Chevron Corporation $CVX Stock Position Reduced by SteelPeak Wealth LLC

SteelPeak Wealth LLC decreased its stake in Chevron Corporation (NYSE:CVX) by 42.2% in the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 83,028 shares of the oil and gas company’s stock after selling 60,720 shares during the quarter. SteelPeak Wealth LLC’s holdings in Chevron were worth $12,893,000 at the end of the most recent quarter.

Other institutional investors also recently modified their holdings of the company. Quaker Wealth Management LLC increased its stake in shares of Chevron by 197.7% in the second quarter. Quaker Wealth Management LLC now owns 217 shares of the oil and gas company’s stock worth $31,000 after acquiring an additional 439 shares during the last quarter. Vermillion & White Wealth Management Group LLC increased its position in Chevron by 86.1% in the 2nd quarter. Vermillion & White Wealth Management Group LLC now owns 255 shares of the oil and gas company’s stock worth $37,000 after purchasing an additional 118 shares during the last quarter. IMG Wealth Management Inc. raised its stake in shares of Chevron by 52.3% during the 2nd quarter. IMG Wealth Management Inc. now owns 265 shares of the oil and gas company’s stock worth $38,000 after purchasing an additional 91 shares in the last quarter. GFG Capital LLC acquired a new stake in shares of Chevron during the 2nd quarter valued at about $42,000. Finally, LFA Lugano Financial Advisors SA grew its stake in shares of Chevron by 106.7% in the 2nd quarter. LFA Lugano Financial Advisors SA now owns 310 shares of the oil and gas company’s stock valued at $44,000 after buying an additional 160 shares in the last quarter. Institutional investors and hedge funds own 72.42% of the company’s stock.

Insider Transactions at Chevron

In other Chevron news, Director John B. Hess sold 275,000 shares of Chevron stock in a transaction that occurred on Thursday, November 20th. The stock was sold at an average price of $150.75, for a total value of $41,456,250.00. Following the transaction, the director directly 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 sale was disclosed in a filing with the SEC, which is available at the SEC website. 0.21% of the stock is owned by company insiders.

Chevron Stock Performance

NYSE:CVX opened at $155.81 on Friday. The firm has a market capitalization of $313.73 billion, a PE ratio of 21.91, a PEG ratio of 9.54 and a beta of 0.70. Chevron Corporation has a 1 year low of $132.04 and a 1 year high of $168.96. The company has a current ratio of 1.15, a quick ratio of 0.86 and a debt-to-equity ratio of 0.19. The firm’s fifty day simple moving average is $151.88 and its 200 day simple moving average is $153.03.

Chevron (NYSE:CVX) last released its 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 net margin of 6.57% and a return on equity of 8.74%. The firm had revenue of $48.17 billion during the quarter, compared to analyst estimates of $46.99 billion. During the same quarter in the previous year, the business earned $2.48 EPS. The business’s revenue was down 1.9% on a year-over-year basis. On average, sell-side analysts anticipate that Chevron Corporation will post 10.79 EPS for the current year.

Chevron Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Wednesday, December 10th. Investors of record on Tuesday, November 18th were paid a dividend of $1.71 per share. The ex-dividend date was Tuesday, November 18th. This represents a $6.84 annualized dividend and a yield of 4.4%. Chevron’s dividend payout ratio is presently 96.20%.

Wall Street Analysts Forecast Growth

Several brokerages recently weighed in on CVX. Mizuho raised their price objective on shares of Chevron from $204.00 to $206.00 and gave the company an “outperform” rating in a research report on Friday, December 12th. Piper Sandler cut their price target on shares of Chevron from $171.00 to $169.00 and set an “overweight” rating on the stock in a report on Monday, November 10th. Wells Fargo & Company lifted their price objective on shares of Chevron from $190.00 to $196.00 and gave the company an “overweight” rating in a research note on Friday, November 14th. HSBC set a $169.00 target price on shares of Chevron and gave the stock a “buy” rating in a research report on Monday, December 1st. Finally, Barclays cut their target price on Chevron from $160.00 to $158.00 and set an “equal weight” rating on the stock in a report on Tuesday, October 7th. One analyst has rated the stock with a Strong Buy rating, eleven have assigned a Buy rating, eight have given a Hold rating and three have issued a Sell rating to the company. According to MarketBeat, the company presently has a consensus rating of “Hold” and an average target price of $166.00.

About Chevron

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.