Foster Victor Wealth Advisors LLC Has $11.31 Million Position in Chevron Corporation $CVX

Key Points

• Foster Victor Wealth Advisors LLC increased its holdings in Chevron Corporation by 7.6%, owning 73,916 shares valued at $11.31 million at the end of the second quarter.
• Chevron reported $1.77 earnings per share, surpassing analysts' expectations of $1.58, with revenue of $44.82 billion in the latest quarter.
• The company recently announced a quarterly dividend of $1.71, resulting in an annualized payout of $6.84 and a dividend yield of 4.3%.

Foster Victor Wealth Advisors LLC raised its holdings in Chevron Corporation (NYSE:CVX - Free Report) by 7.6% in the second quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 73,916 shares of the oil and gas company's stock after acquiring an additional 5,238 shares during the quarter. Foster Victor Wealth Advisors LLC's holdings in Chevron were worth $11,311,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also modified their holdings of the company. Harvest Fund Management Co. Ltd increased its position in Chevron by 420.7% during the first quarter. Harvest Fund Management Co. Ltd now owns 151 shares of the oil and gas company's stock worth $25,000 after buying an additional 122 shares during the last quarter. Elequin Capital LP acquired a new stake in shares of Chevron in the first quarter worth $31,000. IFS Advisors LLC grew its stake in 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 last quarter. Cloud Capital Management LLC bought a new position in Chevron in the 1st quarter worth $39,000. Finally, Investment Management Corp VA ADV lifted its position in Chevron by 171.3% during the 1st quarter. Investment Management Corp VA ADV now owns 236 shares of the oil and gas company's stock worth $39,000 after acquiring an additional 149 shares during the last quarter. Institutional investors own 72.42% of the company's stock.

Chevron Stock Performance

NYSE:CVX opened at $157.29 on Wednesday. The stock has a market capitalization of $271.80 billion, a P/E ratio of 20.24, a price-to-earnings-growth ratio of 1.96 and a beta of 0.90. The company has a current ratio of 1.00, a quick ratio of 0.74 and a debt-to-equity ratio of 0.16. Chevron Corporation has a 1 year low of $132.04 and a 1 year high of $168.96. The firm has a 50 day moving average of $155.46 and a 200-day moving average of $149.02.

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 for the quarter, beating analysts' consensus estimates of $1.58 by $0.19. The firm had revenue of $44.82 billion during 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 was down 12.4% on a year-over-year basis. During the same period last year, the firm posted $2.55 EPS. As a group, sell-side analysts anticipate 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. Shareholders 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 dividend yield of 4.3%. Chevron's payout ratio is currently 88.03%.

Analyst Upgrades and Downgrades

A number of research firms have recently commented on CVX. Melius began coverage on Chevron in a research note on Wednesday, August 20th. They issued a "hold" rating and a $155.00 price objective on the stock. Wells Fargo & Company reiterated an "overweight" rating and set a $178.00 price target on shares of Chevron in a report on Friday, August 1st. Jefferies Financial Group restated a "buy" rating on shares of Chevron in a research note on Friday, July 18th. Raymond James Financial restated an "outperform" rating on shares of Chevron in a research report on Friday, August 1st. 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 report on Monday, August 18th. Eleven analysts have rated the stock with a Buy rating, eight have assigned a Hold rating and three have given a Sell rating to the company's stock. According to data from MarketBeat.com, the stock currently has a consensus rating of "Hold" and an average price target of $165.05.

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 value of $636,480.00. Following the transaction, the vice president directly owned 1,181 shares in the company, valued at approximately $188,960. This trade represents a 77.11% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director John B. Hess sold 375,000 shares of Chevron stock in a transaction on Friday, August 22nd. The shares were sold at an average price of $158.30, for a total value of $59,362,500.00. Following the completion of the sale, the director directly owned 1,403,045 shares of the company's stock, valued at $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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