Mirador Capital Partners LP Grows Stock Holdings in Chevron Corporation $CVX

Key Points

• Mirador Capital Partners LP increased its stake in Chevron by 3.8%, now owning 108,775 shares worth approximately $15.6 million, making Chevron the firm's 11th largest investment.
• A recent insider transaction saw Chevron Director John B. Hess sell 375,000 shares for over $59 million, reducing his position by 21.09%.
• Chemicals company Chevron maintains strong market presence, with an average stock rating of "Hold" and a price target of $165.05 from analysts, noting recent quarterly earnings that exceeded estimates.

Mirador Capital Partners LP boosted its position in shares of Chevron Corporation (NYSE:CVX - Free Report) by 3.8% in the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 108,775 shares of the oil and gas company's stock after acquiring an additional 4,027 shares during the quarter. Chevron accounts for approximately 2.5% of Mirador Capital Partners LP's investment portfolio, making the stock its 11th biggest position. Mirador Capital Partners LP's holdings in Chevron were worth $15,575,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently bought and sold shares of CVX. Harvest Fund Management Co. Ltd boosted its position in Chevron by 420.7% in the 1st 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 period. Elequin Capital LP purchased a new position in Chevron in the first quarter valued at $31,000. 10Elms LLP purchased a new position in Chevron in the fourth quarter valued at $29,000. IFS Advisors LLC boosted its holdings in Chevron by 119.6% in the first quarter. IFS Advisors LLC now owns 213 shares of the oil and gas company's stock valued at $36,000 after purchasing an additional 116 shares during the period. Finally, Cloud Capital Management LLC purchased a new position in Chevron in the first quarter valued at $39,000. 72.42% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several equities analysts have recently issued reports on the company. Melius Research assumed coverage on Chevron in a research note on Wednesday, August 20th. They issued a "hold" rating and a $155.00 price objective for the company. Barclays reiterated an "equal weight" rating on shares of Chevron in a research note on Tuesday, July 15th. Jefferies Financial Group reiterated a "buy" rating on shares of Chevron in a research note on Friday, July 18th. Piper Sandler lifted their price target on shares of Chevron from $164.00 to $168.00 and gave the stock an "overweight" rating in a research note on Monday, August 18th. Finally, Raymond James Financial reaffirmed an "outperform" rating on shares of Chevron in a research report on Friday, August 1st. Eleven equities research analysts have rated the stock with a Buy rating, eight have given a Hold rating and three have assigned a Sell rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of "Hold" and an average price target of $165.05.

Insider Activity at Chevron

In other Chevron news, Director John B. Hess sold 375,000 shares of the company's stock in a transaction 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 transaction, the director owned 1,403,045 shares in the company, valued at approximately $222,102,023.50. This represents a 21.09% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, VP Alana K. Knowles sold 3,978 shares of the company's stock in a transaction on Friday, August 29th. The stock was sold at an average price of $160.00, for a total transaction of $636,480.00. Following the transaction, the vice president owned 1,181 shares of the company's stock, valued at approximately $188,960. The trade was a 77.11% decrease in their position. The disclosure for this sale can be found here. 0.20% of the stock is owned by corporate insiders.

Chevron Price Performance

Shares of NYSE:CVX opened at $159.56 on Wednesday. The company has a 50-day simple moving average of $155.00 and a 200-day simple moving average of $148.86. Chevron Corporation has a one year low of $132.04 and a one year high of $168.96. The company has a debt-to-equity ratio of 0.16, a quick ratio of 0.74 and a current ratio of 1.00. The stock has a market capitalization of $275.72 billion, a price-to-earnings ratio of 20.54, a PEG ratio of 1.97 and a beta of 0.90.

Chevron (NYSE:CVX - Get Free Report) last posted its quarterly earnings data on Friday, August 1st. The oil and gas company reported $1.77 EPS for the quarter, beating the consensus estimate of $1.58 by $0.19. The firm 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% compared to the same quarter last year. During the same period in the prior year, the business earned $2.55 EPS. On average, analysts predict 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 paid a dividend of $1.71 per share. This represents a $6.84 annualized dividend and a dividend yield of 4.3%. The ex-dividend date was Tuesday, August 19th. Chevron's dividend payout ratio is 88.03%.

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.

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