WealthPlan Investment Management LLC Acquires 15,324 Shares of Chevron Corporation $CVX

Key Points

• WealthPlan Investment Management LLC increased its holdings in Chevron Corporation by 18.8% in Q2, acquiring an additional 15,324 shares to own a total of 96,934 shares, valued at approximately $13.88 million.
• Several institutional investors have recently adjusted their positions in Chevron, with notable increases including a 420.7% growth by Harvest Fund Management in Q1.
• Chevron's quarterly dividend of $1.71 was paid in September, reflecting an annualized yield of 4.5% and a dividend payout ratio of 88.03%.

WealthPlan Investment Management LLC lifted its holdings in shares of Chevron Corporation (NYSE:CVX - Free Report) by 18.8% during the 2nd quarter, according to the company in its most recent filing with the SEC. The fund owned 96,934 shares of the oil and gas company's stock after purchasing an additional 15,324 shares during the period. Chevron comprises about 1.0% of WealthPlan Investment Management LLC's investment portfolio, making the stock its 23rd biggest position. WealthPlan Investment Management LLC's holdings in Chevron were worth $13,880,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently made changes to their positions in CVX. Harvest Fund Management Co. Ltd grew its holdings in shares of Chevron by 420.7% during 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 purchasing an additional 122 shares during the last quarter. Elequin Capital LP bought a new position in shares of Chevron during the 1st quarter valued at $31,000. Cloud Capital Management LLC bought a new position in shares of Chevron during the 1st quarter valued at $39,000. 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. Finally, GFG Capital LLC bought a new position in shares of Chevron during the 2nd quarter valued at $42,000. Institutional investors own 72.42% of the company's stock.

Insider Activity

In related news, Director John B. Hess sold 375,000 shares of Chevron stock in a transaction dated Friday, August 22nd. The shares were 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 directly 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 position. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, VP Alana K. Knowles sold 3,978 shares of Chevron stock in a transaction dated Friday, August 29th. The shares were 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 trade represents a 77.11% decrease in their ownership of the stock. The disclosure for this sale can be found here. Company insiders own 0.21% of the company's stock.

Wall Street Analyst Weigh In

A number of equities research analysts have issued reports on CVX shares. Jefferies Financial Group reissued a "buy" rating on shares of Chevron in a report on Friday, July 18th. Melius Research started coverage on shares of Chevron in a report on Wednesday, August 20th. They issued a "hold" rating and a $155.00 price target on the stock. Evercore ISI reissued an "outperform" rating and issued a $180.00 price target on shares of Chevron in a report on Thursday, July 31st. Mizuho cut their price target on shares of Chevron from $192.00 to $191.00 and set an "outperform" rating on the stock in a report on Monday, September 15th. Finally, Morgan Stanley started coverage on shares of Chevron in a report on Monday, August 4th. They issued an "overweight" rating and a $174.00 price target on the stock. Eleven 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 company has an average rating of "Hold" and an average price target of $165.40.

Chevron Trading Down 0.3%

NYSE:CVX opened at $151.99 on Thursday. The company has a 50-day moving average price of $156.10 and a 200-day moving average price of $148.36. Chevron Corporation has a 12 month low of $132.04 and a 12 month high of $168.96. 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 stock has a market cap of $262.63 billion, a price-to-earnings ratio of 19.56, a P/E/G ratio of 1.99 and a beta of 0.84.

Chevron (NYSE:CVX - Get Free Report) last posted its earnings results on Friday, August 1st. The oil and gas company reported $1.77 EPS for the quarter, topping 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 firm had revenue of $44.82 billion during the quarter, compared to analysts' expectations of $44.59 billion. During the same period last year, the company posted $2.55 EPS. The company's quarterly revenue was down 12.4% compared to the same quarter last year. Equities analysts predict that Chevron Corporation will post 10.79 EPS for the current year.

Chevron Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Wednesday, September 10th. Stockholders of record on Tuesday, August 19th were given a $1.71 dividend. This represents a $6.84 annualized dividend and a dividend yield of 4.5%. The ex-dividend date of this dividend was Tuesday, August 19th. Chevron's dividend payout ratio (DPR) is currently 88.03%.

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.

Want to see what other hedge funds are holding CVX? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Chevron Corporation (NYSE:CVX - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.