Powers Advisory Group LLC Has $779,000 Holdings in Chevron Corporation $CVX

Powers Advisory Group LLC raised its holdings in Chevron Corporation (NYSE:CVX) by 3.5% in the second quarter, Holdings Channel reports. The fund owned 5,437 shares of the oil and gas company’s stock after acquiring an additional 186 shares during the period. Powers Advisory Group LLC’s holdings in Chevron were worth $779,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in the business. Bourgeon Capital Management LLC grew its stake in Chevron by 8.6% in the second quarter. Bourgeon Capital Management LLC now owns 13,841 shares of the oil and gas company’s stock valued at $1,982,000 after acquiring an additional 1,097 shares during the period. FMB Wealth Management grew its stake in Chevron by 2.5% in the second quarter. FMB Wealth Management now owns 8,423 shares of the oil and gas company’s stock valued at $1,206,000 after acquiring an additional 208 shares during the period. Chicago Capital LLC grew its stake in Chevron by 5.0% in the second quarter. Chicago Capital LLC now owns 11,546 shares of the oil and gas company’s stock valued at $1,653,000 after acquiring an additional 551 shares during the period. Spectrum Strategic Capital Management LLC acquired a new position in Chevron in the second quarter valued at about $2,027,000. Finally, Emerald Advisors LLC grew its stake in Chevron by 15.1% in the second quarter. Emerald Advisors LLC now owns 7,673 shares of the oil and gas company’s stock valued at $1,099,000 after acquiring an additional 1,008 shares during the period. 72.42% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of research analysts have issued reports on CVX shares. Melius Research started coverage on Chevron in a research note on Wednesday, August 20th. They issued a “hold” rating and a $155.00 target price for the company. Wells Fargo & Company reissued an “overweight” rating and issued a $178.00 target price on shares of Chevron in a research note on Friday, August 1st. Mizuho reduced their price objective on Chevron from $192.00 to $191.00 and set an “outperform” rating for the company in a research report on Monday, September 15th. Morgan Stanley began coverage on Chevron in a research report on Monday, August 4th. They set an “overweight” rating and a $174.00 price objective for the company. Finally, Jefferies Financial Group reaffirmed a “buy” rating on shares of Chevron in a research report on Friday, July 18th. Eleven equities research analysts have rated the stock with a Buy rating, eight have given a Hold rating and three have issued a Sell rating to the stock. Based on data from MarketBeat.com, Chevron has an average rating of “Hold” and a consensus price target of $165.05.

Chevron Stock Performance

CVX opened at $155.38 on Wednesday. Chevron Corporation has a 52-week low of $132.04 and a 52-week high of $168.96. The firm has a market capitalization of $268.50 billion, a PE ratio of 20.00, a PEG ratio of 1.95 and a beta of 0.90. The company has a debt-to-equity ratio of 0.16, a quick ratio of 0.74 and a current ratio of 1.00. The business’s 50-day simple moving average is $156.27 and its 200 day simple moving average is $149.14.

Chevron (NYSE:CVX) last released its earnings results on Friday, August 1st. The oil and gas company reported $1.77 earnings per share (EPS) 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 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% on a year-over-year basis. During the same quarter in the prior year, the company posted $2.55 earnings per share. As a group, sell-side analysts expect that Chevron Corporation will post 10.79 earnings per share for the current fiscal year.

Chevron Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, September 10th. Shareholders of record on Tuesday, August 19th were paid a $1.71 dividend. The ex-dividend date was Tuesday, August 19th. This represents a $6.84 annualized dividend and a yield of 4.4%. Chevron’s dividend payout ratio is currently 88.03%.

Insider Activity at Chevron

In other Chevron news, Director John B. Hess sold 375,000 shares of the company’s stock in a transaction that occurred 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 sale, the director owned 1,403,045 shares in the company, valued at $222,102,023.50. This represents a 21.09% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, VP Alana K. Knowles sold 3,978 shares of the firm’s stock in a transaction dated Friday, August 29th. The stock was sold at an average price of $160.00, for a total transaction of $636,480.00. Following the sale, the vice president owned 1,181 shares of the company’s stock, valued at approximately $188,960. This represents a 77.11% decrease in their position. The disclosure for this sale can be found here. 0.20% of the stock is owned by corporate insiders.

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.