Fortis Group Advisors LLC Boosts Holdings in Chevron Co. (NYSE:CVX)

Fortis Group Advisors LLC raised its position in Chevron Co. (NYSE:CVX) by 22.2% in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 6,626 shares of the oil and gas company’s stock after purchasing an additional 1,205 shares during the period. Fortis Group Advisors LLC’s holdings in Chevron were worth $1,047,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently made changes to their positions in CVX. Bare Financial Services Inc bought a new position in shares of Chevron in the 4th quarter worth $27,000. Frank Rimerman Advisors LLC purchased a new position in Chevron in the fourth quarter worth $30,000. Valued Wealth Advisors LLC bought a new position in Chevron in the fourth quarter valued at $33,000. Clear Investment Research LLC raised its position in Chevron by 264.9% during the fourth quarter. Clear Investment Research LLC now owns 281 shares of the oil and gas company’s stock valued at $42,000 after purchasing an additional 204 shares in the last quarter. Finally, Vima LLC bought a new stake in Chevron during the fourth quarter worth about $44,000. 72.42% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

CVX has been the topic of several recent research reports. Scotiabank upgraded Chevron from a “sector perform” rating to a “sector outperform” rating and increased their price objective for the company from $170.00 to $195.00 in a research report on Thursday, April 11th. Raymond James boosted their price objective on shares of Chevron from $170.00 to $174.00 and gave the stock an “outperform” rating in a report on Monday, April 15th. UBS Group increased their target price on shares of Chevron from $185.00 to $197.00 and gave the company a “buy” rating in a report on Tuesday, April 9th. Barclays began coverage on shares of Chevron in a research note on Wednesday, April 10th. They issued an “overweight” rating and a $203.00 price target for the company. Finally, Piper Sandler lifted their price objective on Chevron from $180.00 to $204.00 and gave the stock an “overweight” rating in a report on Thursday, April 18th. Five investment analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the company. Based on data from MarketBeat.com, Chevron currently has an average rating of “Moderate Buy” and an average price target of $186.95.

Insider Buying and Selling

In related news, VP Alana K. Knowles sold 2,800 shares of the stock in a transaction dated Thursday, April 25th. The shares were sold at an average price of $165.00, for a total value of $462,000.00. Following the completion of the transaction, the vice president now directly owns 276 shares in the company, valued at approximately $45,540. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In other Chevron news, Director Enrique Hernandez, Jr. sold 5,098 shares of Chevron stock in a transaction on Monday, May 6th. The stock was sold at an average price of $163.50, for a total transaction of $833,523.00. Following the completion of the transaction, the director now owns 2,549 shares in the company, valued at $416,761.50. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, VP Alana K. Knowles sold 2,800 shares of the stock in a transaction on Thursday, April 25th. The stock was sold at an average price of $165.00, for a total value of $462,000.00. Following the completion of the sale, the vice president now directly owns 276 shares in the company, valued at $45,540. The disclosure for this sale can be found here. Insiders have sold a total of 19,546 shares of company stock valued at $3,176,223 over the last ninety days. Company insiders own 0.20% of the company’s stock.

Chevron Trading Down 0.2 %

Chevron stock traded down $0.27 during mid-day trading on Friday, reaching $152.57. 6,159,138 shares of the company traded hands, compared to its average volume of 6,205,760. The firm’s 50 day moving average price is $159.95 and its 200 day moving average price is $153.92. Chevron Co. has a 52-week low of $139.62 and a 52-week high of $171.70. The company has a debt-to-equity ratio of 0.13, a current ratio of 1.23 and a quick ratio of 0.93. The firm has a market capitalization of $281.18 billion, a price-to-earnings ratio of 14.04, a P/E/G ratio of 2.27 and a beta of 1.12.

Chevron (NYSE:CVX) last announced its quarterly earnings results on Friday, April 26th. The oil and gas company reported $2.93 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.84 by $0.09. The company had revenue of $48.72 billion for the quarter, compared to analysts’ expectations of $48.42 billion. Chevron had a net margin of 10.21% and a return on equity of 14.40%. Chevron’s quarterly revenue was down 4.1% on a year-over-year basis. During the same quarter in the previous year, the company earned $3.55 earnings per share. On average, analysts anticipate that Chevron Co. will post 13.45 earnings per share for the current fiscal year.

Chevron Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Monday, June 10th. Investors of record on Friday, May 17th were given a dividend of $1.63 per share. The ex-dividend date was Thursday, May 16th. This represents a $6.52 annualized dividend and a dividend yield of 4.27%. Chevron’s dividend payout ratio is presently 59.98%.

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.