Centric Wealth Management bought a new stake in shares of Chevron Corporation (NYSE:CVX – Free Report) in the 2nd quarter, HoldingsChannel reports. The firm bought 26,240 shares of the oil and gas company’s stock, valued at approximately $5,045,000.
Several other hedge funds have also recently added to or reduced their stakes in CVX. Prospect Financial Services LLC bought a new position in shares of Chevron in the second quarter valued at $204,000. Private Advisory Group LLC bought a new stake in shares of Chevron during the 2nd quarter worth $225,000. Focus Partners Advisor Solutions LLC bought a new stake in shares of Chevron during the 2nd quarter worth $12,214,000. ABN AMRO Bank N.V. bought a new stake in shares of Chevron during the 2nd quarter worth $852,000. Finally, Summit Asset Management LLC acquired a new position in shares of Chevron in the 2nd quarter worth $899,000. Institutional investors and hedge funds own 72.42% of the company’s stock.
Chevron Trading Up 1.2%
Shares of NYSE:CVX opened at $199.99 on Friday. The firm has a market capitalization of $395.13 billion, a P/E ratio of 19.17, a price-to-earnings-growth ratio of 0.61 and a beta of 0.49. Chevron Corporation has a 12-month low of $146.49 and a 12-month high of $214.71. The company has a quick ratio of 0.98, a current ratio of 1.25 and a debt-to-equity ratio of 0.19. The firm has a fifty day moving average of $183.30 and a two-hundred day moving average of $186.88.
Chevron Announces Dividend
The company also recently declared a quarterly dividend, which will be paid on Thursday, September 10th. Stockholders of record on Wednesday, August 19th will be issued a dividend of $1.78 per share. This represents a $7.12 annualized dividend and a dividend yield of 3.6%. The ex-dividend date is Wednesday, August 19th. Chevron’s payout ratio is currently 68.26%.
Insider Activity at Chevron
In related news, CEO Michael K. Wirth sold 5,547 shares of the stock in a transaction that occurred on Wednesday, August 5th. The stock was sold at an average price of $187.00, for a total value of $1,037,289.00. Following the transaction, the chief executive officer owned 26,308 shares in the company, valued at approximately $4,919,596. This represents a 17.41% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, Director John B. Hess sold 100,000 shares of the firm’s stock in a transaction that occurred on Monday, August 3rd. The shares were sold at an average price of $194.26, for a total transaction of $19,426,000.00. Following the transaction, the director directly owned 178,045 shares in the company, valued at approximately $34,587,021.70. The trade was a 35.97% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last three months, insiders sold 1,196,212 shares of company stock valued at $231,819,366. 0.56% of the stock is currently owned by company insiders.
Analyst Ratings Changes
A number of equities research analysts have recently issued reports on CVX shares. Bank of America boosted their target price on Chevron from $210.00 to $227.00 and gave the stock a “buy” rating in a research report on Tuesday, July 28th. UBS Group reissued a “buy” rating on shares of Chevron in a research note on Tuesday, June 23rd. Piper Sandler started coverage on Chevron in a research note on Thursday, July 23rd. They issued an “overweight” rating and a $207.00 price target on the stock. Barclays boosted their price objective on Chevron from $213.00 to $216.00 and gave the stock an “equal weight” rating in a report on Monday, August 3rd. Finally, Weiss Ratings upgraded shares of Chevron from a “hold (c)” rating to a “buy (b)” rating in a report on Tuesday. Twenty investment analysts have rated the stock with a Buy rating, five have assigned a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, Chevron has an average rating of “Moderate Buy” and a consensus target price of $207.48.
View Our Latest Stock Report on CVX
Chevron 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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