Axxcess Wealth Management LLC boosted its holdings in Chevron Corporation (NYSE:CVX – Free Report) by 257.2% in the fourth quarter, Holdings Channel reports. The firm owned 232,082 shares of the oil and gas company’s stock after purchasing an additional 167,118 shares during the quarter. Axxcess Wealth Management LLC’s holdings in Chevron were worth $35,371,000 as of its most recent SEC filing.
A number of other hedge funds have also added to or reduced their stakes in CVX. Strategic Wealth Advisors LLC bought a new position in Chevron in the fourth quarter valued at $33,000. Daytona Street Capital LLC bought a new position in Chevron in the fourth quarter valued at $44,000. Maseco LLP bought a new position in Chevron in the fourth quarter valued at $49,000. Turning Point Benefit Group Inc. bought a new position in Chevron in the third quarter valued at $49,000. Finally, High Point Wealth Management LLC bought a new position in Chevron in the fourth quarter valued at $53,000. Institutional investors own 72.42% of the company’s stock.
Trending Headlines about Chevron
Here are the key news stories impacting Chevron this week:
- Positive Sentiment: Chevron’s planned sale of Asia Pacific refining and retail assets to Eneos for about $2.17 billion supports its portfolio-streamlining strategy and may strengthen the balance sheet. Chevron Corporation (CVX) Poised for $2.17B Boost from Asia Pacific Asset Sale
- Positive Sentiment: Management will participate in a fireside chat at Bernstein’s annual conference next week, which could provide fresh guidance on operations, capital spending, and shareholder returns. Advisory: Chevron to Participate in Fireside Q&A at Bernstein 42nd Annual Strategic Decisions Conference
- Positive Sentiment: Chevron introduced next-generation Techron in the U.S., a product update that may help support branded fuel demand and reinforce its consumer fuel business. Chevron Introduces Next-gen Techron in U.S. Chevron and Texaco Gasolines
- Neutral Sentiment: Several recent pieces compared Chevron favorably with other integrated oil majors and highlighted ongoing investor interest in energy stocks, but these were mostly commentary rather than new company-specific catalysts. Shell vs. Chevron: Which Integrated Oil Major Has the Upper Hand?
- Negative Sentiment: Chevron remains under scrutiny ahead of its annual meeting, as an activist-led ESG/Israel-related proposal is drawing controversy and could create headline risk for the stock. Chevron Israel Activism Puts ESG Risks And Valuation In Focus
Chevron Stock Performance
Chevron (NYSE:CVX – Get Free Report) last posted its earnings results on Friday, May 1st. The oil and gas company reported $1.41 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.00 by $0.41. The company had revenue of $47.56 billion during 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%. Chevron’s quarterly revenue was up 2.1% compared to the same quarter last year. During the same quarter last year, the company posted $2.18 EPS. As a group, equities analysts predict that Chevron Corporation will post 15.43 EPS for the current year.
Chevron Announces Dividend
The business also recently announced a quarterly dividend, which will be paid on Wednesday, June 10th. Stockholders of record on Tuesday, May 19th will be paid a dividend of $1.78 per share. This represents a $7.12 dividend on an annualized basis and a dividend yield of 3.7%. The ex-dividend date is Tuesday, May 19th. Chevron’s dividend payout ratio (DPR) is currently 123.40%.
Wall Street Analyst Weigh In
A number of research firms recently weighed in on CVX. Sanford C. Bernstein decreased their target price on shares of Chevron from $216.00 to $204.00 and set a “market perform” rating for the company in a research report on Monday, May 11th. TD Cowen increased their price target on shares of Chevron from $204.00 to $205.00 and gave the company a “hold” rating in a research note on Friday, May 8th. Tudor Pickering upgraded shares of Chevron from a “hold” rating to a “buy” rating and set a $225.00 price target for the company in a research note on Thursday, April 9th. Zacks Research upgraded shares of Chevron from a “hold” rating to a “strong-buy” rating in a research note on Friday, April 3rd. Finally, The Goldman Sachs Group reiterated a “buy” rating and issued a $216.00 price target on shares of Chevron in a research note on Wednesday, May 6th. One research analyst has rated the stock with a Strong Buy rating, eighteen have issued a Buy rating, five have issued a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $204.13.
Read Our Latest Analysis on Chevron
Insider Activity at Chevron
In other news, insider R. Hewitt Pate sold 40,200 shares of the firm’s stock in a transaction dated Monday, March 30th. The shares were sold at an average price of $213.30, for a total transaction of $8,574,660.00. Following the completion of the sale, the insider owned 8,638 shares in the company, valued at approximately $1,842,485.40. This trade represents a 82.31% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, insider Andrew Benjamin Walz sold 11,600 shares of the firm’s 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 SEC filing for this sale provides additional information. Insiders have sold a total of 799,699 shares of company stock worth $151,259,517 in the last quarter. 0.56% of the stock is owned by corporate insiders.
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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