IFP Advisors Inc Raises Stake in Chevron Corporation $CVX

IFP Advisors Inc increased its holdings in Chevron Corporation (NYSE:CVX) by 12.8% in the fourth quarter, Holdings Channel reports. The fund owned 54,013 shares of the oil and gas company’s stock after purchasing an additional 6,134 shares during the quarter. IFP Advisors Inc’s holdings in Chevron were worth $8,232,000 as of its most recent SEC filing.

Other hedge funds also recently added to or reduced their stakes in the company. Strategic Wealth Advisors LLC purchased a new stake in Chevron in the fourth quarter worth about $33,000. Daytona Street Capital LLC purchased a new stake in Chevron in the fourth quarter worth about $44,000. Maseco LLP purchased a new stake in Chevron in the fourth quarter worth about $49,000. Turning Point Benefit Group Inc. purchased a new stake in Chevron in the third quarter worth about $49,000. Finally, High Point Wealth Management LLC purchased a new stake in Chevron in the fourth quarter worth about $53,000. 72.42% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In other news, insider Andrew Benjamin Walz sold 11,600 shares of the stock in a transaction that occurred on Monday, March 2nd. The stock was sold at an average price of $188.58, for a total transaction of $2,187,528.00. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CEO Michael K. Wirth sold 272,624 shares of the firm’s stock in a transaction on Monday, March 2nd. The shares were sold at an average price of $189.35, for a total value of $51,621,354.40. Following the completion of the transaction, the chief executive officer owned 31,266 shares in the company, valued at $5,920,217.10. The trade was a 89.71% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last ninety days, insiders have sold 799,699 shares of company stock worth $151,259,517. Insiders own 0.56% of the company’s stock.

Chevron Price Performance

Shares of NYSE:CVX opened at $197.38 on Wednesday. Chevron Corporation has a twelve month low of $133.77 and a twelve month high of $214.71. The company’s 50 day moving average is $193.41 and its 200 day moving average is $173.98. The company has a current ratio of 1.09, a quick ratio of 0.84 and a debt-to-equity ratio of 0.21. The company has a market cap of $393.11 billion, a PE ratio of 34.21, a price-to-earnings-growth ratio of 0.66 and a beta of 0.51.

Chevron (NYSE:CVX) last issued its quarterly earnings data on Friday, May 1st. The oil and gas company reported $1.41 EPS for the quarter, topping analysts’ consensus estimates of $1.00 by $0.41. The business had revenue of $47.56 billion for the quarter, compared to analysts’ expectations of $51.86 billion. Chevron had a net margin of 5.79% and a return on equity of 6.90%. The business’s revenue was up 2.1% on a year-over-year basis. During the same quarter last year, the company earned $2.18 EPS. On average, sell-side analysts forecast that Chevron Corporation will post 15.43 EPS for the current year.

Chevron Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, June 10th. Stockholders of record on Tuesday, May 19th will be given a dividend of $1.78 per share. The ex-dividend date is Tuesday, May 19th. This represents a $7.12 dividend on an annualized basis and a dividend yield of 3.6%. Chevron’s dividend payout ratio (DPR) is 123.40%.

Analysts Set New Price Targets

CVX has been the subject of several analyst reports. Citigroup increased their price target on shares of Chevron from $210.00 to $235.00 and gave the company a “buy” rating in a research report on Thursday, April 2nd. Argus set a $203.00 price target on shares of Chevron in a research report on Tuesday, February 3rd. The Goldman Sachs Group reissued a “buy” rating and set a $216.00 price target on shares of Chevron in a research report on Wednesday, May 6th. Bank of America increased their price target on shares of Chevron from $188.00 to $206.00 and gave the company a “buy” rating in a research report on Monday, March 2nd. Finally, Mizuho increased their price target on shares of Chevron from $206.00 to $217.00 and gave the company an “outperform” rating in a research report on Tuesday, March 17th. One equities research analyst has rated the stock with a Strong Buy rating, eighteen have given a Buy rating, five have assigned a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $204.13.

More Chevron News

Here are the key news stories impacting Chevron this week:

• Positive Sentiment: Wall Street commentary has turned more upbeat on Chevron, with Zacks noting rising earnings estimate revisions and arguing that CVX could keep moving higher in the near term. Article Title
• Positive Sentiment: Chevron was highlighted as a long-term blue-chip idea, reinforcing the view that the company remains attractive for dividend and energy investors. Article Title
• Positive Sentiment: Chevron also drew unusually heavy call-option buying, suggesting traders are positioning for more upside in the near term. Article Title
• Positive Sentiment: Chevron agreed to sell a stake in its Asia-Pacific refining business to Japan’s Eneos for $2.2 billion, a move that can help streamline operations and raise cash. Article Title
• Neutral Sentiment: Several articles framed Chevron as a stock to watch or a “hold” at current levels, which does not point to a major fundamental surprise but helps explain continued investor focus. Article Title
• Neutral Sentiment: Coverage around Berkshire Hathaway trimming its Chevron stake created headlines, but the broader message was that Berkshire still appears committed to the company despite the sale. Article Title
• Negative Sentiment: Buffett-related reports that Berkshire Hathaway sold the largest chunk of Chevron in its Q1 stock trimming campaign may create some pressure, since investors often read Berkshire’s moves as a cautionary signal. Article Title

About Chevron

Chevron Corporation (NYSE: CVX) is an American multinational energy company engaged in virtually all aspects of the oil and gas industry. As an integrated energy firm, Chevron’s core activities include upstream oil and natural gas exploration and production, midstream transportation and storage, downstream refining and marketing of fuels and lubricants, and petrochemical manufacturing through joint ventures and subsidiaries. The company markets fuels under brands such as Chevron, Texaco and Caltex and supplies a range of products and services to retail customers, industrial users and commercial fleets worldwide.

Chevron traces its corporate lineage to the early petroleum companies that eventually became Standard Oil of California and has evolved through significant mergers and restructurings, including the acquisitions of Gulf Oil and Texaco.