Modern Wealth Management LLC Acquires 9,186 Shares of Chevron Corporation $CVX

Key Points

• Modern Wealth Management LLC increased its holdings in Chevron Corporation by 8.9%, acquiring an additional 9,186 shares, bringing their total to 112,588 shares worth approximately $18.8 million.
• Chevron recently announced a quarterly dividend of $1.71 per share, resulting in an annualized payout of $6.84 and a yield of 4.3% as of the ex-dividend date on August 19th.
• A range of analysts have set new price targets for Chevron, with the consensus target price now at $164.80, reflecting recent assessments from firms like UBS and Morgan Stanley.

Modern Wealth Management LLC lifted its holdings in shares of Chevron Corporation (NYSE:CVX - Free Report) by 8.9% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 112,588 shares of the oil and gas company's stock after purchasing an additional 9,186 shares during the period. Modern Wealth Management LLC's holdings in Chevron were worth $18,835,000 at the end of the most recent reporting period.

A number of other hedge funds also recently made changes to their positions in CVX. Harvest Fund Management Co. Ltd raised its stake in shares of Chevron by 420.7% during the 1st quarter. Harvest Fund Management Co. Ltd now owns 151 shares of the oil and gas company's stock worth $25,000 after purchasing an additional 122 shares during the period. 10Elms LLP bought a new stake in shares of Chevron during the 4th quarter worth $29,000. Elequin Capital LP bought a new stake in shares of Chevron during the 1st quarter worth $31,000. IFS Advisors LLC raised its stake in shares of Chevron by 119.6% during the 1st quarter. IFS Advisors LLC now owns 213 shares of the oil and gas company's stock worth $36,000 after purchasing an additional 116 shares during the period. Finally, Cloud Capital Management LLC bought a new stake in shares of Chevron during the 1st quarter worth $39,000. 72.42% of the stock is currently owned by institutional investors.

Insider Activity

In other news, Director John B. Hess sold 375,000 shares of the business's stock in a transaction dated 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 sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, VP Alana K. Knowles sold 3,978 shares of the business's stock in a transaction dated Friday, August 29th. The stock was sold at an average price of $160.00, for a total value of $636,480.00. Following the transaction, 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. 0.21% of the stock is currently owned by insiders.

Chevron Stock Up 0.3%

CVX stock opened at $158.26 on Friday. 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 market capitalization of $273.47 billion, a PE ratio of 20.37, a PEG ratio of 1.99 and a beta of 0.90. Chevron Corporation has a twelve month low of $132.04 and a twelve month high of $168.96. The stock has a 50-day simple moving average of $154.49 and a two-hundred day simple moving average of $148.88.

Chevron (NYSE:CVX - Get Free Report) last posted its earnings results 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. The business had revenue of $44.82 billion during the quarter, compared to analyst estimates of $44.59 billion. Chevron had a return on equity of 9.90% and a net margin of 7.02%.The company's quarterly revenue was down 12.4% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $2.55 EPS. On average, equities analysts predict that Chevron Corporation will post 10.79 EPS for the current fiscal year.

Chevron Dividend Announcement

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

Analysts Set New Price Targets

A number of equities research analysts have recently commented on CVX shares. Morgan Stanley began coverage on Chevron in a research note on Monday, August 4th. They set an "overweight" rating and a $174.00 target price on the stock. UBS Group boosted their price objective on Chevron from $186.00 to $197.00 and gave the company a "buy" rating in a research note on Wednesday, August 20th. TD Cowen boosted their price objective on Chevron from $150.00 to $155.00 and gave the company a "hold" rating in a research note on Monday, August 4th. Evercore ISI restated an "outperform" rating and issued a $180.00 price objective on shares of Chevron in a research note on Thursday, July 31st. Finally, Barclays restated an "equal weight" rating on shares of Chevron in a research note on Tuesday, July 15th. Eleven research analysts have rated the stock with a Buy rating, eight have issued a Hold rating and three have given a Sell rating to the company. Based on data from MarketBeat.com, Chevron presently has a consensus rating of "Hold" and a consensus target price of $164.80.

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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