Leo Wealth LLC Grows Stock Holdings in Chevron Corporation $CVX

Key Points

• Leo Wealth LLC increased its stake in Chevron Corporation by 100.7%, now holding 19,272 shares valued at approximately $2.76 million.
• Recent transactions revealed significant insider selling, including VP Alana K. Knowles who sold 3,978 shares, and Director John B. Hess who sold 375,000 shares for over $59 million.
• Chevron reported a quarterly earnings per share (EPS) of $1.77, exceeding analysts' estimates, but its revenue for the quarter declined by 12.4% compared to the previous year.

Leo Wealth LLC raised its position in shares of Chevron Corporation (NYSE:CVX - Free Report) by 100.7% during the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 19,272 shares of the oil and gas company's stock after purchasing an additional 9,671 shares during the period. Leo Wealth LLC's holdings in Chevron were worth $2,760,000 at the end of the most recent reporting period.

A number of other large investors have also added to or reduced their stakes in the company. Harvest Fund Management Co. Ltd grew its stake in shares of Chevron by 420.7% during the first 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 last quarter. Elequin Capital LP bought a new position in shares of Chevron during the first quarter valued at about $31,000. Cloud Capital Management LLC bought a new position in shares of Chevron during the first quarter valued at about $39,000. Investment Management Corp VA ADV grew its stake in shares of Chevron by 171.3% during the first quarter. Investment Management Corp VA ADV now owns 236 shares of the oil and gas company's stock valued at $39,000 after buying an additional 149 shares during the last quarter. Finally, Cooksen Wealth LLC bought a new position in shares of Chevron during the first quarter valued at about $43,000. Hedge funds and other institutional investors own 72.42% of the company's stock.

Insider Buying and Selling

In related news, VP Alana K. Knowles sold 3,978 shares of the business's stock in a transaction that occurred 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 completion of the transaction, the vice president directly owned 1,181 shares in the company, valued at $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 available at the SEC website. Also, Director John B. Hess sold 375,000 shares of the business's stock in a transaction that occurred 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 completion of the transaction, the director owned 1,403,045 shares of the company's stock, valued at approximately $222,102,023.50. The trade was a 21.09% decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.21% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

CVX has been the topic of a number of recent research reports. Raymond James Financial reaffirmed an "outperform" rating on shares of Chevron in a research note on Friday, August 1st. Weiss Ratings reissued a "hold (c)" rating on shares of Chevron in a research note on Wednesday. Wells Fargo & Company reissued an "overweight" rating and issued a $178.00 target price on shares of Chevron in a research note on Friday, August 1st. Jefferies Financial Group reissued a "buy" rating on shares of Chevron in a research note on Friday, July 18th. Finally, Morgan Stanley began coverage on Chevron in a research note on Monday, August 4th. They issued an "overweight" rating and a $174.00 target price on the stock. Eleven equities research analysts have rated the stock with a Buy rating, nine have issued a Hold rating and three have assigned a Sell rating to the company's stock. Based on data from MarketBeat.com, the company presently has an average rating of "Hold" and a consensus target price of $165.15.

Chevron Stock Performance

Shares of CVX opened at $153.76 on Thursday. The company has a quick ratio of 0.74, a current ratio of 1.00 and a debt-to-equity ratio of 0.16. The business's 50 day moving average price is $156.15 and its 200-day moving average price is $148.88. Chevron Corporation has a 52 week low of $132.04 and a 52 week high of $168.96. The stock has a market cap of $265.70 billion, a P/E ratio of 19.79, a P/E/G ratio of 1.99 and a beta of 0.84.

Chevron (NYSE:CVX - Get Free Report) last issued its quarterly earnings results on Friday, August 1st. The oil and gas company reported $1.77 EPS for the quarter, topping analysts' consensus estimates of $1.58 by $0.19. Chevron had a return on equity of 9.90% and a net margin of 7.02%.The firm had revenue of $44.82 billion for the quarter, compared to analysts' expectations of $44.59 billion. During the same period in the previous year, the firm posted $2.55 EPS. The business's revenue for the quarter 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 fiscal year.

Chevron Announces Dividend

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