Gradient Investments LLC Acquires 28,496 Shares of Chevron Corporation $CVX

Gradient Investments LLC boosted its holdings in shares of Chevron Corporation (NYSE:CVX) by 9.9% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 317,405 shares of the oil and gas company’s stock after acquiring an additional 28,496 shares during the quarter. Gradient Investments LLC’s holdings in Chevron were worth $45,449,000 at the end of the most recent quarter.

Other institutional investors have also recently added to or reduced their stakes in the company. Harvest Fund Management Co. Ltd boosted its stake in shares of Chevron by 420.7% in the 1st quarter. Harvest Fund Management Co. Ltd now owns 151 shares of the oil and gas company’s stock valued at $25,000 after purchasing an additional 122 shares during the last quarter. 10Elms LLP bought a new stake in shares of Chevron in the 4th quarter valued at $29,000. Elequin Capital LP bought a new stake in shares of Chevron in the 1st quarter valued at $31,000. IFS Advisors LLC boosted its stake in shares of Chevron by 119.6% in the 1st quarter. IFS Advisors LLC now owns 213 shares of the oil and gas company’s stock valued at $36,000 after purchasing an additional 116 shares during the last quarter. Finally, Cloud Capital Management LLC bought a new stake in shares of Chevron in the 1st quarter valued at $39,000. 72.42% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of research firms have recently commented on CVX. Piper Sandler upped their price objective on shares of Chevron from $164.00 to $168.00 and gave the company an “overweight” rating in a research note on Monday, August 18th. Melius Research began coverage on shares of Chevron in a research note on Wednesday, August 20th. They issued a “hold” rating and a $155.00 price objective on the stock. Bank of America upped their price objective on shares of Chevron from $170.00 to $185.00 and gave the company a “buy” rating in a research note on Wednesday, September 10th. TD Cowen boosted their target price on shares of Chevron from $150.00 to $155.00 and gave the company a “hold” rating in a research report on Monday, August 4th. Finally, Jefferies Financial Group reiterated a “buy” rating on shares of Chevron in a research report on Friday, July 18th. Eleven investment analysts have rated the stock with 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, Chevron has a consensus rating of “Hold” and a consensus price target of $164.80.

Chevron Stock Performance

CVX opened at $157.23 on Monday. The company has a current ratio of 1.00, a quick ratio of 0.74 and a debt-to-equity ratio of 0.16. The company’s fifty day moving average price is $154.67 and its two-hundred day moving average price is $148.79. Chevron Corporation has a 1-year low of $132.04 and a 1-year high of $168.96. The company has a market cap of $271.69 billion, a price-to-earnings ratio of 20.24, a PEG ratio of 1.98 and a beta of 0.90.

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

Chevron Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, September 10th. Shareholders of record on Tuesday, August 19th were issued a dividend of $1.71 per share. 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 presently 88.03%.

Insider Buying and Selling at Chevron

In other Chevron news, VP Alana K. Knowles sold 3,978 shares of the company’s stock in a transaction on 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 owned 1,181 shares in the company, valued at approximately $188,960. This represents a 77.11% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, Director John B. Hess sold 375,000 shares of the company’s stock in a transaction on Friday, August 22nd. The stock was sold at an average price of $158.30, for a total transaction of $59,362,500.00. Following the transaction, the director owned 1,403,045 shares in the company, valued at approximately $222,102,023.50. The trade was a 21.09% decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 0.20% of the company’s stock.

Chevron Profile

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.