Stratos Wealth Partners LTD. Raises Position in Chevron Corporation $CVX

Stratos Wealth Partners LTD. raised its holdings in shares of Chevron Corporation (NYSE:CVX) by 17.8% in the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 86,457 shares of the oil and gas company’s stock after buying an additional 13,056 shares during the period. Stratos Wealth Partners LTD.’s holdings in Chevron were worth $13,426,000 at the end of the most recent reporting period.

Several other large investors have also recently modified their holdings of CVX. Norges Bank bought a new position in Chevron during the 2nd quarter worth approximately $2,721,477,000. Bank of New York Mellon Corp grew its holdings in shares of Chevron by 27.9% in the third quarter. Bank of New York Mellon Corp now owns 19,627,146 shares of the oil and gas company’s stock worth $3,047,900,000 after purchasing an additional 4,279,918 shares during the last quarter. Laurel Wealth Advisors LLC grew its holdings in shares of Chevron by 14,194.2% in the second quarter. Laurel Wealth Advisors LLC now owns 3,722,217 shares of the oil and gas company’s stock worth $532,984,000 after purchasing an additional 3,696,177 shares during the last quarter. Berkshire Hathaway Inc increased its stake in shares of Chevron by 2.9% in the second quarter. Berkshire Hathaway Inc now owns 122,064,792 shares of the oil and gas company’s stock worth $17,478,458,000 after buying an additional 3,454,258 shares during the period. Finally, Massachusetts Financial Services Co. MA boosted its position in Chevron by 32.1% during the 3rd quarter. Massachusetts Financial Services Co. MA now owns 9,125,735 shares of the oil and gas company’s stock valued at $1,417,135,000 after buying an additional 2,218,283 shares during the period. Hedge funds and other institutional investors own 72.42% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities analysts have issued reports on CVX shares. JPMorgan Chase & Co. upgraded shares of Chevron from a “neutral” rating to an “overweight” rating and set a $176.00 price objective on the stock in a research report on Tuesday, January 20th. Raymond James Financial restated an “outperform” rating and set a $160.00 price target (down previously from $170.00) on shares of Chevron in a report on Friday, October 17th. Citigroup lowered their price target on Chevron from $185.00 to $179.00 and set a “buy” rating for the company in a research report on Monday, January 5th. Sanford C. Bernstein lifted their price objective on Chevron from $170.00 to $172.00 and gave the stock a “market perform” rating in a research report on Monday, January 5th. Finally, Piper Sandler decreased their target price on Chevron from $178.00 to $174.00 and set an “overweight” rating for the company in a report on Thursday, January 8th. Twelve investment analysts have rated the stock with a Buy rating, seven have issued a Hold rating and four have assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, Chevron currently has a consensus rating of “Hold” and a consensus target price of $175.00.

Insider Buying and Selling

In related news, insider R. Hewitt Pate sold 41,134 shares of Chevron stock in a transaction dated Friday, January 30th. The shares were sold at an average price of $176.40, for a total transaction of $7,256,037.60. Following the completion of the transaction, the insider directly owned 4,169 shares of the company’s stock, valued at $735,411.60. This trade represents a 90.80% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, Director John B. Hess sold 275,000 shares of the business’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 directly owned 1,128,045 shares in the company, valued at $170,052,783.75. The trade was a 19.60% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold 793,158 shares of company stock worth $127,919,578 over the last 90 days. Corporate insiders own 0.20% of the company’s stock.

Chevron Stock Down 0.1%

Shares of NYSE:CVX opened at $182.39 on Wednesday. The firm has a market capitalization of $367.25 billion, a P/E ratio of 27.39, a P/E/G ratio of 12.28 and a beta of 0.70. The company has a debt-to-equity ratio of 0.19, a quick ratio of 0.86 and a current ratio of 1.15. The stock has a 50 day moving average price of $160.55 and a 200-day moving average price of $156.86. Chevron Corporation has a 52-week low of $132.04 and a 52-week high of $182.95.

Chevron (NYSE:CVX) last issued its quarterly earnings results on Friday, January 30th. The oil and gas company reported $1.52 earnings per share for the quarter, topping the consensus estimate of $1.44 by $0.08. The company had revenue of $45.79 billion for the quarter, compared to analysts’ expectations of $48.18 billion. Chevron had a return on equity of 8.23% and a net margin of 6.51%.The firm’s revenue for the quarter was down 10.2% on a year-over-year basis. During the same period in the prior year, the firm earned $2.06 earnings per share. As a group, equities research analysts anticipate that Chevron Corporation will post 10.79 EPS for the current fiscal year.

Chevron Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, March 10th. Stockholders of record on Tuesday, February 17th will be given a $1.78 dividend. The ex-dividend date of this dividend is Tuesday, February 17th. This represents a $7.12 dividend on an annualized basis and a dividend yield of 3.9%. This is a boost from Chevron’s previous quarterly dividend of $1.71. Chevron’s payout ratio is currently 102.70%.

Chevron Company Profile

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.