IMG Wealth Management Inc. Purchases 91 Shares of Chevron Corporation $CVX

IMG Wealth Management Inc. raised its position in shares of Chevron Corporation (NYSE:CVX) by 52.3% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 265 shares of the oil and gas company’s stock after acquiring an additional 91 shares during the quarter. IMG Wealth Management Inc.’s holdings in Chevron were worth $38,000 as of its most recent SEC filing.

A number of other institutional investors have also bought and sold shares of CVX. Kingstone Capital Partners Texas LLC boosted its position in Chevron by 652,139.5% during the second 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 acquiring an additional 83,702,101 shares during the last quarter. GQG Partners LLC bought a new stake in Chevron during the first quarter valued at $1,466,751,000. Nuveen LLC bought a new stake in Chevron during the first quarter valued at $1,362,232,000. Charles Schwab Investment Management Inc. raised 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 purchasing an additional 1,574,464 shares during the period. Finally, Canada Pension Plan Investment Board raised its holdings in shares of Chevron by 141.2% during the first quarter. Canada Pension Plan Investment Board now owns 1,891,824 shares of the oil and gas company’s stock valued at $316,483,000 after purchasing an additional 1,107,628 shares during the period. Institutional investors own 72.42% of the company’s stock.

Chevron Trading Up 0.9%

CVX opened at $154.53 on Tuesday. 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 Corporation has a fifty-two week low of $132.04 and a fifty-two week high of $168.96. The firm has a market capitalization of $267.02 billion, a PE ratio of 19.89, a P/E/G ratio of 2.02 and a beta of 0.84. The company’s 50-day moving average is $156.05 and its 200 day moving average is $148.04.

Chevron (NYSE:CVX) last posted its quarterly earnings data 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 firm had revenue of $44.82 billion during 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 company’s revenue for the quarter was down 12.4% on a year-over-year basis. During the same quarter last year, the business posted $2.55 EPS. As a group, research analysts predict that Chevron Corporation will post 10.79 earnings per share for the current fiscal year.

Chevron Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, September 10th. Shareholders of record on Tuesday, August 19th were paid a $1.71 dividend. 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 (DPR) is 88.03%.

Analysts Set New Price Targets

Several equities analysts have recently weighed in on the stock. Mizuho dropped their price objective on shares of Chevron from $192.00 to $191.00 and set an “outperform” rating on the stock in a report on Monday, September 15th. Scotiabank upped their price objective on shares of Chevron from $160.00 to $165.00 and gave the company a “sector perform” rating in a report on Thursday, October 9th. Wells Fargo & Company started coverage on shares of Chevron in a report on Friday. They set an “overweight” rating and a $190.00 price objective on the stock. Morgan Stanley started coverage on shares of Chevron in a report on Monday, August 4th. They issued an “overweight” rating and a $174.00 target price on the stock. Finally, Piper Sandler upped 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. Eleven equities research analysts have rated the stock with a Buy rating, nine have assigned a Hold rating and three have assigned a Sell rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Hold” and an average target price of $165.25.

Insider Activity

In other Chevron news, Director John B. Hess sold 375,000 shares of the stock in a transaction dated 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 in the company, valued at approximately $222,102,023.50. This trade represents a 21.09% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, VP Alana K. Knowles sold 3,978 shares of the stock in a transaction dated Friday, August 29th. The shares were 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 of the company’s stock, valued at approximately $188,960. This trade represents a 77.11% decrease in their position. The disclosure for this sale can be found here. Company 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.