Insight Wealth Strategies LLC Boosts Stock Position in Chevron Corporation $CVX

Key Points

• Insight Wealth Strategies LLC increased its position in Chemron Corporation by 5.4% in Q2, purchasing an additional 11,083 shares, which now constitutes 4.0% of the firm's total holdings valued at approximately $31.67 million.
• Several institutional investors have also raised their stakes in Chevron, with Charles Schwab Investment Management increasing its holdings by 4.9% and Invesco by 5.5% during the first quarter.
• Chevron declared a quarterly dividend of $1.71 per share in September, yielding 4.4%, while the company's recent earnings topped consensus estimates despite a year-over-year revenue drop of 12.4%.

Insight Wealth Strategies LLC lifted its position in Chevron Corporation (NYSE:CVX - Free Report) by 5.4% during the second quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 217,541 shares of the oil and gas company's stock after buying an additional 11,083 shares during the period. Chevron makes up 4.0% of Insight Wealth Strategies LLC's holdings, making the stock its largest position. Insight Wealth Strategies LLC's holdings in Chevron were worth $31,668,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently modified their holdings of the company. Charles Schwab Investment Management Inc. raised its position in shares of 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 purchasing an additional 1,574,464 shares during the period. Invesco Ltd. raised its position in shares of Chevron by 5.5% during the first quarter. Invesco Ltd. now owns 15,855,325 shares of the oil and gas company's stock worth $2,652,437,000 after purchasing an additional 827,851 shares during the period. Dimensional Fund Advisors LP raised its position in shares of Chevron by 0.3% during the first quarter. Dimensional Fund Advisors LP now owns 12,281,983 shares of the oil and gas company's stock worth $2,054,513,000 after purchasing an additional 40,758 shares during the period. GQG Partners LLC acquired a new stake in shares of Chevron during the first quarter worth $1,466,751,000. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its position in shares of Chevron by 7.2% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 8,497,288 shares of the oil and gas company's stock worth $1,421,511,000 after purchasing an additional 573,072 shares during the period. Institutional investors own 72.42% of the company's stock.

Insiders Place Their Bets

In other news, Director John B. Hess sold 375,000 shares of the firm's stock in a transaction on Friday, August 22nd. The stock was sold at an average price of $158.30, for a total value of $59,362,500.00. Following the transaction, the director directly owned 1,403,045 shares in the company, valued at $222,102,023.50. This trade represents a 21.09% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, VP Alana K. Knowles sold 3,978 shares of the firm's stock in a transaction on Friday, August 29th. The stock was 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 represents a 77.11% decrease in their ownership of the stock. The disclosure for this sale can be found here. Company insiders own 0.21% of the company's stock.

Analysts Set New Price Targets

A number of brokerages have recently issued reports on CVX. Evercore ISI reaffirmed an "outperform" rating and set a $180.00 target price on shares of Chevron in a research report on Thursday, July 31st. Jefferies Financial Group reiterated a "buy" rating on shares of Chevron in a report on Friday, July 18th. Wells Fargo & Company reiterated an "overweight" rating and set a $178.00 price target on shares of Chevron in a report on Friday, August 1st. Melius Research initiated coverage on Chevron in a report on Wednesday, August 20th. They set a "hold" rating and a $155.00 price target on the stock. Finally, Bank of America lifted their price target on Chevron from $170.00 to $185.00 and gave the company a "buy" rating in a report on Wednesday. Eleven investment analysts have rated the stock with a Buy rating, eight have given a Hold rating and three have issued a Sell rating to the company. Based on data from MarketBeat, Chevron has an average rating of "Hold" and an average price target of $164.80.

Chevron Stock Performance

Shares of CVX stock opened at $157.23 on Friday. The firm has a market cap of $271.69 billion, a P/E ratio of 20.24, a PEG ratio of 2.00 and a beta of 0.90. The stock's 50-day moving average is $154.67 and its two-hundred day moving average is $148.85. 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.

Chevron (NYSE:CVX - Get Free Report) last released its quarterly earnings results 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. The company had revenue of $44.82 billion during the quarter, compared to the consensus estimate of $44.59 billion. Chevron had a return on equity of 9.90% and a net margin of 7.02%.The firm's revenue was down 12.4% on a year-over-year basis. During the same quarter in the prior year, the company posted $2.55 EPS. Analysts predict that Chevron Corporation will post 10.79 earnings per share for the current fiscal year.

Chevron Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Wednesday, September 10th. Investors of record on Tuesday, August 19th were issued a dividend of $1.71 per share. This represents a $6.84 dividend on an annualized basis and a yield of 4.4%. The ex-dividend date of this dividend was Tuesday, August 19th. Chevron's dividend payout ratio (DPR) is currently 88.03%.

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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