Grant Private Wealth Management Inc Purchases 15,648 Shares of Chevron Corporation $CVX

Key Points

• Grant Private Wealth Management Inc increased its holdings in Chevron Corporation by 692.1% during the second quarter, acquiring an additional 15,648 shares and bringing their total shares to 17,909.
• Chevron recently reported earnings of $1.77 per share, surpassing analysts' expectations of $1.58, although its revenue declined 12.4% year-over-year to $44.82 billion.
• The company declared a quarterly dividend of $1.71 per share, translating to an annualized yield of 4.4% and a payout ratio of 88.03%.

Grant Private Wealth Management Inc grew its position in Chevron Corporation (NYSE:CVX - Free Report) by 692.1% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 17,909 shares of the oil and gas company's stock after acquiring an additional 15,648 shares during the period. Chevron comprises about 1.5% of Grant Private Wealth Management Inc's portfolio, making the stock its 25th largest holding. Grant Private Wealth Management Inc's holdings in Chevron were worth $2,564,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently modified their holdings of CVX. Kingstone Capital Partners Texas LLC boosted its holdings in shares of 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 worth $13,214,757,000 after buying an additional 83,702,101 shares during the period. GQG Partners LLC bought a new stake in shares of Chevron during the 1st quarter worth about $1,466,751,000. Nuveen LLC bought a new stake in shares of Chevron during the 1st quarter worth about $1,362,232,000. GAMMA Investing LLC boosted its holdings in shares of Chevron by 21,191.5% during the 1st quarter. GAMMA Investing LLC now owns 5,408,248 shares of the oil and gas company's stock worth $904,746,000 after buying an additional 5,382,847 shares during the period. Finally, Charles Schwab Investment Management Inc. boosted its holdings in shares of Chevron by 4.9% during the 1st 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. Institutional investors own 72.42% of the company's stock.

Chevron Trading Down 1.7%

CVX opened at $156.11 on Friday. Chevron Corporation has a fifty-two week low of $132.04 and a fifty-two week high of $168.96. The company has a debt-to-equity ratio of 0.16, a current ratio of 1.00 and a quick ratio of 0.74. The firm has a market capitalization of $269.76 billion, a price-to-earnings ratio of 20.09, a PEG ratio of 1.96 and a beta of 0.90. The company's 50 day moving average price is $155.24 and its two-hundred day moving average price is $148.99.

Chevron (NYSE:CVX - Get Free Report) last posted its earnings results 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. Chevron had a net margin of 7.02% and a return on equity of 9.90%. The firm had revenue of $44.82 billion for the quarter, compared to analyst estimates of $44.59 billion. During the same period in the previous year, the firm posted $2.55 EPS. The company's revenue for the quarter was down 12.4% compared to the same quarter last year. As a group, research analysts predict that Chevron Corporation will post 10.79 earnings per share for the current year.

Chevron Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, September 10th. Stockholders of record on Tuesday, August 19th were paid a $1.71 dividend. This represents a $6.84 dividend on an annualized basis and a dividend yield of 4.4%. The ex-dividend date of this dividend was Tuesday, August 19th. Chevron's dividend payout ratio is currently 88.03%.

Insiders Place Their Bets

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

Analysts Set New Price Targets

CVX has been the subject of several research analyst reports. Wells Fargo & Company reaffirmed an "overweight" rating and set a $178.00 target price on shares of Chevron in a report on Friday, August 1st. Melius assumed coverage on shares of Chevron in a research note on Wednesday, August 20th. They issued a "hold" rating and a $155.00 price objective for the company. Raymond James Financial reiterated an "outperform" rating on shares of Chevron in a research note on Friday, August 1st. TD Cowen lifted their price objective on shares of Chevron from $150.00 to $155.00 and gave the stock a "hold" rating in a research note on Monday, August 4th. Finally, Morgan Stanley assumed coverage on shares of Chevron in a research note on Monday, August 4th. They issued an "overweight" rating and a $174.00 price objective for the company. Eleven equities research analysts have rated the stock with a Buy rating, eight have assigned a Hold rating and three have issued a Sell rating to the stock. According to data from MarketBeat.com, Chevron currently has an average rating of "Hold" and an average target price of $165.05.

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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