Focus Partners Wealth Raises Stock Holdings in Chevron Corporation $CVX

Key Points

• Focus Partners Wealth increased its stake in Chevron Corporation by 12.9%, owning 1,371,121 shares valued at approximately $229,375,000 as of the last quarter.
• Chevron reported earnings of $1.77 per share for the last quarter, exceeding estimates of $1.58, despite a year-over-year revenue decline of 12.4% to $44.82 billion.
• The company announced a quarterly dividend of $1.71, reflecting an annualized dividend of $6.84 with a yield of 4.4%.

Focus Partners Wealth lifted its position in shares of Chevron Corporation (NYSE:CVX - Free Report) by 12.9% in the first quarter, according to its most recent disclosure with the SEC. The institutional investor owned 1,371,121 shares of the oil and gas company's stock after buying an additional 156,505 shares during the quarter. Focus Partners Wealth owned about 0.08% of Chevron worth $229,375,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also bought and sold shares of the stock. GDS Wealth Management raised its position in Chevron by 4.4% during the first quarter. GDS Wealth Management now owns 1,706 shares of the oil and gas company's stock valued at $285,000 after purchasing an additional 72 shares during the period. AIMZ Investment Advisors LLC raised its position in Chevron by 4.2% during the first quarter. AIMZ Investment Advisors LLC now owns 1,783 shares of the oil and gas company's stock valued at $298,000 after purchasing an additional 72 shares during the period. Clayton Financial Group LLC raised its holdings in shares of Chevron by 4.6% in the first quarter. Clayton Financial Group LLC now owns 1,702 shares of the oil and gas company's stock worth $285,000 after buying an additional 75 shares during the period. Gill Capital Partners LLC raised its holdings in shares of Chevron by 4.9% in the first quarter. Gill Capital Partners LLC now owns 1,619 shares of the oil and gas company's stock worth $271,000 after buying an additional 75 shares during the period. Finally, Cordatus Wealth Management LLC raised its holdings in shares of Chevron by 0.4% in the first quarter. Cordatus Wealth Management LLC now owns 19,723 shares of the oil and gas company's stock worth $3,299,000 after buying an additional 76 shares during the period. Institutional investors and hedge funds own 72.42% of the company's stock.

Chevron Stock Down 0.6%

NYSE CVX traded down $1.02 during midday trading on Friday, hitting $157.23. 5,545,397 shares of the company traded hands, compared to its average volume of 7,956,036. 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 market cap of $271.69 billion, a PE ratio of 20.24, a price-to-earnings-growth ratio of 2.00 and a beta of 0.90. The company's 50-day simple moving average is $154.67 and its 200-day simple moving average is $148.89. Chevron Corporation has a 52 week low of $132.04 and a 52 week high of $168.96.

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, beating the consensus estimate of $1.58 by $0.19. The business had revenue of $44.82 billion for the quarter, compared to analysts' expectations of $44.59 billion. Chevron had a return on equity of 9.90% and a net margin of 7.02%.The business's revenue for the quarter was down 12.4% on a year-over-year basis. During the same quarter last year, the firm earned $2.55 EPS. As a group, equities research analysts forecast 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. Shareholders of record on Tuesday, August 19th were given 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 88.03%.

Analyst Ratings Changes

Several equities research analysts have recently weighed in on the company. Raymond James Financial reiterated an "outperform" rating on shares of Chevron in a report on Friday, August 1st. Bank of America increased their price target on Chevron from $170.00 to $185.00 and gave the stock a "buy" rating in a report on Wednesday. TD Cowen increased their price target on Chevron from $150.00 to $155.00 and gave the stock a "hold" rating in a report on Monday, August 4th. Evercore ISI reiterated an "outperform" rating and issued a $180.00 price target on shares of Chevron in a report on Thursday, July 31st. Finally, Piper Sandler increased their price target on Chevron from $164.00 to $168.00 and gave the stock an "overweight" rating in a report on Monday, August 18th. Eleven research analysts have rated the stock with a Buy rating, eight have given a Hold rating and three have given a Sell rating to the company's stock. According to data from MarketBeat, the stock has an average rating of "Hold" and an average price target of $164.80.

Insider Buying and Selling at Chevron

In other Chevron news, Director John B. Hess sold 375,000 shares of the 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 sale, 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 sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, VP Alana K. Knowles sold 3,978 shares of the 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 sale, 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 company 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.