Godsey & Gibb Inc. Grows Position in Chevron Corporation $CVX

Key Points

• Godsey & Gibb Inc. increased its stake in Chevron Corporation by 4.8%, owning 132,789 shares valued at approximately $19 million after acquiring an additional 6,130 shares in the second quarter.
• Insider trading was observed as Director John B. Hess sold 375,000 shares worth over $59 million, decreasing his ownership significantly.
• Several analysts have raised their price targets for Chevron, with UBS projecting a target of $197.00 and Piper Sandler increasing theirs to $168.00, reflecting optimistic sentiments towards the company's performance.

Godsey & Gibb Inc. grew its holdings in Chevron Corporation (NYSE:CVX - Free Report) by 4.8% during the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 132,789 shares of the oil and gas company's stock after acquiring an additional 6,130 shares during the period. Godsey & Gibb Inc.'s holdings in Chevron were worth $19,014,000 as of its most recent filing with the Securities & Exchange Commission.

Several other large investors have also recently made changes to their positions in the company. Kingstone Capital Partners Texas LLC boosted its position in shares of Chevron by 652,139.5% during the second 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 period. GQG Partners LLC purchased a new stake in shares of Chevron in the first quarter valued at approximately $1,466,751,000. Nuveen LLC purchased a new stake in Chevron during the first quarter worth $1,362,232,000. Charles Schwab Investment Management Inc. lifted its holdings 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 worth $5,592,263,000 after buying an additional 1,574,464 shares during the period. Finally, Canada Pension Plan Investment Board lifted its holdings 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 worth $316,483,000 after buying an additional 1,107,628 shares during the period. 72.42% of the stock is owned by institutional investors.

Insider Activity at Chevron

In related news, Director John B. Hess sold 375,000 shares of the firm's stock in a transaction that occurred on 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 completion of the sale, the director directly 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 transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, VP Alana K. Knowles sold 3,978 shares of Chevron stock in a transaction that occurred on Friday, August 29th. The shares were sold at an average price of $160.00, for a total transaction of $636,480.00. Following the completion of the sale, the vice president owned 1,181 shares of the company's stock, valued at $188,960. This trade represents a 77.11% 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.

Analyst Ratings Changes

Several equities analysts recently issued reports on CVX shares. Piper Sandler upped their target price on Chevron from $164.00 to $168.00 and gave the company an "overweight" rating in a research report on Monday, August 18th. Barclays reaffirmed an "equal weight" rating on shares of Chevron in a research note on Tuesday, July 15th. UBS Group increased their price objective on shares of Chevron from $186.00 to $197.00 and gave the company a "buy" rating in a report on Wednesday, August 20th. Morgan Stanley assumed coverage on shares of Chevron in a report on Monday, August 4th. They set an "overweight" rating and a $174.00 price target for the company. Finally, TD Cowen raised their price target on shares of Chevron from $150.00 to $155.00 and gave the stock a "hold" rating in a report on Monday, August 4th. Eleven investment analysts have rated the stock with a Buy rating, nine have given a Hold rating and three have issued a Sell rating to the company's stock. According to data from MarketBeat.com, the stock currently has an average rating of "Hold" and an average price target of $165.05.

Chevron Price Performance

Chevron stock opened at $153.99 on Tuesday. The firm has a fifty day moving average of $156.19 and a 200-day moving average of $148.80. The firm has a market capitalization of $266.09 billion, a P/E ratio of 19.82, a PEG ratio of 1.99 and a beta of 0.84. Chevron Corporation has a 52-week low of $132.04 and a 52-week high of $168.96. The company has a quick ratio of 0.74, a current ratio of 1.00 and a debt-to-equity ratio of 0.16.

Chevron (NYSE:CVX - Get Free Report) last announced its quarterly earnings data 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. Chevron had a net margin of 7.02% and a return on equity of 9.90%. The company had revenue of $44.82 billion during the quarter, compared to analyst estimates of $44.59 billion. During the same period last year, the business earned $2.55 EPS. The firm's revenue for the quarter was down 12.4% compared to the same quarter last year. As a group, analysts predict that Chevron Corporation will post 10.79 EPS 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 paid a dividend of $1.71 per share. The ex-dividend date of this dividend was Tuesday, August 19th. This represents a $6.84 annualized dividend and a yield of 4.4%. Chevron's dividend payout ratio (DPR) 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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