Simplicity Wealth LLC Boosts Holdings in Chevron Corporation $CVX

Key Points

• Simplicity Wealth LLC increased its position in Chevron Corporation by 109.5%, acquiring a total of 35,947 shares, valued at over $5 million.
• Chevron reported $1.77 earnings per share for the last quarter, exceeding estimates, despite a 12.4% decline in revenue year-over-year.
• The company announced a quarterly dividend of $1.71, translating to an annualized yield of 4.5% with a payout ratio of 88.03%.

Simplicity Wealth LLC raised its position in shares of Chevron Corporation (NYSE:CVX - Free Report) by 109.5% during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 35,947 shares of the oil and gas company's stock after purchasing an additional 18,785 shares during the quarter. Simplicity Wealth LLC's holdings in Chevron were worth $5,147,000 as of its most recent SEC filing.

A number of other hedge funds have also modified their holdings of the company. Greenfield Savings Bank boosted its position in shares of Chevron by 0.6% in the second quarter. Greenfield Savings Bank now owns 11,611 shares of the oil and gas company's stock worth $1,663,000 after purchasing an additional 68 shares during the period. Atwater Malick LLC boosted its position in shares of Chevron by 2.4% in the second quarter. Atwater Malick LLC now owns 2,886 shares of the oil and gas company's stock worth $413,000 after purchasing an additional 68 shares during the period. GDS Wealth Management boosted its position in shares of Chevron by 4.4% in the first quarter. GDS Wealth Management now owns 1,706 shares of the oil and gas company's stock worth $285,000 after purchasing an additional 72 shares during the period. AIMZ Investment Advisors LLC lifted its holdings in shares of Chevron by 4.2% in the first quarter. AIMZ Investment Advisors LLC now owns 1,783 shares of the oil and gas company's stock worth $298,000 after buying an additional 72 shares in the last quarter. Finally, Garde Capital Inc. lifted its holdings in shares of Chevron by 3.2% in the second quarter. Garde Capital Inc. now owns 2,355 shares of the oil and gas company's stock worth $337,000 after buying an additional 72 shares in the last quarter. 72.42% of the stock is currently owned by institutional investors.

Chevron Trading Up 0.1%

Shares of CVX opened at $153.59 on Friday. Chevron Corporation has a twelve month low of $132.04 and a twelve month high of $168.96. The company has a market cap of $265.40 billion, a P/E ratio of 19.77, a P/E/G ratio of 1.99 and a beta of 0.84. The company has a current ratio of 1.00, a quick ratio of 0.74 and a debt-to-equity ratio of 0.16. The company's fifty day simple moving average is $156.23 and its 200-day simple moving average is $148.99.

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 net margin of 7.02% and a return on equity of 9.90%. The business had revenue of $44.82 billion for the quarter, compared to the consensus estimate of $44.59 billion. During the same quarter in the prior year, the firm posted $2.55 earnings per share. The business's revenue for the quarter was down 12.4% on a year-over-year basis. As a group, analysts expect that Chevron Corporation will post 10.79 EPS for the current year.

Chevron Announces Dividend

The business also recently declared 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 was Tuesday, August 19th. This represents a $6.84 dividend on an annualized basis and a dividend yield of 4.5%. Chevron's dividend payout ratio is presently 88.03%.

Wall Street Analyst Weigh In

Several research firms have recently commented on CVX. Evercore ISI reissued an "outperform" rating and issued a $180.00 target price on shares of Chevron in a report on Thursday, July 31st. Piper Sandler boosted their target price on shares of Chevron from $164.00 to $168.00 and gave the stock an "overweight" rating in a report on Monday, August 18th. TD Cowen boosted their target price on shares of Chevron from $150.00 to $155.00 and gave the stock a "hold" rating in a report on Monday, August 4th. Morgan Stanley began coverage on shares of Chevron in a report on Monday, August 4th. They issued an "overweight" rating and a $174.00 target price on the stock. Finally, UBS Group boosted their target price on shares of Chevron from $186.00 to $197.00 and gave the stock a "buy" rating in a report on Wednesday, August 20th. Eleven investment analysts have rated the stock with a Buy rating, nine have issued a Hold rating and three have issued a Sell rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of "Hold" and an average price target of $165.05.

Insider Transactions at Chevron

In other news, VP Alana K. Knowles sold 3,978 shares of the company's 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 transaction, the vice president directly owned 1,181 shares in the company, valued at approximately $188,960. This represents a 77.11% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, Director John B. Hess sold 375,000 shares of the company'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 completion of the transaction, the director owned 1,403,045 shares in the company, valued at approximately $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. Corporate insiders own 0.21% of the company's stock.

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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