Grimes & Company Inc. Raises Stock Holdings in Chevron Corporation $CVX

Grimes & Company Inc. boosted its holdings in Chevron Corporation (NYSE:CVX) by 10.8% in the second quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 71,468 shares of the oil and gas company’s stock after buying an additional 6,954 shares during the quarter. Grimes & Company Inc.’s holdings in Chevron were worth $10,233,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently made changes to their positions in the business. Kingstone Capital Partners Texas LLC increased its position in shares of 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 during the last quarter. Charles Schwab Investment Management Inc. increased its position in shares of Chevron by 4.9% during the 1st 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 purchasing an additional 1,574,464 shares during the last quarter. Invesco Ltd. increased its position in shares of Chevron by 5.5% during the 1st quarter. Invesco Ltd. now owns 15,855,325 shares of the oil and gas company’s stock valued at $2,652,437,000 after purchasing an additional 827,851 shares during the last quarter. Dimensional Fund Advisors LP increased its position in shares of 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 valued at $2,054,513,000 after purchasing an additional 40,758 shares during the last quarter. Finally, GQG Partners LLC bought a new position in shares of Chevron during the 1st quarter valued at approximately $1,466,751,000. Hedge funds and other institutional investors own 72.42% of the company’s stock.

Insider Buying and Selling

In related news, Director John B. Hess sold 375,000 shares of the business’s stock in a transaction 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 sale, 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 ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, VP Alana K. Knowles sold 3,978 shares of the business’s stock in a transaction on Friday, August 29th. The stock was sold at an average price of $160.00, for a total transaction of $636,480.00. Following the completion of the sale, the vice president owned 1,181 shares in the company, valued at $188,960. This represents a 77.11% decrease in their position. The disclosure for this sale can be found here. 0.20% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

A number of research analysts recently issued reports on CVX shares. Weiss Ratings reiterated a “hold (c)” rating on shares of Chevron in a research note on Saturday, September 27th. Evercore ISI reiterated an “outperform” rating and set a $180.00 price objective on shares of Chevron in a research note on Thursday, July 31st. Raymond James Financial reiterated an “outperform” rating on shares of Chevron in a research note on Friday, August 1st. Wells Fargo & Company reiterated an “overweight” rating and set a $178.00 price objective on shares of Chevron in a research note on Friday, August 1st. Finally, Piper Sandler boosted their price objective on Chevron from $164.00 to $168.00 and gave the company an “overweight” rating in a research note on Monday, August 18th. Eleven equities research analysts have rated the stock with a Buy rating, nine have assigned a Hold rating and three have issued a Sell rating to the stock. According to MarketBeat, the stock has an average rating of “Hold” and an average price target of $165.05.

Chevron Trading Up 0.1%

CVX stock opened at $153.59 on Monday. Chevron Corporation has a 1-year low of $132.04 and a 1-year high of $168.96. The company has a debt-to-equity ratio of 0.16, a current ratio of 1.00 and a quick ratio of 0.74. The company has a market capitalization of $265.40 billion, a price-to-earnings ratio of 19.77, a PEG ratio of 1.99 and a beta of 0.84. The business has a 50 day simple moving average of $156.23 and a two-hundred day simple moving average of $148.87.

Chevron (NYSE:CVX) last posted its quarterly earnings results 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 return on equity of 9.90% and a net margin of 7.02%.The business had revenue of $44.82 billion during the quarter, compared to the consensus estimate of $44.59 billion. During the same period in the prior year, the company posted $2.55 EPS. The firm’s revenue for the quarter was down 12.4% compared to the same quarter last year. Research analysts anticipate that Chevron Corporation will post 10.79 EPS for the current fiscal year.

Chevron Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Wednesday, September 10th. Shareholders of record on Tuesday, August 19th were paid a $1.71 dividend. This represents a $6.84 annualized dividend and a yield of 4.5%. The ex-dividend date was Tuesday, August 19th. Chevron’s dividend payout ratio is presently 88.03%.

Chevron Company 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.