FSM Wealth Advisors LLC Increases Stake in Chevron Corporation $CVX

Key Points

• FSM Wealth Advisors LLC increased its stake in Chemron Corporation by 71.1%, owning 10,349 shares valued at approximately $1.525 million following the purchase of 4,299 additional shares.
• Chevron's recent quarterly earnings show earnings per share of $1.77, exceeding analyst estimates of $1.58, but revenue dropped 12.4% year-over-year to $44.82 billion.
• Several analysts have recently updated their price targets for Chevron, with Piper Sandler raising it to $168 while Barclays lowered it to $158, resulting in an average target of $165.25 across analysts.

FSM Wealth Advisors LLC boosted its stake in Chevron Corporation (NYSE:CVX - Free Report) by 71.1% during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 10,349 shares of the oil and gas company's stock after purchasing an additional 4,299 shares during the period. FSM Wealth Advisors LLC's holdings in Chevron were worth $1,525,000 at the end of the most recent reporting period.

A number of other large investors have also bought and sold shares of the stock. Cadinha & Co. LLC increased its stake in Chevron by 9.2% in the 2nd quarter. Cadinha & Co. LLC now owns 18,141 shares of the oil and gas company's stock worth $2,598,000 after purchasing an additional 1,529 shares during the period. KPP Advisory Services LLC grew its position in shares of Chevron by 39.8% in the 2nd quarter. KPP Advisory Services LLC now owns 5,055 shares of the oil and gas company's stock worth $724,000 after buying an additional 1,438 shares during the last quarter. First Citizens Bank & Trust Co. grew its position in shares of Chevron by 1.6% in the 2nd quarter. First Citizens Bank & Trust Co. now owns 94,587 shares of the oil and gas company's stock worth $13,544,000 after buying an additional 1,449 shares during the last quarter. Cornerstone Advisory LLC grew its position in shares of Chevron by 14.9% in the 2nd quarter. Cornerstone Advisory LLC now owns 5,929 shares of the oil and gas company's stock worth $849,000 after buying an additional 769 shares during the last quarter. Finally, Schaper Benz & Wise Investment Counsel Inc. WI grew its position in shares of Chevron by 1.5% in the 2nd quarter. Schaper Benz & Wise Investment Counsel Inc. WI now owns 110,318 shares of the oil and gas company's stock worth $15,796,000 after buying an additional 1,659 shares during the last quarter. 72.42% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

CVX has been the topic of a number of recent analyst reports. Piper Sandler lifted their price objective on Chevron from $164.00 to $168.00 and gave the stock an "overweight" rating in a research report on Monday, August 18th. Barclays dropped their price target on Chevron from $160.00 to $158.00 and set an "equal weight" rating on the stock in a research report on Tuesday, October 7th. Melius Research initiated coverage on Chevron in a research report on Wednesday, August 20th. They set a "hold" rating and a $155.00 price target on the stock. Weiss Ratings restated a "hold (c)" rating on shares of Chevron in a research report on Wednesday, October 8th. Finally, TD Cowen lifted their price target on Chevron from $150.00 to $155.00 and gave the company a "hold" rating in a research report on Monday, August 4th. One research analyst has rated the stock with a Strong Buy rating, ten have given a Buy rating, nine have issued a Hold rating and three have issued a Sell rating to the stock. According to MarketBeat, the company currently has an average rating of "Hold" and an average price target of $165.25.

Insider Buying and Selling

In other Chevron news, Director John B. Hess sold 375,000 shares of the company's stock in a transaction that occurred 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 directly owned 1,403,045 shares in the company, valued at $222,102,023.50. This represents a 21.09% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, VP Alana K. Knowles sold 3,978 shares of the company's stock in a transaction that occurred 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 owned 1,181 shares in the company, valued at approximately $188,960. This trade represents a 77.11% decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.21% of the stock is currently owned by corporate insiders.

Chevron Stock Performance

NYSE:CVX opened at $157.96 on Thursday. The stock has a 50-day simple moving average of $156.03 and a two-hundred day simple moving average of $148.13. Chevron Corporation has a 52-week low of $132.04 and a 52-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 market capitalization of $272.95 billion, a PE ratio of 20.33, a P/E/G ratio of 2.05 and a beta of 0.84.

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

Chevron Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Wednesday, September 10th. Investors of record on Tuesday, August 19th were paid a dividend of $1.71 per share. 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%.

About Chevron

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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