Fortis Capital Advisors LLC Boosts Position in Chevron Corporation $CVX

Fortis Capital Advisors LLC raised its stake in shares of Chevron Corporation (NYSE:CVX) by 33.5% in the 1st quarter, according to its most recent disclosure with the SEC. The firm owned 3,404 shares of the oil and gas company’s stock after purchasing an additional 855 shares during the period. Fortis Capital Advisors LLC’s holdings in Chevron were worth $570,000 as of its most recent SEC filing.

Other hedge funds have also bought and sold shares of the company. Harvest Fund Management Co. Ltd grew its holdings in Chevron by 420.7% during the first quarter. Harvest Fund Management Co. Ltd now owns 151 shares of the oil and gas company’s stock valued at $25,000 after purchasing an additional 122 shares during the period. 10Elms LLP bought a new stake in shares of Chevron during the 4th quarter valued at $29,000. Elequin Capital LP bought a new stake in shares of Chevron during the 1st quarter valued at $31,000. IFS Advisors LLC raised its position in shares of Chevron by 119.6% during the 1st quarter. IFS Advisors LLC now owns 213 shares of the oil and gas company’s stock valued at $36,000 after purchasing an additional 116 shares during the period. Finally, Cloud Capital Management LLC bought a new stake in shares of Chevron during the 1st quarter valued at $39,000. Institutional investors own 72.42% of the company’s stock.

Chevron Price Performance

Shares of Chevron stock opened at $157.76 on Thursday. The stock has a 50 day moving average of $154.29 and a 200 day moving average of $148.88. Chevron Corporation has a 12 month low of $132.04 and a 12 month high of $168.96. The firm has a market cap of $272.60 billion, a PE ratio of 20.30, a PEG ratio of 2.30 and a beta of 0.90. The company has a current ratio of 1.00, a quick ratio of 0.74 and a debt-to-equity ratio of 0.16.

Chevron (NYSE:CVX) last announced its quarterly earnings results on Friday, August 1st. The oil and gas company reported $1.77 EPS for the quarter, beating analysts’ consensus estimates of $1.58 by $0.19. Chevron had a return on equity of 9.90% and a net margin of 7.02%.The company had revenue of $44.82 billion during the quarter, compared to analyst estimates of $44.59 billion. During the same period in the prior year, the company earned $2.55 earnings per share. The firm’s revenue was down 12.4% on a year-over-year basis. On average, research analysts expect that Chevron Corporation will post 10.79 EPS for the current fiscal year.

Chevron Announces Dividend

The firm 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. This represents a $6.84 dividend on an annualized basis and a dividend yield of 4.3%. The ex-dividend date of this dividend was Tuesday, August 19th. Chevron’s dividend payout ratio (DPR) is presently 88.03%.

Wall Street Analyst Weigh In

Several analysts have recently commented on CVX shares. Jefferies Financial Group restated a “buy” rating on shares of Chevron in a research report on Friday, July 18th. Wells Fargo & Company reaffirmed an “overweight” rating and issued a $178.00 price objective on shares of Chevron in a research note on Friday, August 1st. Scotiabank reaffirmed a “sector perform” rating and issued a $160.00 price objective (up previously from $143.00) on shares of Chevron in a research note on Friday, July 11th. UBS Group upped their price objective on Chevron from $186.00 to $197.00 and gave the stock a “buy” rating in a research note on Wednesday, August 20th. Finally, Melius initiated coverage on Chevron in a research note on Wednesday, August 20th. They issued a “hold” rating and a $155.00 price objective for the company. Eleven equities research analysts have rated the stock with a Buy rating, eight have issued a Hold rating and three have assigned a Sell rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Hold” and an average price target of $164.80.

Insiders Place Their Bets

In related news, VP Alana K. Knowles sold 3,978 shares of Chevron 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 in the company, valued at $188,960. This trade represents a 77.11% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director John B. Hess sold 375,000 shares of Chevron stock in a transaction dated Friday, August 22nd. The shares were sold at an average price of $158.30, for a total transaction of $59,362,500.00. Following the sale, the director owned 1,403,045 shares of the company’s stock, valued at $222,102,023.50. The trade was a 21.09% decrease in their position. The disclosure for this sale can be found here. Company insiders own 0.21% of the company’s stock.

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.