GC Wealth Management RIA LLC Raises Stock Holdings in Chevron Corporation $CVX

Key Points

• GC Wealth Management RIA LLC increased its stake in Chevron Corporation by 44.8%, owning 26,599 shares valued at approximately $3.8 million after purchasing an additional 8,227 shares in Q2.
• Corporate insiders, including Director John B. Hess, have been selling shares, with Hess selling 375,000 shares for over $59 million, representing a significant decrease in his ownership.
• Chevron's recent quarterly earnings report showed an EPS of $1.77, exceeding analysts' expectations, although revenue was down 12.4% compared to the previous year.

GC Wealth Management RIA LLC boosted its holdings in Chevron Corporation (NYSE:CVX - Free Report) by 44.8% in the second quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 26,599 shares of the oil and gas company's stock after buying an additional 8,227 shares during the quarter. GC Wealth Management RIA LLC's holdings in Chevron were worth $3,809,000 at the end of the most recent quarter.

Other hedge funds have also recently made changes to their positions in the company. Kingstone Capital Partners Texas LLC raised its stake in Chevron by 652,139.5% during the 2nd quarter. Kingstone Capital Partners Texas LLC now owns 83,714,936 shares of the oil and gas company's stock valued at $13,214,757,000 after buying an additional 83,702,101 shares during the last quarter. GQG Partners LLC purchased a new stake in Chevron during the 1st quarter valued at $1,466,751,000. Nuveen LLC purchased a new stake in Chevron during the 1st quarter valued at $1,362,232,000. Charles Schwab Investment Management Inc. increased its position in Chevron by 4.9% during the first quarter. Charles Schwab Investment Management Inc. now owns 33,430,030 shares of the oil and gas company's stock valued at $5,592,263,000 after acquiring an additional 1,574,464 shares during the last quarter. Finally, Canada Pension Plan Investment Board increased its position in Chevron by 141.2% during the first quarter. Canada Pension Plan Investment Board now owns 1,891,824 shares of the oil and gas company's stock valued at $316,483,000 after acquiring an additional 1,107,628 shares during the last quarter. 72.42% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In related news, Director John B. Hess sold 375,000 shares of the firm's stock in a transaction dated 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 $222,102,023.50. This trade represents a 21.09% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, VP Alana K. Knowles sold 3,978 shares of Chevron stock in a transaction dated 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. This trade represents a 77.11% decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 0.20% of the company's stock.

Chevron Price Performance

Shares of CVX opened at $160.13 on Monday. The company has a 50 day moving average price of $156.04 and a 200-day moving average price of $149.10. Chevron Corporation has a fifty-two week low of $132.04 and a fifty-two week high of $168.96. The stock has a market capitalization of $276.70 billion, a PE ratio of 20.61, a PEG ratio of 2.00 and a beta of 0.90. The company has a debt-to-equity ratio of 0.16, a quick ratio of 0.74 and a current ratio of 1.00.

Chevron (NYSE:CVX - Get Free Report) last announced its quarterly earnings results on Friday, August 1st. The oil and gas company reported $1.77 earnings per share for the quarter, topping the consensus estimate 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 net margin of 7.02% and a return on equity of 9.90%. The company's revenue was down 12.4% compared to the same quarter last year. During the same quarter in the prior year, the company earned $2.55 EPS. Equities analysts predict that Chevron Corporation will post 10.79 earnings per share for the current fiscal 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 issued a dividend of $1.71 per share. The ex-dividend date 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 currently 88.03%.

Analyst Upgrades and Downgrades

A number of research firms recently commented on CVX. UBS Group upped their price objective on Chevron from $186.00 to $197.00 and gave the company a "buy" rating in a research report on Wednesday, August 20th. Scotiabank reaffirmed a "sector perform" rating and set a $160.00 price target (up previously from $143.00) on shares of Chevron in a research report on Friday, July 11th. Melius began coverage on shares of Chevron in a report on Wednesday, August 20th. They set a "hold" rating and a $155.00 target price for the company. Bank of America upped their target price on shares of Chevron from $170.00 to $185.00 and gave the company a "buy" rating in a report on Wednesday, September 10th. Finally, TD Cowen upped their target price on shares of Chevron from $150.00 to $155.00 and gave the company a "hold" rating in a report on Monday, August 4th. Eleven analysts have rated the stock with a Buy rating, eight have assigned a Hold rating and three have issued a Sell rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of "Hold" and an average target price of $165.05.

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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