Robertson Stephens Wealth Management LLC Boosts Holdings in Chevron Corporation $CVX

Key Points

• Robertson Stephens Wealth Management LLC increased its stake in Chevron Corporation by 11.2% during the second quarter, owning 20,524 shares valued at approximately $2.94 million.
• Chevron's latest earnings report showed an EPS of $1.77, exceeding analyst expectations, yet revenue was down 12.4% year-over-year at $44.82 billion.
• The company declared a quarterly dividend of $1.71 with an annual yield of 4.6%, demonstrating strong returns to its shareholders.

Robertson Stephens Wealth Management LLC raised its holdings in Chevron Corporation (NYSE:CVX - Free Report) by 11.2% in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 20,524 shares of the oil and gas company's stock after buying an additional 2,060 shares during the quarter. Robertson Stephens Wealth Management LLC's holdings in Chevron were worth $2,939,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the business. Cascade Investment Group Inc. grew its holdings in Chevron by 3.9% in the 2nd quarter. Cascade Investment Group Inc. now owns 14,753 shares of the oil and gas company's stock valued at $2,112,000 after buying an additional 552 shares during the period. Costello Asset Management INC grew its holdings in Chevron by 26.9% in the 2nd quarter. Costello Asset Management INC now owns 16,694 shares of the oil and gas company's stock valued at $2,390,000 after buying an additional 3,541 shares during the period. Cyndeo Wealth Partners LLC grew its holdings in Chevron by 0.9% in the 2nd quarter. Cyndeo Wealth Partners LLC now owns 19,929 shares of the oil and gas company's stock valued at $2,854,000 after buying an additional 168 shares during the period. L. Roy Papp & Associates LLP grew its holdings in shares of Chevron by 4.3% during the 2nd quarter. L. Roy Papp & Associates LLP now owns 37,485 shares of the oil and gas company's stock worth $5,368,000 after purchasing an additional 1,550 shares during the period. Finally, Brandywine Oak Private Wealth LLC increased its position in Chevron by 1.5% during the 2nd quarter. Brandywine Oak Private Wealth LLC now owns 7,358 shares of the oil and gas company's stock worth $1,054,000 after purchasing an additional 111 shares in the last quarter. Hedge funds and other institutional investors own 72.42% of the company's stock.

Chevron Trading Down 1.7%

NYSE:CVX opened at $149.11 on Friday. Chevron Corporation has a 1 year low of $132.04 and a 1 year high of $168.96. The stock has a market cap of $257.66 billion, a price-to-earnings ratio of 19.19, a PEG ratio of 1.95 and a beta of 0.84. The business has a fifty day moving average of $156.10 and a 200-day moving average of $148.67. The company has a debt-to-equity ratio of 0.16, a quick ratio of 0.74 and a current ratio of 1.00.

Chevron (NYSE:CVX - Get Free Report) last released its quarterly earnings results on Friday, August 1st. The oil and gas company reported $1.77 earnings per share (EPS) for the quarter, topping 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 during the quarter, compared to analysts' expectations of $44.59 billion. During the same quarter in the prior year, the business posted $2.55 earnings per share. The company's revenue for the quarter was down 12.4% compared to the same quarter last year. Equities analysts predict that Chevron Corporation will post 10.79 earnings per share for the current year.

Chevron Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Wednesday, September 10th. Stockholders of record on Tuesday, August 19th were paid a $1.71 dividend. The ex-dividend date of this dividend was Tuesday, August 19th. This represents a $6.84 annualized dividend and a dividend yield of 4.6%. Chevron's dividend payout ratio is presently 88.03%.

Analyst Ratings Changes

Several research analysts recently commented on the stock. Piper Sandler raised their price target on shares of Chevron from $164.00 to $168.00 and gave the company an "overweight" rating in a report on Monday, August 18th. Melius began coverage on Chevron in a research report on Wednesday, August 20th. They issued a "hold" rating and a $155.00 target price on the stock. Morgan Stanley assumed coverage on Chevron in a research report on Monday, August 4th. They issued an "overweight" rating and a $174.00 target price on the stock. Raymond James Financial reissued an "outperform" rating on shares of Chevron in a research report on Friday, August 1st. Finally, Jefferies Financial Group reissued a "buy" rating on shares of Chevron in a research report on Friday, July 18th. Eleven equities 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 company. According to MarketBeat.com, the stock presently has an average rating of "Hold" and a consensus target price of $165.40.

Insider Buying and Selling at Chevron

In other news, Director John B. Hess sold 375,000 shares of the stock in a transaction on 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 completion of the transaction, the director 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 transaction 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 the 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 completion of 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 disclosure for this sale can be found here. Corporate insiders own 0.21% of the company's stock.

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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