Chevron Corporation $CVX Shares Purchased by Gibbs Wealth Management

Gibbs Wealth Management grew its position in Chevron Corporation (NYSE:CVX) by 112.9% in the 1st quarter, Holdings Channel.com reports. The firm owned 17,068 shares of the oil and gas company’s stock after buying an additional 9,052 shares during the period. Gibbs Wealth Management’s holdings in Chevron were worth $3,531,000 as of its most recent filing with the Securities and Exchange Commission.

Several other large investors also recently made changes to their positions in the company. Midwest Capital Advisors LLC bought a new position in Chevron during the 1st quarter valued at $25,000. Core Wealth Advisors LLC acquired a new stake in shares of Chevron in the fourth quarter valued at $26,000. Phillip James Consulting Co. acquired a new stake in shares of Chevron in the fourth quarter valued at $26,000. Quattro Advisors LLC bought a new position in Chevron during the fourth quarter valued at about $27,000. Finally, Karpus Management Inc. bought a new position in Chevron during the fourth quarter valued at about $27,000. Institutional investors and hedge funds own 72.42% of the company’s stock.

Insider Activity

In other news, Director John B. Hess sold 380,000 shares of the stock in a transaction that occurred on Wednesday, May 20th. The shares were sold at an average price of $193.20, for a total value of $73,416,000.00. Following the completion of the sale, the director directly owned 278,045 shares of the company’s stock, valued at $53,718,294. This represents a 57.75% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 0.56% of the stock is owned by company insiders.

Chevron Stock Performance

Shares of Chevron stock opened at $194.39 on Friday. 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 0.84, a current ratio of 1.09 and a debt-to-equity ratio of 0.21. The stock has a market cap of $387.15 billion, a PE ratio of 33.69, a price-to-earnings-growth ratio of 0.68 and a beta of 0.50. The business has a fifty day simple moving average of $182.04 and a 200-day simple moving average of $183.75.

Chevron (NYSE:CVX) last posted its quarterly earnings results on Friday, May 1st. The oil and gas company reported $1.41 earnings per share for the quarter, beating the consensus estimate of $1.00 by $0.41. The firm had revenue of $47.56 billion for the quarter, compared to analyst estimates of $51.86 billion. Chevron had a return on equity of 6.90% and a net margin of 5.79%.Chevron’s quarterly revenue was up 2.1% on a year-over-year basis. During the same period in the previous year, the firm earned $2.18 earnings per share. On average, sell-side analysts anticipate that Chevron Corporation will post 14.75 EPS for the current fiscal year.

Chevron Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Wednesday, June 10th. Stockholders of record on Tuesday, May 19th were issued a $1.78 dividend. The ex-dividend date was Tuesday, May 19th. This represents a $7.12 dividend on an annualized basis and a dividend yield of 3.7%. Chevron’s dividend payout ratio is currently 123.40%.

Wall Street Analysts Forecast Growth

A number of equities research analysts have weighed in on the stock. Barclays upped their price target on shares of Chevron from $192.00 to $213.00 and gave the company an “equal weight” rating in a report on Tuesday, May 26th. Piper Sandler started coverage on shares of Chevron in a report on Thursday. They issued an “overweight” rating and a $207.00 target price on the stock. Scotiabank increased their target price on shares of Chevron from $168.00 to $187.00 and gave the company a “sector perform” rating in a research note on Wednesday, April 22nd. The Goldman Sachs Group restated a “buy” rating and set a $216.00 target price on shares of Chevron in a report on Wednesday, May 6th. Finally, Wells Fargo & Company lifted their price target on shares of Chevron from $204.00 to $222.00 and gave the stock an “overweight” rating in a research report on Thursday, April 9th. Nineteen research analysts have rated the stock with a Buy rating, six have issued a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $205.17.

More Chevron News

Here are the key news stories impacting Chevron this week:

• Positive Sentiment: Piper Sandler initiated coverage on Chevron as the only global oil major with an outperform rating, a constructive signal versus peers. Chevron only outperform-rated name among global oil majors initiated at Piper Sandler
• Positive Sentiment: Oil prices surged above $100 a barrel intraday amid geopolitical tensions, which should improve Chevron’s realized prices and near-term earnings prospects. BATL, CVX, XOM Stocks Rise As Brent Crude Tops $100 – Trump Threatens Iran With ‘Major Military Punishment’ After Houthi Attack On Saudi Ships
• Positive Sentiment: Chevron was highlighted as an outperformer among dividend and integrated energy names, reinforcing its appeal as a defensive income stock in a stronger oil market. Chevron Leads 3 Dividend Aristocrats Paying Up to 4% and Beating the S&P 500
• Neutral Sentiment: Chevron shut production at a U.S. Gulf platform ahead of a tropical storm, a precautionary move that may temporarily limit output but is not necessarily a long-term issue. Chevron shuts production at U.S. Gulf platform ahead of tropical storm
• Neutral Sentiment: TD Cowen raised Chevron’s price target to $200 from $197 while keeping a hold rating, suggesting modest upside but not a major change in sentiment. Chevron price target raised by TD Cowen
• Negative Sentiment: One warning sign is that some strategists see a possible China demand slowdown and falling crude imports as a threat to the recent oil-driven rally later this year. Chevron’s Biggest Stock Rally Since 2022 Faces a China-Sized Problem

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.