Drake & Associates LLC Grows Stock Position in Chevron Corporation $CVX

Drake & Associates LLC lifted its holdings in shares of Chevron Corporation (NYSE:CVX) by 15.6% during the second quarter, according to its most recent disclosure with the SEC. The fund owned 3,876 shares of the oil and gas company’s stock after acquiring an additional 524 shares during the period. Drake & Associates LLC’s holdings in Chevron were worth $555,000 at the end of the most recent quarter.

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

Insider Buying and Selling

In other Chevron news, VP Alana K. Knowles sold 3,978 shares of the firm’s stock in a transaction that occurred on Friday, August 29th. The stock was sold at an average price of $160.00, for a total value of $636,480.00. Following the sale, the vice president directly owned 1,181 shares of the company’s stock, valued at approximately $188,960. This trade represents a 77.11% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director John B. Hess sold 375,000 shares of the business’s stock in a transaction that occurred on 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 sale, 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 ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 0.20% of the company’s stock.

Analysts Set New Price Targets

CVX has been the subject of several research analyst reports. TD Cowen raised their price objective on Chevron from $150.00 to $155.00 and gave the stock a “hold” rating in a research note on Monday, August 4th. Weiss Ratings reissued a “hold (c)” rating on shares of Chevron in a research report on Saturday, September 27th. Morgan Stanley began coverage on shares of Chevron in a report on Monday, August 4th. They issued an “overweight” rating and a $174.00 price objective on the stock. Piper Sandler raised their target price on shares of Chevron from $164.00 to $168.00 and gave the stock an “overweight” rating in a report on Monday, August 18th. Finally, Raymond James Financial restated an “outperform” rating on shares of Chevron in a research report on Friday, August 1st. Eleven research analysts have rated the stock with a Buy rating, nine have given a Hold rating and three have issued a Sell rating to the company’s stock. According to MarketBeat, the company presently has an average rating of “Hold” and a consensus target price of $165.05.

Chevron Stock Performance

CVX opened at $153.99 on Tuesday. The firm has a fifty day moving average price of $156.19 and a 200 day moving average price of $148.80. Chevron Corporation has a 1 year low of $132.04 and a 1 year high of $168.96. The stock has a market cap of $266.09 billion, a P/E ratio of 19.82, a P/E/G ratio of 1.99 and a beta of 0.84. The company has a debt-to-equity ratio of 0.16, a current ratio of 1.00 and a quick ratio of 0.74.

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

Chevron Dividend Announcement

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

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.