Patton Albertson Miller Group LLC Boosts Stake in Chevron Corporation $CVX

Key Points

• Patton Albertson Miller Group LLC increased its stake in Chevron Corporation by 4.2%, now owning 39,466 shares valued at $5.65 million.
• Chevron recently announced a quarterly dividend of $1.71 per share, resulting in an annualized yield of 4.3%.
• Wall Street analysts have mixed ratings on Chevron, with an average target price of $165.05, indicating a consensus "Hold" rating.

Patton Albertson Miller Group LLC lifted its stake in shares of Chevron Corporation (NYSE:CVX - Free Report) by 4.2% during the second quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 39,466 shares of the oil and gas company's stock after acquiring an additional 1,590 shares during the quarter. Patton Albertson Miller Group LLC's holdings in Chevron were worth $5,651,000 at the end of the most recent reporting period.

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

Wall Street Analysts Forecast Growth

Several research analysts recently issued reports on the stock. Morgan Stanley assumed coverage on shares of Chevron in a report on Monday, August 4th. They set an "overweight" rating and a $174.00 target price for the company. Mizuho reduced their target price on shares of Chevron from $192.00 to $191.00 and set an "outperform" rating for the company in a report on Monday, September 15th. Wells Fargo & Company reissued an "overweight" rating and set a $178.00 target price on shares of Chevron in a report on Friday, August 1st. Melius started coverage on shares of Chevron in a report on Wednesday, August 20th. They set a "hold" rating and a $155.00 target price for the company. Finally, Evercore ISI reaffirmed an "outperform" rating and issued a $180.00 price objective on shares of Chevron in a report on Thursday, July 31st. Eleven 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. According to MarketBeat.com, the company currently has an average rating of "Hold" and a consensus target price of $165.05.

Insider Transactions at Chevron

In related news, VP Alana K. Knowles sold 3,978 shares of the business's stock in a transaction dated Friday, August 29th. The shares were sold at an average price of $160.00, for a total transaction of $636,480.00. Following the transaction, the vice president directly owned 1,181 shares in the company, valued at approximately $188,960. The trade was a 77.11% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, 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 transaction, the director owned 1,403,045 shares in the company, valued at $222,102,023.50. The trade was a 21.09% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 0.21% of the company's stock.

Chevron Stock Down 0.4%

CVX stock opened at $160.13 on Friday. The stock has a market capitalization of $276.70 billion, a P/E ratio of 20.61, a P/E/G ratio of 2.01 and a beta of 0.90. The firm has a 50-day simple moving average of $156.04 and a 200-day simple moving average of $149.13. The company has a quick ratio of 0.74, a current ratio of 1.00 and a debt-to-equity ratio of 0.16. 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 released its earnings results on Friday, August 1st. The oil and gas company reported $1.77 EPS for the quarter, topping analysts' consensus estimates 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 net margin of 7.02% and a return on equity of 9.90%. The company's quarterly revenue was down 12.4% on a year-over-year basis. During the same quarter in the previous year, the company earned $2.55 earnings per share. Equities analysts forecast that Chevron Corporation will post 10.79 earnings per share for the current fiscal year.

Chevron Announces Dividend

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