EverSource Wealth Advisors LLC Raises Stock Holdings in Chevron Co. (NYSE:CVX)

EverSource Wealth Advisors LLC lifted its position in shares of Chevron Co. (NYSE:CVX) by 41.5% during the first quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 65,228 shares of the oil and gas company’s stock after buying an additional 19,124 shares during the quarter. Chevron makes up 0.8% of EverSource Wealth Advisors LLC’s holdings, making the stock its 26th largest holding. EverSource Wealth Advisors LLC’s holdings in Chevron were worth $10,519,000 at the end of the most recent quarter.

Several other large investors have also made changes to their positions in CVX. Pacifica Partners Inc. lifted its holdings in shares of Chevron by 1.8% during the first quarter. Pacifica Partners Inc. now owns 3,492 shares of the oil and gas company’s stock worth $546,000 after buying an additional 63 shares in the last quarter. Private Wealth Management Group LLC grew its holdings in shares of Chevron by 15.7% during the first quarter. Private Wealth Management Group LLC now owns 464 shares of the oil and gas company’s stock worth $73,000 after purchasing an additional 63 shares during the last quarter. Ellenbecker Investment Group increased its position in Chevron by 1.5% in the 1st quarter. Ellenbecker Investment Group now owns 4,346 shares of the oil and gas company’s stock valued at $686,000 after acquiring an additional 65 shares during the period. Mayfair Advisory Group LLC raised its position in Chevron by 0.7% during the 1st quarter. Mayfair Advisory Group LLC now owns 9,407 shares of the oil and gas company’s stock worth $1,484,000 after purchasing an additional 65 shares during the last quarter. Finally, Penbrook Management LLC lifted its stake in shares of Chevron by 3.9% in the first quarter. Penbrook Management LLC now owns 1,730 shares of the oil and gas company’s stock worth $273,000 after acquiring an additional 65 shares during the period. 72.42% of the stock is currently owned by hedge funds and other institutional investors.

Chevron Trading Down 2.7 %

Shares of NYSE:CVX traded down $4.07 during midday trading on Friday, reaching $148.55. 13,278,618 shares of the company’s stock were exchanged, compared to its average volume of 6,585,736. The firm’s 50 day simple moving average is $156.37 and its two-hundred day simple moving average is $155.92. The company has a debt-to-equity ratio of 0.13, a current ratio of 1.23 and a quick ratio of 0.93. Chevron Co. has a fifty-two week low of $139.62 and a fifty-two week high of $171.70. The stock has a market cap of $273.77 billion, a price-to-earnings ratio of 13.66, a P/E/G ratio of 2.45 and a beta of 1.10.

Chevron (NYSE:CVX) last announced its quarterly earnings data on Friday, August 2nd. The oil and gas company reported $2.55 EPS for the quarter, missing analysts’ consensus estimates of $2.88 by ($0.33). Chevron had a net margin of 10.21% and a return on equity of 14.40%. The firm had revenue of $51.18 billion during the quarter, compared to analysts’ expectations of $48.68 billion. During the same period in the prior year, the company posted $3.08 earnings per share. The company’s revenue for the quarter was up 4.7% on a year-over-year basis. As a group, sell-side analysts forecast that Chevron Co. will post 12.45 EPS for the current fiscal year.

Chevron Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Tuesday, September 10th. Shareholders of record on Monday, August 19th will be given a dividend of $1.63 per share. The ex-dividend date of this dividend is Monday, August 19th. This represents a $6.52 annualized dividend and a yield of 4.39%. Chevron’s payout ratio is currently 59.98%.

Analyst Ratings Changes

Several brokerages have recently commented on CVX. Sanford C. Bernstein downgraded shares of Chevron from an “outperform” rating to a “market perform” rating and reduced their price objective for the stock from $183.00 to $167.00 in a research report on Wednesday, July 17th. UBS Group upped their price target on Chevron from $185.00 to $197.00 and gave the company a “buy” rating in a research report on Tuesday, April 9th. Truist Financial reduced their price objective on shares of Chevron from $166.00 to $156.00 and set a “hold” rating for the company in a research note on Monday, July 22nd. Barclays initiated coverage on shares of Chevron in a report on Wednesday, April 10th. They issued an “overweight” rating and a $203.00 price target on the stock. Finally, Piper Sandler lifted their price objective on Chevron from $180.00 to $204.00 and gave the company an “overweight” rating in a research note on Thursday, April 18th. Seven research analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company’s stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $185.59.

Insider Buying and Selling at Chevron

In related news, VP Jeff B. Gustavson sold 3,750 shares of the company’s stock in a transaction that occurred on Tuesday, May 21st. The shares were sold at an average price of $160.23, for a total transaction of $600,862.50. Following the transaction, the vice president now owns 477 shares of the company’s stock, valued at $76,429.71. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. In other news, Director Enrique Hernandez, Jr. sold 2,549 shares of the company’s stock in a transaction dated Friday, May 10th. The shares were sold at an average price of $165.24, for a total value of $421,196.76. Following the sale, the director now owns 27,725 shares in the company, valued at approximately $4,581,279. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, VP Jeff B. Gustavson sold 3,750 shares of the firm’s stock in a transaction dated Tuesday, May 21st. The stock was sold at an average price of $160.23, for a total transaction of $600,862.50. Following the completion of the transaction, the vice president now owns 477 shares in the company, valued at $76,429.71. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 11,397 shares of company stock valued at $1,855,582. Insiders own 0.20% of the company’s stock.

About Chevron

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.