Global Wealth Management Investment Advisory Inc. grew its position in Chevron Corporation (NYSE:CVX – Free Report) by 5.5% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 76,596 shares of the oil and gas company’s stock after purchasing an additional 3,979 shares during the quarter. Chevron comprises approximately 1.9% of Global Wealth Management Investment Advisory Inc.’s investment portfolio, making the stock its 15th biggest holding. Global Wealth Management Investment Advisory Inc.’s holdings in Chevron were worth $11,674,000 at the end of the most recent quarter.
A number of other large investors have also recently made changes to their positions in CVX. Dakota Wealth Management increased its stake in shares of Chevron by 14.9% during the fourth quarter. Dakota Wealth Management now owns 83,265 shares of the oil and gas company’s stock worth $12,690,000 after purchasing an additional 10,822 shares in the last quarter. Brooklyn FI LLC purchased a new stake in Chevron during the 3rd quarter valued at about $431,000. Clear Trail Advisors LLC purchased a new stake in shares of Chevron in the 4th quarter valued at approximately $10,167,000. Finemark National Bank & Trust grew its stake in shares of Chevron by 40.3% in the 3rd quarter. Finemark National Bank & Trust now owns 56,535 shares of the oil and gas company’s stock valued at $8,779,000 after buying an additional 16,243 shares during the period. Finally, Curtis Advisory Group LLC purchased a new stake in shares of Chevron in the 4th quarter valued at approximately $1,381,000. 72.42% of the stock is owned by hedge funds and other institutional investors.
Insider Activity at Chevron
In other Chevron news, Director John B. Hess sold 195,000 shares of Chevron stock in a transaction dated Wednesday, May 6th. The shares were sold at an average price of $184.78, for a total transaction of $36,032,100.00. Following the completion of the transaction, the director owned 658,045 shares in the company, valued at approximately $121,593,555.10. The trade was a 22.86% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, insider Andrew Benjamin Walz sold 11,600 shares of Chevron stock in a transaction dated Monday, March 2nd. The stock was sold at an average price of $188.58, for a total transaction of $2,187,528.00. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 816,434 shares of company stock valued at $154,338,976 in the last quarter. 0.56% of the stock is owned by corporate insiders.
Key Chevron News
- Positive Sentiment: Higher crude prices and Middle East supply fears are lifting the outlook for oil producers, with several articles naming Chevron as a stock that could benefit if oil prices move higher. 3 Oil Stocks to Buy Before Prices Head Higher
- Positive Sentiment: Reuters reported that Syria selected an offshore block for its first deep-water oil and gas project with Chevron and Qatar’s UCC Holding, which could expand Chevron’s international exploration opportunities if the project advances. Syria selects offshore block for first deep-water oil, gas project with Chevron
- Neutral Sentiment: ADL and JLens urged Chevron shareholders to vote against Proposal 6 at the May 27 annual meeting, highlighting ongoing ESG and geopolitical controversy around the company’s Israel-related operations. ADL and JLens Urge Chevron Shareholders to Vote AGAINST Proposal 6
- Neutral Sentiment: Analysts are debating whether Chevron is still a safe bet after its sharp rally, with some commentary suggesting limited upside from current levels despite the recent strength in oil. Is Chevron a Safe Bet in the Energy Sector?
- Negative Sentiment: Some market commentary argues a drop in oil prices could signal weaker economic demand, which would be a risk for Chevron if crude cools off from recent highs. Here’s Why a Drop in Oil Prices Might Be a Warning Sign for the Economy
Analysts Set New Price Targets
CVX has been the topic of several recent analyst reports. Weiss Ratings restated a “hold (c)” rating on shares of Chevron in a report on Wednesday, January 21st. Barclays increased their target price on shares of Chevron from $180.00 to $192.00 and gave the stock an “equal weight” rating in a report on Monday, May 4th. Wells Fargo & Company raised their price objective on shares of Chevron from $204.00 to $222.00 and gave the company an “overweight” rating in a report on Thursday, April 9th. Argus set a $203.00 target price on shares of Chevron in a research report on Tuesday, February 3rd. Finally, Sanford C. Bernstein lowered their price objective on shares of Chevron from $216.00 to $204.00 and set a “market perform” rating on the stock in a research report on Monday. 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 given a Sell rating to the company. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $204.13.
Read Our Latest Research Report on CVX
Chevron Stock Up 0.7%
Shares of NYSE CVX opened at $185.95 on Wednesday. The company has a quick ratio of 0.84, a current ratio of 1.09 and a debt-to-equity ratio of 0.21. Chevron Corporation has a 52 week low of $133.77 and a 52 week high of $214.71. The firm has a 50-day moving average price of $193.16 and a 200 day moving average price of $172.71. The stock has a market capitalization of $370.33 billion, a price-to-earnings ratio of 32.23, a price-to-earnings-growth ratio of 0.64 and a beta of 0.51.
Chevron (NYSE:CVX – Get Free Report) last announced its quarterly earnings data on Friday, May 1st. The oil and gas company reported $1.41 EPS for the quarter, beating the consensus estimate of $1.00 by $0.41. Chevron had a net margin of 5.79% and a return on equity of 6.90%. The firm had revenue of $47.56 billion during the quarter, compared to analysts’ expectations of $51.86 billion. During the same quarter last year, the business earned $2.18 earnings per share. The business’s revenue for the quarter was up 2.1% compared to the same quarter last year. Equities research analysts anticipate that Chevron Corporation will post 15.02 EPS for the current fiscal year.
Chevron Announces Dividend
The firm also recently announced a quarterly dividend, which will be paid on Wednesday, June 10th. Shareholders 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 yield of 3.8%. Chevron’s payout ratio is presently 123.40%.
Chevron Company Profile
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.
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