Spire Wealth Management Raises Stock Position in Chevron Co. (NYSE:CVX)

Spire Wealth Management increased its holdings in Chevron Co. (NYSE:CVX) by 8.9% during the fourth quarter, according to its most recent disclosure with the SEC. The institutional investor owned 32,120 shares of the oil and gas company’s stock after buying an additional 2,631 shares during the period. Spire Wealth Management’s holdings in Chevron were worth $4,569,000 as of its most recent SEC filing.

Several other large investors also recently added to or reduced their stakes in CVX. Picton Mahoney Asset Management purchased a new stake in shares of Chevron in the 3rd quarter valued at $26,000. Bare Financial Services Inc purchased a new stake in Chevron during the 4th quarter valued at about $27,000. Valley Forge Investment Consultants Inc. ADV increased its stake in Chevron by 80.0% in the 3rd quarter. Valley Forge Investment Consultants Inc. ADV now owns 180 shares of the oil and gas company’s stock worth $30,000 after purchasing an additional 80 shares during the period. Valued Wealth Advisors LLC purchased a new stake in shares of Chevron during the fourth quarter valued at approximately $33,000. Finally, Legacy Financial Group LLC bought a new position in shares of Chevron in the third quarter worth approximately $43,000. Institutional investors own 72.42% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities research analysts have weighed in on the stock. Piper Sandler increased their price target on shares of Chevron from $180.00 to $204.00 and gave the company an “overweight” rating in a research report on Thursday, April 18th. The Goldman Sachs Group reiterated a “buy” rating on shares of Chevron in a report on Monday, April 1st. TD Cowen boosted their target price on Chevron from $155.00 to $160.00 and gave the company a “hold” rating in a research note on Monday, April 29th. Jefferies Financial Group upgraded shares of Chevron from a “hold” rating to a “buy” rating and set a $184.00 price target on the stock in a report on Monday, January 8th. Finally, Mizuho upped their price objective on shares of Chevron from $195.00 to $200.00 and gave the stock a “buy” rating in a report on Wednesday, March 20th. Six research analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company’s stock. According to MarketBeat, Chevron currently has a consensus rating of “Moderate Buy” and a consensus price target of $185.35.

Insider Activity at Chevron

In other Chevron news, VP Alana K. Knowles sold 2,800 shares of Chevron stock in a transaction on Tuesday, April 2nd. The shares were sold at an average price of $160.09, for a total value of $448,252.00. Following the completion of the transaction, the vice president now directly owns 276 shares of the company’s stock, valued at approximately $44,184.84. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. 0.20% of the stock is owned by corporate insiders.

Chevron Price Performance

NYSE:CVX traded up $2.05 during trading hours on Monday, hitting $162.30. 8,427,958 shares of the stock traded hands, compared to its average volume of 8,484,045. The stock has a 50 day moving average price of $157.26 and a 200 day moving average price of $151.53. The company has a quick ratio of 0.93, a current ratio of 1.23 and a debt-to-equity ratio of 0.13. The company has a market cap of $301.43 billion, a price-to-earnings ratio of 15.02, a price-to-earnings-growth ratio of 2.37 and a beta of 1.11. Chevron Co. has a 1 year low of $139.62 and a 1 year high of $171.70.

Chevron (NYSE:CVX) last issued its quarterly earnings results on Friday, April 26th. The oil and gas company reported $2.93 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.84 by $0.09. The business had revenue of $48.72 billion during the quarter, compared to analyst estimates of $48.42 billion. Chevron had a return on equity of 14.40% and a net margin of 10.21%. Chevron’s revenue for the quarter was down 4.1% compared to the same quarter last year. During the same quarter in the prior year, the business posted $3.55 EPS. Sell-side analysts forecast that Chevron Co. will post 13.53 EPS for the current fiscal year.

Chevron Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, June 10th. Shareholders of record on Friday, May 17th will be issued a $1.63 dividend. The ex-dividend date of this dividend is Thursday, May 16th. This represents a $6.52 dividend on an annualized basis and a yield of 4.02%. Chevron’s dividend payout ratio is currently 59.98%.

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.