Parcion Private Wealth LLC Grows Stake in Chevron Corporation $CVX

Key Points

• Parcion Private Wealth LLC increased its stake in Chevron Corporation by 5.1% in Q2, owning a total of 59,687 shares valued at approximately $8.5 million.
• Multiple hedge funds have significantly increased their holdings in Chevron, with Adams Natural Resources Fund reporting a staggering 226,909.3% increase, bringing its total to 510,771 shares worth $73.1 million.
• Chevron's quarterly earnings surpassed analyst expectations, reporting $1.77 EPS on revenue of $44.82 billion, though revenue was down 12.4% year-over-year.

Parcion Private Wealth LLC increased its position in shares of Chevron Corporation (NYSE:CVX - Free Report) by 5.1% during the second quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 59,687 shares of the oil and gas company's stock after buying an additional 2,908 shares during the quarter. Parcion Private Wealth LLC's holdings in Chevron were worth $8,547,000 as of its most recent SEC filing.

A number of other hedge funds have also recently added to or reduced their stakes in the company. Adams Natural Resources Fund Inc. grew its stake in Chevron by 226,909.3% during the 2nd quarter. Adams Natural Resources Fund Inc. now owns 510,771 shares of the oil and gas company's stock worth $73,137,000 after buying an additional 510,546 shares during the last quarter. Pacific Heights Asset Management LLC grew its stake in Chevron by 14.3% during the 2nd quarter. Pacific Heights Asset Management LLC now owns 200,000 shares of the oil and gas company's stock worth $28,638,000 after buying an additional 25,000 shares during the last quarter. Members Trust Co grew its stake in Chevron by 83.8% during the 2nd quarter. Members Trust Co now owns 5,732 shares of the oil and gas company's stock worth $821,000 after buying an additional 2,613 shares during the last quarter. Benin Management CORP grew its stake in Chevron by 10.7% during the 2nd quarter. Benin Management CORP now owns 23,032 shares of the oil and gas company's stock worth $3,298,000 after buying an additional 2,223 shares during the last quarter. Finally, Brookstone Capital Management grew its stake in Chevron by 6.6% during the 2nd quarter. Brookstone Capital Management now owns 121,243 shares of the oil and gas company's stock worth $17,361,000 after buying an additional 7,462 shares during the last quarter. Hedge funds and other institutional investors own 72.42% of the company's stock.

Insider Buying and Selling at Chevron

In related news, Director John B. Hess sold 375,000 shares of Chevron 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 transaction, the director directly 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 SEC, which can be accessed through this link. Also, VP Alana K. Knowles sold 3,978 shares of Chevron stock in a transaction on 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 approximately $188,960. This represents a 77.11% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 0.20% of the company's stock.

Analyst Ratings Changes

CVX has been the topic of a number of research reports. UBS Group raised their price target on Chevron from $186.00 to $197.00 and gave the stock a "buy" rating in a research note on Wednesday, August 20th. Barclays lowered their target price on Chevron from $160.00 to $158.00 and set an "equal weight" rating on the stock in a research note on Tuesday, October 7th. Bank of America lifted their target price on Chevron from $170.00 to $185.00 and gave the company a "buy" rating in a research note on Wednesday, September 10th. Mizuho lowered their target price on Chevron from $192.00 to $191.00 and set an "outperform" rating on the stock in a research note on Monday, September 15th. Finally, Piper Sandler lifted their target price on Chevron from $164.00 to $168.00 and gave the company an "overweight" rating in a research note on Monday, August 18th. One equities research analyst has rated the stock with a Strong Buy rating, ten have assigned a Buy rating, nine have issued a Hold rating and three have given a Sell rating to the stock. Based on data from MarketBeat, Chevron currently has an average rating of "Hold" and an average price target of $165.25.

Chevron Stock Down 0.4%

CVX opened at $153.80 on Wednesday. The company has a debt-to-equity ratio of 0.16, a current ratio of 1.00 and a quick ratio of 0.74. The business has a 50 day simple moving average of $156.04 and a 200-day simple moving average of $148.08. The stock has a market capitalization of $265.76 billion, a P/E ratio of 19.79, a P/E/G ratio of 2.06 and a beta of 0.84. Chevron Corporation has a 12 month low of $132.04 and a 12 month high of $168.96.

Chevron (NYSE:CVX - Get Free Report) last posted its quarterly earnings results 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 business had revenue of $44.82 billion during the quarter, compared to analysts' expectations 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 period last year, the firm earned $2.55 EPS. On average, equities analysts anticipate that Chevron Corporation will post 10.79 earnings per share for the current fiscal year.

Chevron Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, September 10th. Investors of record on Tuesday, August 19th were issued a dividend of $1.71 per share. The ex-dividend date of this dividend was Tuesday, August 19th. This represents a $6.84 annualized dividend and a yield of 4.4%. Chevron's payout ratio is currently 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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