Towneley Capital Management Inc DE Takes $1.21 Million Position in Chevron Corporation $CVX

Towneley Capital Management Inc DE bought a new position in shares of Chevron Corporation (NYSE:CVX) during the 3rd quarter, according to its most recent Form 13F filing with the SEC. The institutional investor bought 7,808 shares of the oil and gas company’s stock, valued at approximately $1,213,000. Chevron makes up about 0.3% of Towneley Capital Management Inc DE’s investment portfolio, making the stock its 19th biggest position.

A number of other hedge funds and other institutional investors have also bought and sold shares of CVX. Quaker Wealth Management LLC grew its stake in Chevron by 197.7% during the second quarter. Quaker Wealth Management LLC now owns 217 shares of the oil and gas company’s stock worth $31,000 after buying an additional 439 shares in the last quarter. Vermillion & White Wealth Management Group LLC lifted its holdings in shares of Chevron by 86.1% during the 2nd quarter. Vermillion & White Wealth Management Group LLC now owns 255 shares of the oil and gas company’s stock worth $37,000 after acquiring an additional 118 shares during the period. IMG Wealth Management Inc. lifted its holdings in shares of Chevron by 52.3% during the 2nd quarter. IMG Wealth Management Inc. now owns 265 shares of the oil and gas company’s stock worth $38,000 after acquiring an additional 91 shares during the period. GFG Capital LLC acquired a new stake in shares of Chevron during the 2nd quarter worth approximately $42,000. Finally, LFA Lugano Financial Advisors SA increased its stake in Chevron by 106.7% in the second quarter. LFA Lugano Financial Advisors SA now owns 310 shares of the oil and gas company’s stock valued at $44,000 after acquiring an additional 160 shares during the last quarter. Institutional investors and hedge funds own 72.42% of the company’s stock.

Wall Street Analyst Weigh In

Several research analysts have commented on the stock. Barclays lowered their price objective on shares of Chevron from $160.00 to $158.00 and set an “equal weight” rating for the company in a research report on Tuesday, October 7th. Mizuho lifted their price target on Chevron from $204.00 to $206.00 and gave the company an “outperform” rating in a research note on Friday, December 12th. Piper Sandler dropped their price objective on Chevron from $171.00 to $169.00 and set an “overweight” rating for the company in a research report on Monday, November 10th. Scotiabank raised their price objective on Chevron from $160.00 to $165.00 and gave the company a “sector perform” rating in a research note on Thursday, October 9th. Finally, Morgan Stanley lifted their target price on Chevron from $177.00 to $180.00 and gave the company an “overweight” rating in a research report on Thursday, November 13th. One analyst has rated the stock with a Strong Buy rating, eleven have issued a Buy rating, eight have issued a Hold rating and three have given a Sell rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and an average target price of $166.00.

Insider Activity

In related news, Director John B. Hess sold 275,000 shares of the company’s stock in a transaction dated Thursday, November 20th. The stock was sold at an average price of $150.75, for a total transaction of $41,456,250.00. Following the sale, the director owned 1,128,045 shares in the company, valued at $170,052,783.75. This represents a 19.60% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 0.20% of the stock is owned by corporate insiders.

Chevron Stock Performance

Shares of CVX stock opened at $150.95 on Tuesday. The stock has a market capitalization of $303.93 billion, a PE ratio of 21.23, a PEG ratio of 9.00 and a beta of 0.68. The business’s 50 day simple moving average is $152.04 and its 200 day simple moving average is $152.92. The company has a debt-to-equity ratio of 0.19, a current ratio of 1.15 and a quick ratio of 0.86. Chevron Corporation has a one year low of $132.04 and a one year high of $168.96.

Chevron (NYSE:CVX) last released its quarterly earnings results on Friday, October 31st. The oil and gas company reported $1.85 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.71 by $0.14. Chevron had a net margin of 6.57% and a return on equity of 8.74%. The firm had revenue of $48.17 billion during the quarter, compared to analyst estimates of $46.99 billion. During the same quarter last year, the business earned $2.48 EPS. The company’s revenue was down 1.9% compared to the same quarter last year. As a group, research analysts forecast that Chevron Corporation will post 10.79 earnings per share for the current year.

Chevron Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, December 10th. Stockholders of record on Tuesday, November 18th were given a $1.71 dividend. The ex-dividend date of this dividend was Tuesday, November 18th. This represents a $6.84 annualized dividend and a dividend yield of 4.5%. Chevron’s dividend payout ratio (DPR) is 96.20%.

About Chevron

Chevron Corporation (NYSE: CVX) is an American multinational energy company engaged in virtually all aspects of the oil and gas industry. As an integrated energy firm, Chevron’s core activities include upstream oil and natural gas exploration and production, midstream transportation and storage, downstream refining and marketing of fuels and lubricants, and petrochemical manufacturing through joint ventures and subsidiaries. The company markets fuels under brands such as Chevron, Texaco and Caltex and supplies a range of products and services to retail customers, industrial users and commercial fleets worldwide.

Chevron traces its corporate lineage to the early petroleum companies that eventually became Standard Oil of California and has evolved through significant mergers and restructurings, including the acquisitions of Gulf Oil and Texaco.