2,575 Chevron Corporation $CVX Shares Purchased by Welch Group LLC

Welch Group LLC increased its position in Chevron Corporation (NYSE:CVX) by 0.6% in the 3rd quarter, according to its most recent filing with the SEC. The fund owned 434,666 shares of the oil and gas company’s stock after purchasing an additional 2,575 shares during the period. Chevron accounts for about 3.0% of Welch Group LLC’s holdings, making the stock its 7th biggest holding. Welch Group LLC’s holdings in Chevron were worth $88,763,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Blue Capital Inc. acquired a new stake in Chevron during the 2nd quarter valued at $786,000. OneAscent Wealth Management LLC purchased a new stake in shares of Chevron during the second quarter valued at approximately $973,000. Global Retirement Partners LLC acquired a new position in Chevron during the 2nd quarter worth $14,276,000. Greg Jennings LLC acquired a new stake in shares of Chevron during the 3rd quarter worth approximately $1,314,000. Finally, Ferguson Wellman Capital Management Inc. boosted its position in shares of Chevron by 0.6% during the third quarter. Ferguson Wellman Capital Management Inc. now owns 911,718 shares of the oil and gas company’s stock worth $186,182,000 after buying an additional 5,787 shares during the period. 72.42% of the stock is owned by hedge funds and other institutional investors.

Chevron Stock Up 0.0%

NYSE:CVX opened at $235.62 on Monday. The stock’s fifty day simple moving average is $213.16 and its 200-day simple moving average is $193.07. The firm has a market capitalization of $465.53 billion, a P/E ratio of 17.24, a P/E/G ratio of 0.56 and a beta of 0.47. The company has a quick ratio of 0.98, a current ratio of 1.25 and a debt-to-equity ratio of 0.19. Chevron Corporation has a 12-month low of $146.49 and a 12-month high of $236.48.

Chevron (NYSE:CVX) last issued its earnings results on Friday, October 30th. The oil and gas company reported $5.28 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $4.87 by $0.41. The firm had revenue of $65.24 billion for the quarter, compared to analysts’ expectations of $61.82 billion. Chevron had a return on equity of 14.64% and a net margin of 11.56%. The company’s revenue was up 36.3% compared to the same quarter last year. During the same quarter last year, the business earned $1.85 earnings per share. Equities research analysts expect that Chevron Corporation will post 18.15 earnings per share for the current year.

Chevron Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Thursday, December 10th. Stockholders of record on Wednesday, November 18th will be issued a $1.78 dividend. The ex-dividend date of this dividend is Wednesday, November 18th. This represents a $7.12 annualized dividend and a dividend yield of 3.0%. Chevron’s payout ratio is 68.26%.

Wall Street Analyst Weigh In

Several equities research analysts have commented on CVX shares. The Goldman Sachs Group reiterated a “buy” rating and issued a $241.00 price target on shares of Chevron in a research report on Tuesday, October 20th. Dbs Bank upgraded Chevron to a “moderate buy” rating in a report on Thursday, August 6th. HSBC set a $90.00 target price on shares of Chevron in a research report on Friday, September 25th. Raymond James Financial lowered their target price on Chevron from $230.00 to $225.00 and set an “outperform” rating on the stock in a report on Tuesday, July 21st. Finally, Piper Sandler lifted their price objective on Chevron from $207.00 to $243.00 and gave the stock an “overweight” rating in a report on Thursday, September 3rd. One equities research analyst has rated the stock with a Strong Buy rating, twenty-two have issued a Buy rating, five have issued a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $215.54.

Insider Activity

In other Chevron news, insider R. Pate sold 40,700 shares of the stock in a transaction dated Tuesday, October 20th. The stock was sold at an average price of $226.65, for a total value of $9,224,655.00. Following the completion of the sale, the insider directly owned 8,791 shares in the company, valued at $1,992,480.15. This represents a 82.24% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Michael K. Wirth sold 317,100 shares of the firm’s stock in a transaction dated Friday, August 14th. The stock was sold at an average price of $200.46, for a total value of $63,565,866.00. Following the sale, the chief executive officer directly owned 26,308 shares in the company, valued at approximately $5,273,701.68. This represents a 92.34% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 385,017 shares of company stock valued at $78,253,704 in the last quarter. Company insiders own 0.56% of the company’s stock.

Chevron Profile

Chevron Corporation (NYSE:CVX) is an integrated energy company engaged in the exploration, development, production, transportation and sale of crude oil and natural gas. Its upstream operations include oil and gas exploration and production, while its downstream business includes refining crude oil, marketing fuels and manufacturing and distributing lubricants, petrochemicals and fuel additives.

The company also invests in lower-carbon businesses and technologies, including renewable fuels, carbon capture and storage, hydrogen and other opportunities intended to reduce emissions from its operations and energy products.