Signature Wealth Management Partners LLC Raises Stock Holdings in Chevron Corporation $CVX

Signature Wealth Management Partners LLC raised its holdings in shares of Chevron Corporation (NYSE:CVX) by 3.0% in the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 3,635 shares of the oil and gas company’s stock after purchasing an additional 105 shares during the quarter. Signature Wealth Management Partners LLC’s holdings in Chevron were worth $520,000 at the end of the most recent quarter.

A number of other institutional investors also recently made changes to their positions in the business. Kingstone Capital Partners Texas LLC grew its holdings in Chevron by 652,139.5% during the 2nd quarter. Kingstone Capital Partners Texas LLC now owns 83,714,936 shares of the oil and gas company’s stock worth $13,214,757,000 after acquiring an additional 83,702,101 shares in the last quarter. Charles Schwab Investment Management Inc. lifted its position in shares of 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 worth $5,592,263,000 after purchasing an additional 1,574,464 shares during the last quarter. Invesco Ltd. increased its holdings in Chevron by 5.5% in the first quarter. Invesco Ltd. now owns 15,855,325 shares of the oil and gas company’s stock valued at $2,652,437,000 after buying an additional 827,851 shares during the last quarter. Dimensional Fund Advisors LP raised its stake in Chevron by 0.3% during the first quarter. Dimensional Fund Advisors LP now owns 12,281,983 shares of the oil and gas company’s stock valued at $2,054,513,000 after buying an additional 40,758 shares in the last quarter. Finally, GQG Partners LLC bought a new position in Chevron during the 1st quarter worth approximately $1,466,751,000. 72.42% of the stock is owned by institutional investors and hedge funds.

Insiders Place Their Bets

In related news, Director John B. Hess sold 375,000 shares of the stock in a transaction dated 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 completion of the transaction, the director owned 1,403,045 shares in the company, valued at $222,102,023.50. This represents a 21.09% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, VP Alana K. Knowles sold 3,978 shares of the firm’s 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 in the company, valued at approximately $188,960. The trade was a 77.11% decrease in their position. The disclosure for this sale can be found here. Insiders own 0.21% of the company’s stock.

Chevron Stock Up 0.1%

CVX stock opened at $153.59 on Friday. The stock has a market cap of $265.40 billion, a PE ratio of 19.77, a price-to-earnings-growth ratio of 1.99 and a beta of 0.84. The firm’s 50-day simple moving average is $156.23 and its 200 day simple moving average is $148.99. Chevron Corporation has a fifty-two week low of $132.04 and a fifty-two week high of $168.96. The company has a quick ratio of 0.74, a current ratio of 1.00 and a debt-to-equity ratio of 0.16.

Chevron (NYSE:CVX) 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. The firm had revenue of $44.82 billion during the quarter, compared to analysts’ expectations of $44.59 billion. Chevron had a net margin of 7.02% and a return on equity of 9.90%. Chevron’s quarterly revenue was down 12.4% on a year-over-year basis. During the same quarter in the prior year, the firm earned $2.55 EPS. As a group, sell-side 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 4.5%. The ex-dividend date was Tuesday, August 19th. Chevron’s payout ratio is 88.03%.

Analysts Set New Price Targets

A number of brokerages have recently weighed in on CVX. Piper Sandler boosted their price target on Chevron from $164.00 to $168.00 and gave the company an “overweight” rating in a report on Monday, August 18th. Melius started coverage on shares of Chevron in a research note on Wednesday, August 20th. They set a “hold” rating and a $155.00 target price for the company. TD Cowen raised their price target on shares of Chevron from $150.00 to $155.00 and gave the stock a “hold” rating in a research report on Monday, August 4th. Jefferies Financial Group reaffirmed a “buy” rating on shares of Chevron in a report on Friday, July 18th. Finally, Weiss Ratings reiterated a “hold (c)” rating on shares of Chevron in a research note on Saturday, September 27th. Eleven equities research analysts have rated the stock with a Buy rating, nine have issued a Hold rating and three have assigned a Sell rating to the company. According to MarketBeat, the stock presently has an average rating of “Hold” and an average price target of $165.05.

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.