Smith Salley Wealth Management Has $18.09 Million Stake in Chevron Corporation $CVX

Key Points

• Smith Salley Wealth Management increased its stake in Chelvron Corporation by 1.5%, resulting in holdings worth $18.09 million after acquiring an additional 1,840 shares.
• Chevron reported earnings of $1.77 EPS for the last quarter, surpassing analysts' expectations, although revenue fell 12.4% year-over-year.
• The company recently announced a quarterly dividend of $1.71 per share, translating to an annualized yield of 4.3%.

Smith Salley Wealth Management boosted its holdings in Chevron Corporation (NYSE:CVX - Free Report) by 1.5% in the 2nd quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 126,360 shares of the oil and gas company's stock after purchasing an additional 1,840 shares during the quarter. Smith Salley Wealth Management's holdings in Chevron were worth $18,093,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Harvest Fund Management Co. Ltd increased its holdings in Chevron by 420.7% in the 1st quarter. Harvest Fund Management Co. Ltd now owns 151 shares of the oil and gas company's stock valued at $25,000 after buying an additional 122 shares during the period. Elequin Capital LP bought a new stake in shares of Chevron during the 1st quarter valued at approximately $31,000. IFS Advisors LLC grew its holdings in shares of Chevron by 119.6% during the 1st quarter. IFS Advisors LLC now owns 213 shares of the oil and gas company's stock valued at $36,000 after purchasing an additional 116 shares during the last quarter. Cloud Capital Management LLC bought a new stake in shares of Chevron during the 1st quarter valued at approximately $39,000. Finally, Investment Management Corp VA ADV grew its holdings in shares of Chevron by 171.3% during the 1st quarter. Investment Management Corp VA ADV now owns 236 shares of the oil and gas company's stock valued at $39,000 after purchasing an additional 149 shares during the last quarter. Institutional investors and hedge funds own 72.42% of the company's stock.

Chevron Trading Down 0.4%

NYSE:CVX opened at $160.13 on Monday. The firm's fifty day moving average is $156.04 and its 200-day moving average is $149.10. 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 Corporation has a 52 week low of $132.04 and a 52 week high of $168.96. The firm has a market cap of $276.70 billion, a P/E ratio of 20.61, a P/E/G ratio of 2.00 and a beta of 0.90.

Chevron (NYSE:CVX - Get Free Report) last posted its quarterly earnings data on Friday, August 1st. The oil and gas company reported $1.77 EPS for the quarter, beating analysts' consensus estimates of $1.58 by $0.19. Chevron had a net margin of 7.02% and a return on equity of 9.90%. The company had revenue of $44.82 billion for the quarter, compared to analyst estimates of $44.59 billion. During the same period in the prior year, the firm posted $2.55 EPS. The company's quarterly revenue was down 12.4% on a year-over-year basis. Equities analysts expect that Chevron Corporation will post 10.79 earnings per share for the current 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 paid a $1.71 dividend. This represents a $6.84 dividend on an annualized basis and a dividend yield of 4.3%. The ex-dividend date of this dividend was Tuesday, August 19th. Chevron's dividend payout ratio is currently 88.03%.

Insiders Place Their Bets

In other news, Director John B. Hess sold 375,000 shares of the company's stock in a transaction on Friday, August 22nd. The shares were sold at an average price of $158.30, for a total value of $59,362,500.00. Following the sale, 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 position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, VP Alana K. Knowles sold 3,978 shares of the company's stock in a transaction on Friday, August 29th. The shares were sold at an average price of $160.00, for a total transaction of $636,480.00. Following the completion of the sale, 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 disclosure for this sale can be found here. Corporate insiders own 0.20% of the company's stock.

Analysts Set New Price Targets

Several equities research analysts recently issued reports on CVX shares. Bank of America lifted their price target on shares of Chevron from $170.00 to $185.00 and gave the company a "buy" rating in a report on Wednesday, September 10th. UBS Group lifted their price target on shares of Chevron from $186.00 to $197.00 and gave the company a "buy" rating in a report on Wednesday, August 20th. Melius started coverage on shares of Chevron in a report on Wednesday, August 20th. They set a "hold" rating and a $155.00 price target on the stock. TD Cowen lifted their price target on shares of Chevron from $150.00 to $155.00 and gave the company a "hold" rating in a report on Monday, August 4th. Finally, Scotiabank reiterated a "sector perform" rating and set a $160.00 target price (up from $143.00) on shares of Chevron in a research report on Friday, July 11th. Eleven analysts have rated the stock with a Buy rating, eight have issued a Hold rating and three have issued a Sell rating to the company. According to MarketBeat, the company currently has an average rating of "Hold" and an average target price of $165.05.

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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