HBK Sorce Advisory LLC Has $5.84 Million Holdings in Chevron Corporation $CVX

HBK Sorce Advisory LLC lifted its holdings in Chevron Corporation (NYSE:CVX) by 3.1% during the 2nd quarter, according to its most recent disclosure with the SEC. The institutional investor owned 40,796 shares of the oil and gas company’s stock after acquiring an additional 1,212 shares during the period. HBK Sorce Advisory LLC’s holdings in Chevron were worth $5,842,000 as of its most recent filing with the SEC.

Several other institutional investors and hedge funds have also modified their holdings of CVX. Harvest Fund Management Co. Ltd grew its stake in shares of Chevron by 420.7% in the first quarter. Harvest Fund Management Co. Ltd now owns 151 shares of the oil and gas company’s stock valued at $25,000 after acquiring an additional 122 shares in the last quarter. Elequin Capital LP acquired a new position in shares of Chevron in the first quarter valued at about $31,000. Quaker Wealth Management LLC grew 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 valued at $31,000 after acquiring an additional 439 shares in the last quarter. IMG Wealth Management Inc. grew its stake in shares of Chevron by 52.3% in the second quarter. IMG Wealth Management Inc. now owns 265 shares of the oil and gas company’s stock valued at $38,000 after acquiring an additional 91 shares in the last quarter. Finally, Cloud Capital Management LLC acquired a new position in shares of Chevron in the first quarter valued at about $39,000. 72.42% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several equities research analysts recently weighed in on the stock. Piper Sandler upped their price objective on shares of Chevron from $164.00 to $168.00 and gave the stock an “overweight” rating in a research report on Monday, August 18th. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Chevron in a research report on Wednesday, October 8th. Barclays cut their price objective on shares of Chevron from $160.00 to $158.00 and set an “equal weight” rating for the company in a research report on Tuesday, October 7th. Morgan Stanley assumed coverage on shares of Chevron in a research report on Monday, August 4th. They set an “overweight” rating and a $174.00 price objective for the company. Finally, Bank of America upped their price objective on shares of Chevron from $170.00 to $185.00 and gave the stock a “buy” rating in a research report on Wednesday, September 10th. One analyst has rated the stock with a Strong Buy rating, ten have issued a Buy rating, nine have given a Hold rating and three have issued a Sell rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus target price of $165.25.

Insider Transactions at Chevron

In related news, Director John B. Hess sold 375,000 shares of the firm’s stock in a transaction that occurred on Friday, August 22nd. The shares were sold at an average price of $158.30, for a total value of $59,362,500.00. Following the completion of the transaction, the director owned 1,403,045 shares in the company, valued at $222,102,023.50. This trade represents a 21.09% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, VP Alana K. Knowles sold 3,978 shares of the firm’s stock in a transaction that occurred 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 completion of the transaction, the vice president owned 1,181 shares of the company’s stock, valued at approximately $188,960. This trade represents a 77.11% decrease in their position. The SEC filing for this sale provides additional information. 0.21% of the stock is currently owned by corporate insiders.

Chevron Stock Up 0.5%

CVX stock opened at $154.92 on Thursday. The stock has a market capitalization of $267.69 billion, a P/E ratio of 19.94, a price-to-earnings-growth ratio of 4.38 and a beta of 0.84. The company has a current ratio of 1.00, a quick ratio of 0.74 and a debt-to-equity ratio of 0.16. Chevron Corporation has a 12 month low of $132.04 and a 12 month high of $168.96. The firm has a 50-day moving average price of $156.11 and a 200-day moving average price of $148.82.

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

Chevron Dividend Announcement

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