Avidian Wealth Enterprises LLC Sells 511 Shares of Chevron Corporation $CVX

Avidian Wealth Enterprises LLC trimmed its stake in Chevron Corporation (NYSE:CVX) by 1.2% in the 2nd quarter, HoldingsChannel reports. The fund owned 42,310 shares of the oil and gas company’s stock after selling 511 shares during the quarter. Avidian Wealth Enterprises LLC’s holdings in Chevron were worth $6,058,000 as of its most recent SEC filing.

Several other large investors have also recently made changes to their positions in CVX. Kingstone Capital Partners Texas LLC grew its stake in Chevron by 652,139.5% during the 2nd quarter. Kingstone Capital Partners Texas LLC now owns 83,714,936 shares of the oil and gas company’s stock worth $13,214,757,000 after buying an additional 83,702,101 shares during the last quarter. GQG Partners LLC purchased a new position in Chevron during the 1st quarter worth $1,466,751,000. Nuveen LLC purchased a new position in Chevron during the 1st quarter worth $1,362,232,000. Charles Schwab Investment Management Inc. grew its stake in Chevron by 4.9% during the 1st quarter. Charles Schwab Investment Management Inc. now owns 33,430,030 shares of the oil and gas company’s stock worth $5,592,263,000 after buying an additional 1,574,464 shares during the last quarter. Finally, Canada Pension Plan Investment Board grew its stake in Chevron by 141.2% during the 1st quarter. Canada Pension Plan Investment Board now owns 1,891,824 shares of the oil and gas company’s stock worth $316,483,000 after buying an additional 1,107,628 shares during the last quarter. 72.42% of the stock is owned by institutional investors.

Insider Transactions at Chevron

In other news, Director John B. Hess sold 375,000 shares of the company’s stock in a transaction dated Friday, August 22nd. The stock was sold at an average price of $158.30, for a total value of $59,362,500.00. Following the sale, the director owned 1,403,045 shares in the company, valued at $222,102,023.50. This represents a 21.09% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, VP Alana K. Knowles sold 3,978 shares of the company’s stock in a transaction dated Friday, August 29th. The stock was sold at an average price of $160.00, for a total value of $636,480.00. Following the completion of the sale, the vice president owned 1,181 shares in the company, valued at $188,960. The trade was a 77.11% decrease in their position. The disclosure for this sale can be found here. 0.20% of the stock is owned by corporate insiders.

Chevron Stock Up 0.9%

Chevron stock opened at $154.53 on Tuesday. The company has a debt-to-equity ratio of 0.16, a quick ratio of 0.74 and a current ratio of 1.00. The business’s 50-day simple moving average is $156.05 and its two-hundred day simple moving average is $148.04. The company has a market cap of $267.02 billion, a PE ratio of 19.89, a PEG ratio of 2.02 and a beta of 0.84. Chevron Corporation has a fifty-two week low of $132.04 and a fifty-two week high of $168.96.

Chevron (NYSE:CVX) last posted its quarterly earnings results on Friday, August 1st. The oil and gas company reported $1.77 earnings per share for the quarter, beating the consensus estimate of $1.58 by $0.19. Chevron had a return on equity of 9.90% and a net margin of 7.02%.The business had revenue of $44.82 billion for the quarter, compared to the consensus estimate of $44.59 billion. During the same quarter in the previous year, the business earned $2.55 EPS. The company’s quarterly revenue was down 12.4% compared to the same quarter last year. Equities analysts anticipate that Chevron Corporation will post 10.79 EPS for the current year.

Chevron Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Wednesday, September 10th. Stockholders 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 dividend on an annualized basis and a dividend yield of 4.4%. Chevron’s dividend payout ratio is presently 88.03%.

Analysts Set New Price Targets

Several research analysts recently weighed in on CVX shares. Piper Sandler boosted their target price on Chevron from $164.00 to $168.00 and gave the stock an “overweight” rating in a research note on Monday, August 18th. Raymond James Financial restated an “outperform” rating and set a $160.00 target price (down from $170.00) on shares of Chevron in a research note on Friday. Morgan Stanley started coverage on Chevron in a research note on Monday, August 4th. They set an “overweight” rating and a $174.00 target price on the stock. Evercore ISI restated an “outperform” rating and set a $180.00 target price on shares of Chevron in a research note on Thursday, July 31st. Finally, Barclays dropped their price target on Chevron from $160.00 to $158.00 and set an “equal weight” rating on the stock in a research note on Tuesday, October 7th. Eleven 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 data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus price target of $165.25.

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.