliance LLC's holdings in Chevron were worth $2,901,000 at the end of the most recent reporting period.

Other hedge funds also recently bought and sold shares of the company. Harvest Fund Management Co. Ltd grew its holdings in shares of Chevron by 420.7% in the first quarter. Harvest Fund Management Co. Ltd now owns 151 shares of the oil and gas company's stock valued at $25,000 after purchasing an additional 122 shares during the period. 10Elms LLP acquired a new position in Chevron in the 4th quarter valued at about $29,000. Elequin Capital LP purchased a new stake in shares of Chevron in the 1st quarter valued at approximately $31,000. IFS Advisors LLC grew its stake in shares of Chevron by 119.6% in the 1st quarter. IFS Advisors LLC now owns 213 shares of the oil and gas company's stock valued at $36,000 after buying an additional 116 shares during the period. Finally, Cloud Capital Management LLC purchased a new stake in shares of Chevron during the 1st quarter valued at approximately $39,000. Institutional investors and hedge funds own 72.42% of the company's stock.

Wall Street Analyst Weigh In

Several research analysts recently weighed in on the company. Melius started coverage on Chevron in a research report on Wednesday, August 20th. They issued a "hold" rating and a $155.00 price objective for the company. Mizuho cut their price objective on Chevron from $192.00 to $191.00 and set an "outperform" rating for the company in a research report on Monday. Piper Sandler increased their target price on shares of Chevron from $164.00 to $168.00 and gave the stock an "overweight" rating in a research note on Monday, August 18th. UBS Group boosted their target price on Chevron from $186.00 to $197.00 and gave the company a "buy" rating in a research report on Wednesday, August 20th. Finally, Jefferies Financial Group reissued a "buy" rating on shares of Chevron in a research report on Friday, July 18th. Eleven investment analysts have rated the stock with a Buy rating, eight have given a Hold rating and three have assigned a Sell rating to the company's stock. Based on data from MarketBeat, Chevron has a consensus rating of "Hold" and an average price target of $165.05.

Chevron Price Performance

Chevron stock opened at $157.46 on Tuesday. The firm has a market capitalization of $272.09 billion, a PE ratio of 20.27, a P/E/G ratio of 1.98 and a beta of 0.90. Chevron Corporation has a 52 week low of $132.04 and a 52 week high of $168.96. The firm's 50-day simple moving average is $154.87 and its 200 day simple moving average is $148.78. The company has a quick ratio of 0.74, a current ratio of 1.00 and a debt-to-equity ratio of 0.16.

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

Chevron Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Wednesday, September 10th. Investors 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 4.3%. Chevron's dividend payout ratio is presently 88.03%.

Insider Buying and Selling

In other Chevron news, VP Alana K. Knowles sold 3,978 shares of the stock in a transaction on Friday, August 29th. The stock was sold at an average price of $160.00, for a total transaction of $636,480.00. Following the sale, the vice president owned 1,181 shares in the company, valued at approximately $188,960. This represents a 77.11% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. 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 value of $59,362,500.00. Following the completion of the transaction, the director directly 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 disclosure for this sale can be found here. 0.20% of the stock is currently owned by corporate 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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