Waycross Partners LLC Purchases New Stake in Chevron Corporation $CVX

Key Points

• Waycross Partners LLC has acquired a new stake in Chevron Corporation, purchasing 1,967 shares valued at approximately $282,000 during the second quarter.
• Institutional investors now own 72.42% of Chevron's stock, with significant increases from multiple hedge funds, including a 652,139.5% boost by Kingstone Capital Partners.
• Chevron recently declared a quarterly dividend of $1.71 per share, representing an annualized dividend yield of 4.3%, with a payout ratio of 88.03%.

Waycross Partners LLC purchased a new stake in Chevron Corporation (NYSE:CVX - Free Report) during the 2nd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm purchased 1,967 shares of the oil and gas company's stock, valued at approximately $282,000.

Several other hedge funds have also added to or reduced their stakes in CVX. Kingstone Capital Partners Texas LLC boosted its holdings in Chevron by 652,139.5% in the second quarter. Kingstone Capital Partners Texas LLC now owns 83,714,936 shares of the oil and gas company's stock valued at $13,214,757,000 after acquiring an additional 83,702,101 shares during the last quarter. GQG Partners LLC bought a new position in Chevron in the first quarter valued at about $1,466,751,000. Nuveen LLC bought a new position in Chevron in the first quarter valued at about $1,362,232,000. GAMMA Investing LLC boosted its holdings in Chevron by 21,191.5% in the first quarter. GAMMA Investing LLC now owns 5,408,248 shares of the oil and gas company's stock valued at $904,746,000 after acquiring an additional 5,382,847 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. boosted its holdings 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 during the last quarter. Institutional investors own 72.42% of the company's stock.

Insider Transactions at Chevron

In other news, Director John B. Hess sold 375,000 shares of the firm'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 sale, the director owned 1,403,045 shares of the company's stock, valued at $222,102,023.50. This trade represents a 21.09% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, VP Alana K. Knowles sold 3,978 shares of Chevron stock in a transaction that occurred on 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 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 position. The disclosure for this sale can be found here. Company insiders own 0.20% of the company's stock.

Wall Street Analysts Forecast Growth

CVX has been the topic of a number of recent analyst reports. Melius Research initiated coverage on Chevron in a report on Wednesday, August 20th. They set a "hold" rating and a $155.00 target price on the stock. UBS Group raised their target price on Chevron from $186.00 to $197.00 and gave the stock a "buy" rating in a report on Wednesday, August 20th. Evercore ISI restated an "outperform" rating and set a $180.00 target price on shares of Chevron in a report on Thursday, July 31st. TD Cowen raised their target price on Chevron from $150.00 to $155.00 and gave the stock a "hold" rating in a report on Monday, August 4th. Finally, Raymond James Financial restated an "outperform" rating on shares of Chevron in a report on Friday, August 1st. Eleven equities research analysts have rated the stock with a Buy rating, eight have assigned a Hold rating and three have given a Sell rating to the company's stock. According to data from MarketBeat, the company currently has an average rating of "Hold" and an average price target of $165.05.

Chevron Trading Up 0.8%

NYSE CVX opened at $157.29 on Wednesday. The firm has a market cap of $271.80 billion, a P/E ratio of 20.24, a P/E/G ratio of 1.96 and a beta of 0.90. The company has a debt-to-equity ratio of 0.16, a current ratio of 1.00 and a quick ratio of 0.74. The stock's 50-day moving average is $155.46 and its 200-day moving average is $149.02. Chevron Corporation has a one year low of $132.04 and a one year high of $168.96.

Chevron (NYSE:CVX - Get Free Report) last released its quarterly 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 company 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%.Chevron's revenue was down 12.4% compared to the same quarter last year. During the same quarter last year, the firm posted $2.55 earnings per share. Sell-side analysts anticipate that Chevron Corporation will post 10.79 earnings per share for the current fiscal year.

Chevron Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Wednesday, September 10th. Stockholders of record on Tuesday, August 19th were given a dividend of $1.71 per share. 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 4.3%. Chevron's dividend payout ratio (DPR) is currently 88.03%.

Chevron Company 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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