IAM Advisory LLC Invests $508,000 in Chevron Co. (NYSE:CVX)

IAM Advisory LLC bought a new position in shares of Chevron Co. (NYSE:CVX) in the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund bought 4,743 shares of the oil and gas company’s stock, valued at approximately $508,000.

Several other hedge funds also recently added to or reduced their stakes in the company. Concentric Wealth Management LLC increased its stake in shares of Chevron by 0.3% during the second quarter. Concentric Wealth Management LLC now owns 36,963 shares of the oil and gas company’s stock worth $3,872,000 after purchasing an additional 98 shares in the last quarter. Rede Wealth LLC boosted its position in Chevron by 2.3% during the second quarter. Rede Wealth LLC now owns 4,438 shares of the oil and gas company’s stock worth $464,000 after acquiring an additional 100 shares during the last quarter. Encompass Wealth Advisors LLC boosted its position in Chevron by 1.7% during the second quarter. Encompass Wealth Advisors LLC now owns 6,110 shares of the oil and gas company’s stock worth $640,000 after acquiring an additional 100 shares during the last quarter. Fiduciary Planning LLC boosted its position in Chevron by 5.2% during the second quarter. Fiduciary Planning LLC now owns 2,039 shares of the oil and gas company’s stock worth $214,000 after acquiring an additional 100 shares during the last quarter. Finally, Foster Group Inc. boosted its position in Chevron by 2.7% during the second quarter. Foster Group Inc. now owns 3,850 shares of the oil and gas company’s stock worth $403,000 after acquiring an additional 100 shares during the last quarter. 65.55% of the stock is owned by institutional investors and hedge funds.

NYSE CVX opened at $117.19 on Thursday. The company has a market capitalization of $225.91 billion, a price-to-earnings ratio of 22.62, a price-to-earnings-growth ratio of 2.42 and a beta of 1.30. The firm’s fifty day moving average price is $109.21 and its 200 day moving average price is $104.90. The company has a debt-to-equity ratio of 0.27, a current ratio of 1.28 and a quick ratio of 1.03. Chevron Co. has a 12 month low of $83.53 and a 12 month high of $118.08.

Chevron (NYSE:CVX) last issued its quarterly earnings results on Thursday, October 28th. The oil and gas company reported $2.96 earnings per share for the quarter, topping the Zacks’ consensus estimate of $2.21 by $0.75. The firm had revenue of $44.71 billion during the quarter, compared to analysts’ expectations of $40.89 billion. Chevron had a net margin of 7.10% and a return on equity of 7.95%. Chevron’s quarterly revenue was up 82.9% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.11 EPS. As a group, sell-side analysts forecast that Chevron Co. will post 8.35 earnings per share for the current year.

The firm also recently declared a quarterly dividend, which will be paid on Friday, December 10th. Investors of record on Thursday, November 18th will be paid a dividend of $1.34 per share. This represents a $5.36 dividend on an annualized basis and a yield of 4.57%. The ex-dividend date is Wednesday, November 17th. Chevron’s dividend payout ratio is currently 103.47%.

CVX has been the topic of several recent analyst reports. Zacks Investment Research lowered shares of Chevron from a “buy” rating to a “hold” rating and set a $100.00 target price on the stock. in a report on Tuesday, September 21st. Royal Bank of Canada upgraded shares of Chevron from a “sector perform” rating to an “outperform” rating and upped their price objective for the stock from $130.00 to $145.00 in a report on Wednesday. TheStreet raised shares of Chevron from a “c” rating to a “b-” rating in a research note on Friday, July 30th. Truist upped their target price on shares of Chevron from $145.00 to $150.00 and gave the stock a “buy” rating in a research note on Thursday, October 7th. Finally, Morgan Stanley upped their target price on shares of Chevron from $149.00 to $155.00 and gave the stock an “overweight” rating in a research note on Friday, November 19th. Ten investment analysts have rated the stock with a hold rating and sixteen have given a buy rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Buy” and an average target price of $121.23.

In other news, VP Eimear P. Bonner sold 35,301 shares of the firm’s stock in a transaction on Friday, November 5th. The shares were sold at an average price of $114.50, for a total value of $4,041,964.50. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, VP Colin E. Parfitt sold 15,000 shares of the stock in a transaction dated Friday, October 29th. The shares were sold at an average price of $115.01, for a total transaction of $1,725,150.00. The disclosure for this sale can be found here. In the last quarter, insiders have sold 325,651 shares of company stock valued at $37,293,688. 0.29% of the stock is owned by company insiders.

Chevron Company Profile

Chevron Corp. engages in the provision of administrative, financial management, and technology support for energy and chemical operations. It operates through the Upstream and Downstream segments. The Upstream segment consists of exploration, development, and production of crude oil and natural gas; liquefaction, transportation, and regasification associated with liquefied natural gas; transporting crude oil by major international oil export pipelines; processing, transporting, storage, and marketing of natural gas; and a gas-to-liquids plant.

Further Reading: Conference Calls and Individual Investors

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Institutional Ownership by Quarter for Chevron (NYSE:CVX)

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