M3 Wealth Management LLC Acquires Shares of 16,856 Chevron Corporation $CVX

Key Points

• M3 Wealth Management initiated a new position in Chevron during the fourth quarter, buying 16,856 shares worth about $2.57 million. Chevron now makes up roughly 2% of the firm’s holdings and is its 10th-largest position.
• Chevron continues to attract strong institutional interest overall, with 72.42% of shares owned by hedge funds and other institutions. At the same time, several insiders sold stock recently, including Vice Chairman Mark A. Nelson, who sold 139,600 shares.
• Wall Street sentiment remains generally positive: analysts have a Moderate Buy consensus and a target price of $205.13, while Chevron also posted better-than-expected quarterly EPS of $1.41 and maintained a 3.9% dividend yield.

M3 Wealth Management LLC acquired a new stake in Chevron Corporation (NYSE:CVX - Free Report) in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor acquired 16,856 shares of the oil and gas company's stock, valued at approximately $2,569,000. Chevron comprises approximately 2.0% of M3 Wealth Management LLC's holdings, making the stock its 10th largest position.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Studio Investment Management LLC boosted its position in Chevron by 0.3% in the 4th quarter. Studio Investment Management LLC now owns 20,407 shares of the oil and gas company's stock valued at $3,110,000 after buying an additional 63 shares during the last quarter. Malaga Cove Capital LLC raised its stake in shares of Chevron by 2.4% in the 4th quarter. Malaga Cove Capital LLC now owns 4,709 shares of the oil and gas company's stock valued at $718,000 after purchasing an additional 109 shares in the last quarter. McGinn Penninger Investment Management Inc. raised its stake in shares of Chevron by 0.5% in the 4th quarter. McGinn Penninger Investment Management Inc. now owns 29,083 shares of the oil and gas company's stock valued at $4,433,000 after purchasing an additional 135 shares in the last quarter. Integrity Alliance LLC. raised its stake in shares of Chevron by 64.2% in the 4th quarter. Integrity Alliance LLC. now owns 33,019 shares of the oil and gas company's stock valued at $5,032,000 after purchasing an additional 12,916 shares in the last quarter. Finally, Integrity Advisory Solutions LLC raised its stake in shares of Chevron by 8.0% in the 4th quarter. Integrity Advisory Solutions LLC now owns 3,675 shares of the oil and gas company's stock valued at $560,000 after purchasing an additional 271 shares in the last quarter. 72.42% of the stock is owned by hedge funds and other institutional investors.

Key Stories Impacting Chevron

Here are the key news stories impacting Chevron this week:

• Positive Sentiment: Morgan Stanley raised its price target on Chevron, signaling improved analyst confidence in the stock’s outlook. Chevron (CVX) Price Target Raised by $2 at Morgan Stanley
• Positive Sentiment: Chevron expanded its Eastern Mediterranean gas strategy by drilling at Egypt’s Narges field and securing a 20-year gas supply deal through the Leviathan partnership in Israel, reinforcing longer-term production and cash-flow potential. Chevron’s Mediterranean Gas Push And What It Could Mean For CVX Valuation
• Positive Sentiment: Chevron’s inclusion among high-yield energy stocks highlights its dividend appeal and relatively stable earnings outlook, which can attract investors seeking defensive income. 5 Top-Ranked High-Yielding Energy Stocks to Buy for a Stable Portfolio
• Neutral Sentiment: Recent commentary noted Chevron’s valuation after a strong share-price run, suggesting the stock has momentum but may already reflect some of the good news. Chevron (CVX) Valuation Check After Strong Recent Share Price Performance
• Neutral Sentiment: Articles quoting Chevron’s CEO on tightening oil and gas supplies point to a potentially favorable pricing backdrop for producers, but they also reflect broader macro uncertainty tied to Middle East conflict. Gas Shortages Are Coming, and Chevron's CEO Says Economies Will Have to Slow. These Consumer Stocks Are Most at Risk.
• Negative Sentiment: Multiple insiders sold a sizable amount of Chevron stock, which can sometimes be interpreted as caution about near-term upside. Chevron Insiders Sell US$179m Of Stock, Possibly Signalling Caution

