Elevation Point Wealth Partners LLC Trims Position in Chevron Corporation $CVX

Elevation Point Wealth Partners LLC decreased its holdings in shares of Chevron Corporation (NYSE:CVX) by 24.9% in the 2nd quarter, according to its most recent Form 13F filing with the SEC. The firm owned 16,677 shares of the oil and gas company’s stock after selling 5,520 shares during the period. Elevation Point Wealth Partners LLC’s holdings in Chevron were worth $2,388,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently made changes to their positions in the stock. Analyst IMS Investment Management Services Ltd. grew its stake in shares of Chevron by 1.0% in the 2nd quarter. Analyst IMS Investment Management Services Ltd. now owns 6,751 shares of the oil and gas company’s stock valued at $966,000 after purchasing an additional 67 shares during the last quarter. Greenfield Savings Bank lifted its holdings in shares of Chevron by 0.6% during the second quarter. Greenfield Savings Bank now owns 11,611 shares of the oil and gas company’s stock worth $1,663,000 after purchasing an additional 68 shares during the period. Atwater Malick LLC grew its position in Chevron by 2.4% in the 2nd quarter. Atwater Malick LLC now owns 2,886 shares of the oil and gas company’s stock valued at $413,000 after buying an additional 68 shares during the last quarter. Hubbell Strickland Wealth Management LLC increased its stake in Chevron by 0.7% in the 2nd quarter. Hubbell Strickland Wealth Management LLC now owns 10,081 shares of the oil and gas company’s stock valued at $1,443,000 after buying an additional 68 shares during the period. Finally, Clarity Wealth Advisors LLC increased its stake in Chevron by 1.7% in the 2nd quarter. Clarity Wealth Advisors LLC now owns 4,170 shares of the oil and gas company’s stock valued at $597,000 after buying an additional 69 shares during the period. Hedge funds and other institutional investors own 72.42% of the company’s stock.

Wall Street Analysts Forecast Growth

CVX has been the subject of several recent analyst reports. Scotiabank raised their target price on shares of Chevron from $160.00 to $165.00 and gave the stock a “sector perform” rating in a research note on Thursday, October 9th. Morgan Stanley raised their price objective on shares of Chevron from $177.00 to $180.00 and gave the company an “overweight” rating in a research report on Thursday, November 13th. Evercore ISI reaffirmed an “outperform” rating and issued a $180.00 price objective on shares of Chevron in a report on Thursday, July 31st. Weiss Ratings reissued a “hold (c)” rating on shares of Chevron in a research note on Wednesday, October 8th. Finally, Barclays reduced their price target on Chevron from $160.00 to $158.00 and set an “equal weight” rating for the company in a report on Tuesday, October 7th. Ten investment analysts have rated the stock with a Buy rating, nine have assigned a Hold rating and four have given a Sell rating to the stock. According to data from MarketBeat, the company has an average rating of “Hold” and an average target price of $165.58.

Insiders Place Their Bets

In other news, Director John B. Hess sold 275,000 shares of Chevron stock in a transaction on Thursday, November 20th. The stock was sold at an average price of $150.75, for a total transaction of $41,456,250.00. Following the completion of the transaction, the director owned 1,128,045 shares of the company’s stock, valued at $170,052,783.75. The trade was a 19.60% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Also, VP Alana K. Knowles sold 3,978 shares of the business’s stock in a transaction dated Friday, August 29th. The stock was sold at an average price of $160.00, for a total transaction of $636,480.00. Following the completion of the sale, the vice president owned 1,181 shares in the company, valued at $188,960. This represents a 77.11% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Company insiders own 0.21% of the company’s stock.

Chevron Trading Up 0.8%

Shares of Chevron stock opened at $149.72 on Thursday. The company has a 50-day moving average of $154.25 and a two-hundred day moving average of $151.10. Chevron Corporation has a 12-month low of $132.04 and a 12-month high of $168.96. The company has a current ratio of 1.00, a quick ratio of 0.74 and a debt-to-equity ratio of 0.16. The stock has a market cap of $301.47 billion, a PE ratio of 19.27, a price-to-earnings-growth ratio of 4.40 and a beta of 0.83.

Chevron (NYSE:CVX) last released its quarterly earnings results on Friday, October 31st. The oil and gas company reported $1.85 earnings per share for the quarter, topping analysts’ consensus estimates of $1.71 by $0.14. Chevron had a return on equity of 9.90% and a net margin of 7.02%.The business had revenue of $48.17 billion for the quarter, compared to analysts’ expectations of $46.99 billion. During the same quarter in the prior year, the firm posted $2.48 EPS. The company’s revenue was down 1.9% compared to the same quarter last year. On average, research analysts anticipate that Chevron Corporation will post 10.79 EPS for the current fiscal year.

Chevron Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Wednesday, December 10th. Shareholders of record on Tuesday, November 18th will be issued a $1.71 dividend. The ex-dividend date of this dividend is Tuesday, November 18th. This represents a $6.84 annualized dividend and a yield of 4.6%. Chevron’s dividend payout ratio is 96.20%.

Chevron Company Profile

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.