Means Investment CO. Inc. Grows Position in Chevron Corporation $CVX

Key Points

• Means Investment CO. Inc. increased its stake in Chevron Corporation by 4.4% in the second quarter, holding 43,747 shares worth approximately $6.26 million, which makes Chevron the 26th largest position in its portfolio.
• Chevron recently announced a quarterly dividend of $1.71, resulting in an annualized dividend of $6.84 and a yield of 4.6%, with a payout ratio of 88.03%.
• Wall Street analysts have a consensus target price of $165.40 for Chevron, with ratings ranging from 11 Buys, 9 Holds, to 3 Sells, reflecting overall optimistic sentiment despite recent revenue decline.

Means Investment CO. Inc. grew its position in Chevron Corporation (NYSE:CVX - Free Report) by 4.4% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 43,747 shares of the oil and gas company's stock after purchasing an additional 1,862 shares during the period. Chevron comprises about 0.6% of Means Investment CO. Inc.'s portfolio, making the stock its 26th largest position. Means Investment CO. Inc.'s holdings in Chevron were worth $6,264,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently made changes to their positions in CVX. Greenfield Savings Bank increased its position in shares of Chevron by 0.6% during the second quarter. Greenfield Savings Bank now owns 11,611 shares of the oil and gas company's stock valued at $1,663,000 after acquiring an additional 68 shares during the last quarter. Atwater Malick LLC increased its position in shares of Chevron by 2.4% during the second quarter. Atwater Malick LLC now owns 2,886 shares of the oil and gas company's stock valued at $413,000 after acquiring an additional 68 shares during the last quarter. Hubbell Strickland Wealth Management LLC increased its position in shares of Chevron by 0.7% during the 2nd quarter. Hubbell Strickland Wealth Management LLC now owns 10,081 shares of the oil and gas company's stock valued at $1,443,000 after purchasing an additional 68 shares during the last quarter. Capital Advisors Ltd. LLC increased its position in shares of Chevron by 4.1% during the 2nd quarter. Capital Advisors Ltd. LLC now owns 1,815 shares of the oil and gas company's stock valued at $260,000 after purchasing an additional 71 shares during the last quarter. Finally, GDS Wealth Management increased its position in shares of Chevron by 4.4% during the 1st quarter. GDS Wealth Management now owns 1,706 shares of the oil and gas company's stock valued at $285,000 after purchasing an additional 72 shares during the last quarter. Hedge funds and other institutional investors own 72.42% of the company's stock.

Wall Street Analysts Forecast Growth

CVX has been the subject of several research analyst reports. 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. Raymond James Financial restated an "outperform" rating on shares of Chevron in a report on Friday, August 1st. Weiss Ratings restated a "hold (c)" rating on shares of Chevron in a report on Wednesday. Melius began coverage on shares of Chevron in a research note on Wednesday, August 20th. They set a "hold" rating and a $155.00 price target for the company. Finally, Mizuho decreased their price target on shares of Chevron from $192.00 to $191.00 and set an "outperform" rating for the company in a research note on Monday, September 15th. Eleven investment analysts have rated the stock with a Buy rating, nine have issued a Hold rating and three have given a Sell rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of "Hold" and a consensus target price of $165.40.

Insider Buying and Selling at Chevron

In other Chevron news, VP Alana K. Knowles sold 3,978 shares of Chevron stock in a transaction dated Friday, August 29th. The stock was sold at an average price of $160.00, for a total transaction of $636,480.00. Following the completion of the transaction, the vice president owned 1,181 shares of the company's stock, valued at $188,960. The trade was a 77.11% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, Director John B. Hess sold 375,000 shares of Chevron stock in a transaction dated Friday, August 22nd. The shares were 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 of the company's stock, valued at $222,102,023.50. The trade was a 21.09% decrease in their position. The disclosure for this sale can be found here. 0.21% of the stock is currently owned by insiders.

Chevron Price Performance

CVX opened at $149.11 on Friday. The company has a market capitalization of $257.66 billion, a price-to-earnings ratio of 19.19, a PEG ratio of 1.92 and a beta of 0.84. 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 firm has a 50-day moving average price of $156.10 and a 200-day moving average price of $148.54. Chevron Corporation has a twelve month low of $132.04 and a twelve month high of $168.96.

Chevron (NYSE:CVX - Get Free Report) last released its quarterly earnings data on Friday, August 1st. The oil and gas company reported $1.77 earnings per share for the quarter, beating 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 business had revenue of $44.82 billion during the quarter, compared to analyst estimates of $44.59 billion. During the same period in the previous year, the business earned $2.55 EPS. Chevron's revenue was down 12.4% compared to the same quarter last year. Equities analysts expect that Chevron Corporation will post 10.79 EPS for the current year.

Chevron Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Wednesday, September 10th. Stockholders of record on Tuesday, August 19th were given a $1.71 dividend. The ex-dividend date was Tuesday, August 19th. This represents a $6.84 annualized dividend and a dividend yield of 4.6%. Chevron's payout ratio is 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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