Mutual Advisors LLC Increases Position in Chevron Corporation $CVX

Key Points

• Mutual Advisors LLC has increased its stake in Chevron Corporation by 7.3%, owning 88,759 shares valued at approximately $13.74 million as of the recent SEC filing.
• Several institutional investors have significantly modified their positions in Chevron, with Kingstone Capital Partners boosting their holdings by an astounding 652,139.5%.
• Brokerages have varied price targets for Chevron, with UBS Group raising their target from $186 to $197, while Barclays lowered it from $160 to $158, reflecting differing analyst outlooks.

Mutual Advisors LLC grew its position in Chevron Corporation (NYSE:CVX - Free Report) by 7.3% during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 88,759 shares of the oil and gas company's stock after purchasing an additional 6,058 shares during the quarter. Mutual Advisors LLC's holdings in Chevron were worth $13,743,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently modified their holdings of CVX. Kingstone Capital Partners Texas LLC boosted its holdings in Chevron by 652,139.5% in the second quarter. Kingstone Capital Partners Texas LLC now owns 83,714,936 shares of the oil and gas company's stock valued at $13,214,757,000 after purchasing an additional 83,702,101 shares in the last quarter. GQG Partners LLC acquired a new stake in Chevron during the first quarter worth approximately $1,466,751,000. Nuveen LLC purchased a new stake in shares of Chevron during the 1st quarter worth approximately $1,362,232,000. Charles Schwab Investment Management Inc. lifted its position in shares of Chevron by 4.9% during the 1st quarter. Charles Schwab Investment Management Inc. now owns 33,430,030 shares of the oil and gas company's stock worth $5,592,263,000 after buying an additional 1,574,464 shares during the last quarter. Finally, Canada Pension Plan Investment Board boosted its holdings in shares of Chevron by 141.2% in the 1st quarter. Canada Pension Plan Investment Board now owns 1,891,824 shares of the oil and gas company's stock valued at $316,483,000 after buying an additional 1,107,628 shares in the last quarter. Institutional investors and hedge funds own 72.42% of the company's stock.

Insider Buying and Selling at Chevron

In other Chevron news, VP Alana K. Knowles sold 3,978 shares of the business's stock in a transaction on Friday, August 29th. The shares were 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 approximately $188,960. The trade was a 77.11% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director John B. Hess sold 375,000 shares of the firm's stock in a transaction on 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 sale, the director owned 1,403,045 shares of the company's stock, valued at $222,102,023.50. This trade represents a 21.09% decrease in their position. The disclosure for this sale can be found here. Insiders own 0.20% of the company's stock.

Analysts Set New Price Targets

Several brokerages recently commented on CVX. UBS Group lifted 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. Piper Sandler lifted their target price on Chevron from $164.00 to $168.00 and gave the stock an "overweight" rating in a research report on Monday, August 18th. Barclays reduced their target price on Chevron from $160.00 to $158.00 and set an "equal weight" rating for the company in a report on Tuesday, October 7th. Melius Research assumed coverage on Chevron in a research note on Wednesday, August 20th. They set a "hold" rating and a $155.00 price target on the stock. Finally, Wells Fargo & Company reaffirmed an "overweight" rating and set a $178.00 price target on shares of Chevron in a research report on Friday, August 1st. Eleven research analysts have rated the stock with a Buy rating, nine have given a Hold rating and three have given a Sell rating to the stock. Based on data from MarketBeat, the company currently has an average rating of "Hold" and a consensus price target of $165.40.

Chevron Stock Performance

Shares of CVX stock opened at $152.47 on Wednesday. The stock's 50-day moving average price is $156.12 and its 200 day moving average price is $148.34. 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 stock has a market capitalization of $263.47 billion, a PE ratio of 19.62, a price-to-earnings-growth ratio of 1.97 and a beta of 0.84. Chevron Corporation has a 52-week low of $132.04 and a 52-week high of $168.96.

Chevron (NYSE:CVX - Get Free Report) last announced its earnings results on Friday, August 1st. The oil and gas company reported $1.77 earnings per share for the quarter, beating the consensus estimate of $1.58 by $0.19. Chevron had a return on equity of 9.90% and a net margin of 7.02%.The company had revenue of $44.82 billion for the quarter, compared to the consensus estimate of $44.59 billion. During the same period last year, the business posted $2.55 EPS. The company's revenue was down 12.4% on a year-over-year basis. As a group, equities research analysts forecast that Chevron Corporation will post 10.79 EPS for the current year.

Chevron Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, September 10th. Investors of record on Tuesday, August 19th were given a $1.71 dividend. This represents a $6.84 dividend on an annualized basis and a yield of 4.5%. The ex-dividend date was Tuesday, August 19th. Chevron's dividend payout ratio (DPR) is 88.03%.

About Chevron

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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