Geneos Wealth Management Inc. Has $7.05 Million Position in Chevron Corporation $CVX

Key Points

• Geneos Wealth Management Inc. increased its position in Chevron Corporation (CVX) by 7.1% in the first quarter, owning 42,143 shares worth approximately $7.05 million.
• Chevron reported earnings of $1.77 per share for the most recent quarter, exceeding estimates by $0.19, despite a 12.4% decline in revenue compared to the previous year.
• The company announced a quarterly dividend of $1.71 per share, set to be paid on September 10, with a 4.4% dividend yield.

Geneos Wealth Management Inc. raised its stake in shares of Chevron Corporation (NYSE:CVX - Free Report) by 7.1% in the first quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 42,143 shares of the oil and gas company's stock after buying an additional 2,781 shares during the period. Geneos Wealth Management Inc.'s holdings in Chevron were worth $7,050,000 as of its most recent SEC filing.

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

Chevron Stock Performance

NYSE:CVX opened at $154.64 on Wednesday. The firm's 50-day moving average is $154.09 and its 200-day moving average is $148.82. 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 company has a market cap of $267.22 billion, a price-to-earnings ratio of 19.90, a PEG ratio of 2.28 and a beta of 0.90.

Chevron (NYSE:CVX - Get Free Report) last posted its quarterly earnings data on Friday, August 1st. The oil and gas company reported $1.77 earnings per share (EPS) for the quarter, topping the consensus estimate 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 for the quarter, compared to the consensus estimate of $44.59 billion. During the same quarter in the previous year, the firm posted $2.55 EPS. The business's revenue was down 12.4% compared to the same quarter last year. Equities research analysts anticipate that Chevron Corporation will post 10.79 earnings per share for the current year.

Chevron Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, September 10th. Stockholders of record on Tuesday, August 19th will be issued a dividend of $1.71 per share. The ex-dividend date is Tuesday, August 19th. This represents a $6.84 annualized dividend and a dividend yield of 4.4%. Chevron's payout ratio is presently 88.03%.

Insider Activity

In other news, 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 transaction of $636,480.00. Following the sale, the vice president directly owned 1,181 shares in the company, valued at approximately $188,960. The trade was a 77.11% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director John B. Hess sold 375,000 shares of Chevron stock in a transaction dated Friday, August 22nd. The shares were 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 in the company, 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. Insiders own 0.20% of the company's stock.

Analysts Set New Price Targets

A number of research firms have recently weighed in on CVX. Piper Sandler raised their price target on shares of Chevron from $164.00 to $168.00 and gave the company an "overweight" rating in a report on Monday, August 18th. Mizuho dropped their target price on shares of Chevron from $188.00 to $186.00 and set an "outperform" rating on the stock in a report on Tuesday, May 13th. Hsbc Global Res downgraded shares of Chevron from a "strong-buy" rating to a "hold" rating in a report on Tuesday, May 13th. TD Cowen lifted their target price on shares of Chevron from $150.00 to $155.00 and gave the stock a "hold" rating in a report on Monday, August 4th. Finally, Scotiabank reiterated a "sector perform" rating and issued a $160.00 target price (up previously from $143.00) on shares of Chevron in a report on Friday, July 11th. Eleven equities research 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. Based on data from MarketBeat.com, Chevron has a consensus rating of "Hold" and a consensus target price of $163.95.

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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