WealthPlan Investment Management LLC Raises Stake in Chevron Corporation $CVX

WealthPlan Investment Management LLC boosted its holdings in shares of Chevron Corporation (NYSE:CVX) by 18.8% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 96,934 shares of the oil and gas company’s stock after acquiring an additional 15,324 shares during the period. Chevron accounts for about 1.0% of WealthPlan Investment Management LLC’s investment portfolio, making the stock its 23rd largest holding. WealthPlan Investment Management LLC’s holdings in Chevron were worth $13,880,000 as of its most recent SEC filing.

A number of other large investors also recently bought and sold shares of the business. Harvest Fund Management Co. Ltd raised its holdings in 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 worth $25,000 after buying an additional 122 shares during the last quarter. Elequin Capital LP purchased a new position in Chevron in the first quarter worth about $31,000. Cloud Capital Management LLC purchased a new position in Chevron in the first quarter worth about $39,000. Investment Management Corp VA ADV raised its holdings in Chevron by 171.3% in the first quarter. Investment Management Corp VA ADV now owns 236 shares of the oil and gas company’s stock worth $39,000 after buying an additional 149 shares during the last quarter. Finally, GFG Capital LLC purchased a new position in Chevron in the second quarter worth about $42,000. 72.42% of the stock is owned by hedge funds and other institutional investors.

Chevron Stock Performance

Shares of CVX stock opened at $151.99 on Thursday. The company has a 50 day moving average price of $156.10 and a 200-day moving average price of $148.36. Chevron Corporation has a 52 week low of $132.04 and a 52 week high of $168.96. The firm has a market capitalization of $262.63 billion, a PE ratio of 19.56, a P/E/G ratio of 1.99 and a beta of 0.84. The company has a quick ratio of 0.74, a current ratio of 1.00 and a debt-to-equity ratio of 0.16.

Chevron (NYSE:CVX) last announced its quarterly 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 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 for the quarter was down 12.4% on a year-over-year basis. During the same period in the previous year, the business posted $2.55 earnings per share. As a group, equities research analysts expect that Chevron Corporation will post 10.79 earnings per share for the current year.

Chevron Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Wednesday, September 10th. Investors of record on Tuesday, August 19th were given a dividend of $1.71 per share. This represents a $6.84 annualized dividend and a yield of 4.5%. The ex-dividend date was Tuesday, August 19th. Chevron’s payout ratio is 88.03%.

Wall Street Analysts Forecast Growth

Several research analysts have issued reports on CVX shares. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Chevron in a report on Wednesday, October 8th. Melius started coverage on shares of Chevron in a report on Wednesday, August 20th. They issued a “hold” rating and a $155.00 target price for the company. Barclays decreased their target price on shares of Chevron from $160.00 to $158.00 and set an “equal weight” rating for the company in a report on Tuesday, October 7th. Wells Fargo & Company reaffirmed an “overweight” rating and issued a $178.00 target price on shares of Chevron in a report on Friday, August 1st. Finally, Evercore ISI reiterated an “outperform” rating and issued a $180.00 price target on shares of Chevron in a research note on Thursday, July 31st. Eleven analysts have rated the stock with a Buy rating, nine have issued a Hold rating and three have given a Sell rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus target price of $165.40.

Insider Activity at Chevron

In related news, VP Alana K. Knowles sold 3,978 shares of the business’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 sale, the vice president directly owned 1,181 shares in the company, valued at approximately $188,960. The trade was a 77.11% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director John B. Hess sold 375,000 shares of the business’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 transaction of $59,362,500.00. Following the sale, the director owned 1,403,045 shares of the company’s stock, valued at $222,102,023.50. This trade represents a 21.09% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 0.21% of the company’s stock.

Chevron Company Profile

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.