Castle Wealth Management LLC Raises Stake in Chevron Corporation $CVX

Castle Wealth Management LLC lifted its position in shares of Chevron Corporation (NYSE:CVX) by 12.4% in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 7,780 shares of the oil and gas company’s stock after buying an additional 860 shares during the quarter. Castle Wealth Management LLC’s holdings in Chevron were worth $1,114,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also modified their holdings of the company. Principle Wealth Partners LLC grew its holdings in shares of Chevron by 36.7% during the second quarter. Principle Wealth Partners LLC now owns 53,001 shares of the oil and gas company’s stock worth $7,589,000 after buying an additional 14,224 shares in the last quarter. Sonata Capital Group Inc. grew its holdings in shares of Chevron by 5.2% during the second quarter. Sonata Capital Group Inc. now owns 2,020 shares of the oil and gas company’s stock worth $289,000 after buying an additional 100 shares in the last quarter. LifeWealth Investments LLC grew its holdings in shares of Chevron by 112.1% during the second quarter. LifeWealth Investments LLC now owns 4,643 shares of the oil and gas company’s stock worth $665,000 after buying an additional 2,454 shares in the last quarter. Granite Harbor Advisors Inc. grew its holdings in shares of Chevron by 21.7% during the second quarter. Granite Harbor Advisors Inc. now owns 3,332 shares of the oil and gas company’s stock worth $477,000 after buying an additional 593 shares in the last quarter. Finally, Freedom Investment Management Inc. grew its holdings in shares of Chevron by 13.1% during the second quarter. Freedom Investment Management Inc. now owns 8,245 shares of the oil and gas company’s stock worth $1,181,000 after buying an additional 957 shares in the last quarter. 72.42% of the stock is currently owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other Chevron news, Director John B. Hess sold 375,000 shares of the business’s stock in a transaction on Friday, August 22nd. The shares were sold at an average price of $158.30, for a total transaction of $59,362,500.00. Following the completion of the sale, the director owned 1,403,045 shares in the company, valued at $222,102,023.50. The trade was a 21.09% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, VP Alana K. Knowles sold 3,978 shares of the business’s stock in a transaction on Friday, August 29th. The shares were sold at an average price of $160.00, for a total transaction of $636,480.00. Following the sale, the vice president owned 1,181 shares of the company’s stock, valued at approximately $188,960. The trade was a 77.11% decrease in their position. The disclosure for this sale can be found here. 0.21% of the stock is currently owned by insiders.

Analyst Upgrades and Downgrades

A number of brokerages have weighed in on CVX. UBS Group lifted their price target on shares of Chevron from $186.00 to $197.00 and gave the company a “buy” rating in a research report on Wednesday, August 20th. TD Cowen lifted their price target on shares of Chevron from $150.00 to $155.00 and gave the company a “hold” rating in a research report on Monday, August 4th. Wells Fargo & Company began coverage on shares of Chevron in a research report on Friday, October 17th. They set an “overweight” rating and a $190.00 price target on the stock. Piper Sandler lifted their price target on shares of Chevron from $164.00 to $168.00 and gave the company an “overweight” rating in a research report on Monday, August 18th. Finally, Jefferies Financial Group reaffirmed a “buy” rating on shares of Chevron in a research report on Friday, July 18th. One analyst has rated the stock with a Strong Buy rating, ten have issued a Buy rating, nine have assigned a Hold rating and three have given a Sell rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Hold” and a consensus target price of $165.25.

Chevron Stock Up 1.1%

Shares of NYSE:CVX opened at $155.45 on Thursday. 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 company has a fifty day simple moving average of $156.03 and a 200 day simple moving average of $148.13. The firm has a market cap of $268.61 billion, a PE ratio of 20.01, a price-to-earnings-growth ratio of 2.05 and a beta of 0.84. Chevron Corporation has a 12-month low of $132.04 and a 12-month high of $168.96.

Chevron (NYSE:CVX) last issued its quarterly earnings results on Friday, August 1st. The oil and gas company reported $1.77 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.58 by $0.19. The business had revenue of $44.82 billion during the quarter, compared to analyst estimates of $44.59 billion. Chevron had a net margin of 7.02% and a return on equity of 9.90%. The business’s revenue was down 12.4% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $2.55 earnings per share. On average, equities research analysts anticipate that Chevron Corporation will post 10.79 EPS for the current fiscal year.

Chevron Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Wednesday, September 10th. Investors of record on Tuesday, August 19th were paid a $1.71 dividend. This represents a $6.84 dividend on an annualized basis and a dividend yield of 4.4%. The ex-dividend date was Tuesday, August 19th. Chevron’s payout ratio is 88.03%.

About Chevron

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.