Lincoln Capital LLC Purchases Shares of 1,681 Chevron Corporation $CVX

Key Points

• Lincoln Capital LLC has purchased a new stake in Chevron Corporation, acquiring 1,681 shares valued at approximately $241,000 in the second quarter of 2023.
• Chevron's shares currently have a consensus rating of "Hold" from analysts, with a target price of $165.05, while the stock recently opened at $156.11.
• Chevron declared a quarterly dividend of $1.71 per share, representing an annualized yield of 4.4%, with a payout ratio of 88.03%.

Lincoln Capital LLC bought a new stake in shares of Chevron Corporation (NYSE:CVX - Free Report) during the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund bought 1,681 shares of the oil and gas company's stock, valued at approximately $241,000.

A number of other large investors also recently modified their holdings of CVX. Greenfield Savings Bank lifted its stake in Chevron by 0.6% in the 2nd quarter. Greenfield Savings Bank now owns 11,611 shares of the oil and gas company's stock worth $1,663,000 after purchasing an additional 68 shares in the last quarter. GDS Wealth Management lifted its stake in Chevron by 4.4% in the 1st quarter. GDS Wealth Management now owns 1,706 shares of the oil and gas company's stock worth $285,000 after purchasing an additional 72 shares in the last quarter. AIMZ Investment Advisors LLC lifted its stake in Chevron by 4.2% in the 1st quarter. AIMZ Investment Advisors LLC now owns 1,783 shares of the oil and gas company's stock worth $298,000 after purchasing an additional 72 shares in the last quarter. Garde Capital Inc. lifted its stake in Chevron by 3.2% in the 2nd quarter. Garde Capital Inc. now owns 2,355 shares of the oil and gas company's stock worth $337,000 after purchasing an additional 72 shares in the last quarter. Finally, Clayton Financial Group LLC lifted its stake in Chevron by 4.6% in the 1st quarter. Clayton Financial Group LLC now owns 1,702 shares of the oil and gas company's stock worth $285,000 after purchasing an additional 75 shares in the last quarter. Hedge funds and other institutional investors own 72.42% of the company's stock.

Insider Buying and Selling

In related news, Director John B. Hess sold 375,000 shares of the 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 owned 1,403,045 shares of the company's stock, valued at $222,102,023.50. This represents a 21.09% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, VP Alana K. Knowles sold 3,978 shares of the 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 sale, the vice president directly owned 1,181 shares of the company's stock, valued at $188,960. The trade was a 77.11% decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 0.20% of the company's stock.

Chevron Stock Up 1.2%

Shares of CVX traded up $1.93 during mid-day trading on Tuesday, hitting $157.98. The company's stock had a trading volume of 3,718,900 shares, compared to its average volume of 9,163,471. The company's 50-day moving average is $155.33 and its 200-day moving average is $148.96. Chevron Corporation has a 52-week low of $132.04 and a 52-week high of $168.96. The firm has a market capitalization of $272.99 billion, a price-to-earnings ratio of 20.34, a PEG ratio of 1.96 and a beta of 0.90. The company has a current ratio of 1.00, a quick ratio of 0.74 and a debt-to-equity ratio of 0.16.

Chevron (NYSE:CVX - Get Free Report) last announced its quarterly earnings results 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 firm had revenue of $44.82 billion during the quarter, compared to analysts' expectations of $44.59 billion. During the same quarter in the prior year, the company earned $2.55 EPS. The company's revenue was down 12.4% compared to the same quarter last year. On average, equities research analysts forecast that Chevron Corporation will post 10.79 EPS for the current fiscal year.

Chevron Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Wednesday, September 10th. Investors of record on Tuesday, August 19th were given a dividend of $1.71 per share. The ex-dividend date of this dividend was Tuesday, August 19th. This represents a $6.84 dividend on an annualized basis and a yield of 4.3%. Chevron's dividend payout ratio is presently 88.03%.

Wall Street Analyst Weigh In

Several analysts have commented on CVX shares. UBS Group boosted their price target on shares of Chevron from $186.00 to $197.00 and gave the stock a "buy" rating in a research note on Wednesday, August 20th. Melius Research began coverage on shares of Chevron in a report on Wednesday, August 20th. They issued a "hold" rating and a $155.00 target price on the stock. Wells Fargo & Company restated an "overweight" rating and issued a $178.00 target price on shares of Chevron in a report on Friday, August 1st. Barclays restated an "equal weight" rating on shares of Chevron in a report on Tuesday, July 15th. Finally, Jefferies Financial Group restated a "buy" rating on shares of Chevron in a report on Friday, July 18th. Eleven equities research 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's stock. According to MarketBeat.com, the stock has a consensus rating of "Hold" and a consensus target price of $165.05.

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.