Insider Buying and Selling

In other Chevron news, Vice Chairman Mark A. Nelson sold 139,600 shares of the firm's stock in a transaction that occurred on Monday, March 2nd. The shares were sold at an average price of $187.92, for a total value of $26,233,632.00. Following the sale, the insider owned 11,337 shares in the company, valued at approximately $2,130,449.04. This trade represents a 92.49% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Andrew Benjamin Walz sold 11,600 shares of the firm's stock in a transaction that occurred on Monday, March 2nd. The shares were sold at an average price of $188.58, for a total transaction of $2,187,528.00. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 1,179,699 shares of company stock valued at $224,675,517 in the last ninety days. Insiders own 0.56% of the company's stock.

Wall Street Analyst Weigh In

CVX has been the topic of a number of recent analyst reports. Citigroup upped their target price on shares of Chevron from $210.00 to $235.00 and gave the company a "buy" rating in a research note on Thursday, April 2nd. Scotiabank upped their target price on shares of Chevron from $168.00 to $187.00 and gave the company a "sector perform" rating in a research note on Wednesday, April 22nd. Sanford C. Bernstein cut their target price on shares of Chevron from $216.00 to $204.00 and set a "market perform" rating on the stock in a research note on Monday, May 11th. Piper Sandler upped their target price on shares of Chevron from $179.00 to $242.00 and gave the company an "overweight" rating in a research note on Thursday, March 12th. Finally, Wall Street Zen upgraded shares of Chevron from a "sell" rating to a "hold" rating in a research note on Saturday, January 31st. One analyst has rated the stock with a Strong Buy rating, eighteen have given a Buy rating, five have issued a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, Chevron currently has an average rating of "Moderate Buy" and a consensus target price of $205.13.

Chevron Price Performance

CVX opened at $184.69 on Wednesday. The firm has a market cap of $367.83 billion, a price-to-earnings ratio of 32.01, a price-to-earnings-growth ratio of 0.63 and a beta of 0.51. Chevron Corporation has a fifty-two week low of $135.21 and a fifty-two week high of $214.71. The company's 50-day moving average price is $193.18 and its 200 day moving average price is $175.24. The company has a quick ratio of 0.84, a current ratio of 1.09 and a debt-to-equity ratio of 0.21.

Chevron (NYSE:CVX - Get Free Report) last released its quarterly earnings data on Friday, May 1st. The oil and gas company reported $1.41 earnings per share for the quarter, topping the consensus estimate of $1.00 by $0.41. Chevron had a net margin of 5.79% and a return on equity of 6.90%. The firm had revenue of $47.56 billion for the quarter, compared to analyst estimates of $51.86 billion. During the same quarter in the prior year, the business earned $2.18 earnings per share. Chevron's quarterly revenue was up 2.1% on a year-over-year basis. As a group, sell-side analysts expect that Chevron Corporation will post 15.74 earnings per share for the current year.

Chevron Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Wednesday, June 10th. Shareholders of record on Tuesday, May 19th will be paid a $1.78 dividend. The ex-dividend date is Tuesday, May 19th. This represents a $7.12 annualized dividend and a dividend yield of 3.9%. Chevron's dividend payout ratio (DPR) is presently 123.40%.

About Chevron

Chevron Corporation NYSE: CVX is an American multinational energy company engaged in virtually all aspects of the oil and gas industry. As an integrated energy firm, Chevron's core activities include upstream oil and natural gas exploration and production, midstream transportation and storage, downstream refining and marketing of fuels and lubricants, and petrochemical manufacturing through joint ventures and subsidiaries. The company markets fuels under brands such as Chevron, Texaco and Caltex and supplies a range of products and services to retail customers, industrial users and commercial fleets worldwide.

Chevron traces its corporate lineage to the early petroleum companies that eventually became Standard Oil of California and has evolved through significant mergers and restructurings, including the acquisitions of Gulf Oil and Texaco.

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