Woodward Diversified Capital LLC Increases Position in Chevron Corporation $CVX

Woodward Diversified Capital LLC increased its stake in Chevron Corporation (NYSE:CVX) by 36.5% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 42,252 shares of the oil and gas company’s stock after acquiring an additional 11,295 shares during the period. Chevron comprises about 3.1% of Woodward Diversified Capital LLC’s holdings, making the stock its 5th largest holding. Woodward Diversified Capital LLC’s holdings in Chevron were worth $6,050,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds have also bought and sold shares of CVX. Kingstone Capital Partners Texas LLC lifted its position in Chevron by 652,139.5% in the second quarter. Kingstone Capital Partners Texas LLC now owns 83,714,936 shares of the oil and gas company’s stock valued at $13,214,757,000 after purchasing an additional 83,702,101 shares during the last quarter. GQG Partners LLC purchased a new position in shares of Chevron in the first quarter worth $1,466,751,000. Nuveen LLC bought a new stake in Chevron during the 1st quarter valued at $1,362,232,000. Charles Schwab Investment Management Inc. boosted its position in Chevron by 4.9% during the 1st quarter. Charles Schwab Investment Management Inc. now owns 33,430,030 shares of the oil and gas company’s stock valued at $5,592,263,000 after buying an additional 1,574,464 shares during the period. Finally, Canada Pension Plan Investment Board grew its holdings in Chevron by 141.2% in the 1st quarter. Canada Pension Plan Investment Board now owns 1,891,824 shares of the oil and gas company’s stock worth $316,483,000 after acquiring an additional 1,107,628 shares during the last quarter. 72.42% of the stock is currently owned by institutional investors.

Chevron Price Performance

Shares of NYSE:CVX opened at $154.64 on Thursday. The business has a fifty day moving average price of $156.31 and a 200-day moving average price of $149.17. The company has a debt-to-equity ratio of 0.16, a current ratio of 1.00 and a quick ratio of 0.74. The company has a market capitalization of $267.21 billion, a PE ratio of 19.90, a PEG ratio of 1.97 and a beta of 0.84. Chevron Corporation has a 1-year low of $132.04 and a 1-year high of $168.96.

Chevron (NYSE:CVX) last announced 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 company had revenue of $44.82 billion for 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%. Chevron’s revenue was down 12.4% compared to the same quarter last year. During the same quarter in the previous year, the business posted $2.55 EPS. As a group, equities analysts expect that Chevron Corporation will post 10.79 EPS for the current fiscal year.

Chevron Announces Dividend

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

Insider Buying and Selling at Chevron

In other news, VP Alana K. Knowles sold 3,978 shares of the firm’s stock in a transaction dated 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 $188,960. This trade represents a 77.11% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, Director John B. Hess sold 375,000 shares of Chevron stock in a transaction that occurred on Friday, August 22nd. The stock was 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 of the company’s stock, valued at $222,102,023.50. This represents a 21.09% decrease in their ownership of the stock. The disclosure for this sale can be found here. Company insiders own 0.21% of the company’s stock.

Analysts Set New Price Targets

CVX has been the subject of several recent analyst reports. Evercore ISI reaffirmed an “outperform” rating and set a $180.00 price objective on shares of Chevron in a research note on Thursday, July 31st. Piper Sandler upped their price target on Chevron from $164.00 to $168.00 and gave the company an “overweight” rating in a research report on Monday, August 18th. Bank of America increased their price objective on Chevron from $170.00 to $185.00 and gave the stock a “buy” rating in a report on Wednesday, September 10th. Melius initiated coverage on Chevron in a research note on Wednesday, August 20th. They set a “hold” rating and a $155.00 target price on the stock. Finally, Morgan Stanley began coverage on Chevron in a report on Monday, August 4th. They set an “overweight” rating and a $174.00 target price for the company. Eleven equities research analysts have rated the stock with a Buy rating, eight have given a Hold rating and three have given a Sell rating to the company. According to data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus target price of $165.05.

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.