Principle Wealth Partners LLC Raises Holdings in Chevron Corporation $CVX

Key Points

• Principle Wealth Partners LLC increased its holdings in Chevron Corporation by 36.7% during the second quarter, now owning 53,001 shares valued at approximately $7.6 million.
• Chevron reported $1.77 earnings per share for its last quarter, beating analysts' estimates of $1.58, although its revenue decreased 12.4% year-over-year.
• Chevron recently declared a quarterly dividend of $1.71 per share, representing an annualized total of $6.84 with a yield of 4.4%.

Principle Wealth Partners LLC grew its position in Chevron Corporation (NYSE:CVX - Free Report) by 36.7% in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 53,001 shares of the oil and gas company's stock after buying an additional 14,224 shares during the quarter. Principle Wealth Partners LLC's holdings in Chevron were worth $7,589,000 at the end of the most recent reporting period.

Several other large investors have also recently made changes to their positions in the stock. Sonata Capital Group Inc. raised its position in shares of Chevron by 5.2% in the 2nd quarter. Sonata Capital Group Inc. now owns 2,020 shares of the oil and gas company's stock worth $289,000 after acquiring an additional 100 shares in the last quarter. LifeWealth Investments LLC raised its position in shares of Chevron by 112.1% in the 2nd quarter. LifeWealth Investments LLC now owns 4,643 shares of the oil and gas company's stock worth $665,000 after acquiring an additional 2,454 shares in the last quarter. Granite Harbor Advisors Inc. raised its position in shares of Chevron by 21.7% in the 2nd quarter. Granite Harbor Advisors Inc. now owns 3,332 shares of the oil and gas company's stock worth $477,000 after acquiring an additional 593 shares in the last quarter. Freedom Investment Management Inc. raised its position in shares of Chevron by 13.1% in the 2nd quarter. Freedom Investment Management Inc. now owns 8,245 shares of the oil and gas company's stock worth $1,181,000 after acquiring an additional 957 shares in the last quarter. Finally, Forum Financial Management LP raised its position in shares of Chevron by 0.4% in the 2nd quarter. Forum Financial Management LP now owns 33,007 shares of the oil and gas company's stock worth $4,726,000 after acquiring an additional 145 shares in the last quarter. 72.42% of the stock is owned by institutional investors.

Chevron Trading Up 1.1%

Shares of NYSE:CVX opened at $155.45 on Thursday. The business's 50-day moving average is $156.03 and its 200 day moving average is $148.13. Chevron Corporation has a 1 year low of $132.04 and a 1 year high of $168.96. The firm has a market capitalization of $268.61 billion, a P/E ratio of 20.01, a P/E/G ratio of 2.05 and a beta of 0.84. The company has a debt-to-equity ratio of 0.16, a current ratio of 1.00 and a quick ratio of 0.74.

Chevron (NYSE:CVX - Get Free Report) last announced its quarterly earnings data 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 for 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 revenue was down 12.4% on a year-over-year basis. During the same period in the prior year, the company earned $2.55 earnings per share. On average, research analysts predict that Chevron Corporation will post 10.79 earnings per share for the current fiscal year.

Chevron Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, September 10th. Stockholders of record on Tuesday, August 19th were issued a $1.71 dividend. The ex-dividend date of this dividend was Tuesday, August 19th. This represents a $6.84 dividend on an annualized basis and a dividend yield of 4.4%. Chevron's dividend payout ratio is currently 88.03%.

Wall Street Analyst Weigh In

CVX has been the subject of several recent research reports. Bank of America boosted their price target on Chevron from $170.00 to $185.00 and gave the stock a "buy" rating in a research report on Wednesday, September 10th. UBS Group boosted their price target on Chevron from $186.00 to $197.00 and gave the stock a "buy" rating in a research report on Wednesday, August 20th. Evercore ISI reissued an "outperform" rating and issued a $180.00 price target on shares of Chevron in a research report on Thursday, July 31st. Jefferies Financial Group reaffirmed a "buy" rating on shares of Chevron in a research report on Friday, July 18th. Finally, Morgan Stanley initiated coverage on Chevron in a research report on Monday, August 4th. They set an "overweight" rating and a $174.00 target price on the stock. 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 issued a Sell rating to the company's stock. Based on data from MarketBeat, the company presently has an average rating of "Hold" and a consensus price target of $165.25.

Insider Transactions at Chevron

In other news, Director John B. Hess sold 375,000 shares of the stock in a transaction dated Friday, August 22nd. The stock was sold at an average price of $158.30, for a total value of $59,362,500.00. Following the transaction, the director directly owned 1,403,045 shares of the company's stock, valued at approximately $222,102,023.50. This represents a 21.09% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, VP Alana K. Knowles sold 3,978 shares of the stock in a transaction dated Friday, August 29th. The shares were sold at an average price of $160.00, for a total value of $636,480.00. Following the completion of the transaction, the vice president directly owned 1,181 shares in the company, valued at $188,960. This represents a 77.11% decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.21% of the stock is currently owned by corporate insiders.

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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