Chevron Corporation $CVX Shares Purchased by Stone Summit Wealth LLC

Stone Summit Wealth LLC raised its holdings in shares of Chevron Corporation (NYSE:CVX) by 6.3% in the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 1,686 shares of the oil and gas company’s stock after purchasing an additional 100 shares during the quarter. Stone Summit Wealth LLC’s holdings in Chevron were worth $241,000 at the end of the most recent quarter.

A number of other hedge funds have also recently bought and sold shares of CVX. Harvest Fund Management Co. Ltd grew its stake in 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 in the last quarter. Elequin Capital LP acquired a new stake in Chevron during the 1st quarter valued at approximately $31,000. IFS Advisors LLC grew its stake in 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 in the last quarter. Cloud Capital Management LLC acquired a new stake in Chevron during the 1st quarter valued at approximately $39,000. Finally, Investment Management Corp VA ADV grew its stake in 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 in 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 Friday. Chevron Corporation has a 12-month low of $132.04 and a 12-month high of $168.96. The firm has a market capitalization of $276.70 billion, a P/E ratio of 20.61, a P/E/G ratio of 2.01 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 business has a 50 day simple moving average of $156.04 and a 200 day simple moving average of $149.13.

Chevron (NYSE:CVX) last released its quarterly earnings data on Friday, August 1st. The oil and gas company reported $1.77 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.58 by $0.19. Chevron had a return on equity of 9.90% and a net margin of 7.02%.The business had revenue of $44.82 billion during the quarter, compared to analyst estimates of $44.59 billion. During the same quarter in the previous year, the firm posted $2.55 EPS. The business’s revenue for the quarter was down 12.4% compared to the same quarter last year. Equities research analysts predict that Chevron Corporation will post 10.79 EPS for the current year.

Chevron Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Wednesday, September 10th. Shareholders of record on Tuesday, August 19th were given a dividend of $1.71 per share. This represents a $6.84 dividend on an annualized basis and a yield of 4.3%. The ex-dividend date was Tuesday, August 19th. Chevron’s payout ratio is 88.03%.

Insiders Place Their Bets

In other Chevron news, VP Alana K. Knowles sold 3,978 shares of the business’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 completion of the transaction, the vice president owned 1,181 shares in the company, valued at approximately $188,960. The trade was a 77.11% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director John B. Hess sold 375,000 shares of the business’s stock in a transaction on Friday, August 22nd. The stock was 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 $222,102,023.50. This trade represents a 21.09% decrease in their position. The disclosure for this sale can be found here. Insiders own 0.21% of the company’s stock.

Analyst Upgrades and Downgrades

CVX has been the subject of several research reports. Barclays reiterated an “equal weight” rating on shares of Chevron in a research report on Tuesday, July 15th. Melius initiated coverage on Chevron in a research report on Wednesday, August 20th. They issued a “hold” rating and a $155.00 target price for the company. Piper Sandler lifted their target price on Chevron from $164.00 to $168.00 and gave the stock an “overweight” rating in a research report on Monday, August 18th. Mizuho decreased their target price on Chevron from $192.00 to $191.00 and set an “outperform” rating for the company in a research report on Monday, September 15th. Finally, Bank of America lifted their target price on Chevron from $170.00 to $185.00 and gave the stock a “buy” rating in a research report on Wednesday, September 10th. Eleven research analysts have rated the stock with a Buy rating, eight have issued a Hold rating and three have assigned a Sell rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus target price of $165.05.

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.