Wealth Alliance Advisory Group LLC Buys 1,765 Shares of Chevron Corporation $CVX

Key Points

• Wealth Alliance Advisory Group LLC boosted its holdings in Chevron Corporation by acquiring an additional 1,765 shares, increasing its total ownership to 23,454 shares, valued at approximately $3.36 million.
• Chevron's recent quarterly earnings report highlighted earnings per share of $1.77, exceeding analyst expectations, although revenue was down 12.4% compared to the previous year.
• Chevron announced a quarterly dividend of $1.71 per share, which reflects an annualized dividend of $6.84 and a yield of 4.4%.

Wealth Alliance Advisory Group LLC increased its position in Chevron Corporation (NYSE:CVX - Free Report) by 8.1% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 23,454 shares of the oil and gas company's stock after buying an additional 1,765 shares during the period. Wealth Alliance Advisory Group LLC's holdings in Chevron were worth $3,358,000 at the end of the most recent quarter.

Other hedge funds also recently made changes to their positions in the company. GQG Partners LLC purchased a new stake in Chevron during the first quarter valued at approximately $1,466,751,000. Nuveen LLC purchased a new stake in Chevron during the first quarter valued at approximately $1,362,232,000. GAMMA Investing LLC raised its position in Chevron by 21,191.5% during 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 purchasing an additional 5,382,847 shares during the period. Charles Schwab Investment Management Inc. raised its position in Chevron by 4.9% during 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 purchasing an additional 1,574,464 shares during the period. Finally, Canada Pension Plan Investment Board raised its position in Chevron by 141.2% during the first quarter. Canada Pension Plan Investment Board now owns 1,891,824 shares of the oil and gas company's stock valued at $316,483,000 after purchasing an additional 1,107,628 shares during the period. 72.42% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity at Chevron

In other news, Director John B. Hess sold 375,000 shares of the firm'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 transaction, the director owned 1,403,045 shares of the company's stock, valued at approximately $222,102,023.50. This trade represents a 21.09% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, VP Alana K. Knowles sold 3,978 shares of the firm's stock in a transaction on Friday, August 29th. The stock was sold at an average price of $160.00, for a total transaction of $636,480.00. Following the transaction, the vice president directly owned 1,181 shares of the company's stock, 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. 0.20% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

A number of brokerages have issued reports on CVX. Jefferies Financial Group restated a "buy" rating on shares of Chevron in a research report on Friday, July 18th. Bank of America upped their price objective on Chevron from $170.00 to $185.00 and gave the company a "buy" rating in a research report on Wednesday. Morgan Stanley assumed coverage on Chevron in a research report on Monday, August 4th. They set an "overweight" rating and a $174.00 price objective on the stock. Melius Research assumed coverage on Chevron in a research note on Wednesday, August 20th. They set a "hold" rating and a $155.00 target price on the stock. Finally, Evercore ISI reaffirmed an "outperform" rating and set a $180.00 target price on shares of Chevron in a research note on Thursday, July 31st. Eleven analysts have rated the stock with a Buy rating, eight have given a Hold rating and three have assigned a Sell rating to the company's stock. According to data from MarketBeat.com, Chevron currently has a consensus rating of "Hold" and a consensus price target of $164.80.

Chevron Stock Performance

CVX stock traded down $1.02 during midday trading on Friday, reaching $157.23. The stock had a trading volume of 5,545,397 shares, compared to its average volume of 7,652,500. The firm has a fifty day simple moving average of $154.67 and a two-hundred day simple moving average of $148.79. The stock has a market cap of $271.69 billion, a PE ratio of 20.24, a P/E/G ratio of 1.98 and a beta of 0.90. Chevron Corporation has a 52-week low of $132.04 and a 52-week high of $168.96. 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 issued its earnings results on Friday, August 1st. The oil and gas company reported $1.77 earnings per share for the quarter, topping the consensus estimate of $1.58 by $0.19. The business had revenue of $44.82 billion for the quarter, compared to analysts' expectations of $44.59 billion. Chevron had a return on equity of 9.90% and a net margin of 7.02%.The business's revenue for the quarter was down 12.4% compared to the same quarter last year. During the same period in the previous year, the firm posted $2.55 EPS. As a group, equities research analysts anticipate that Chevron Corporation will post 10.79 EPS for the current year.

Chevron Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Wednesday, September 10th. Investors of record on Tuesday, August 19th were issued a dividend of $1.71 per share. This represents a $6.84 annualized dividend and a yield of 4.4%. The ex-dividend date of this dividend was Tuesday, August 19th. Chevron's dividend payout ratio 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.