Bingham Private Wealth LLC Boosts Stock Holdings in Chevron Corporation $CVX

Bingham Private Wealth LLC grew its position in shares of Chevron Corporation (NYSE:CVX) by 6.3% during the 2nd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 6,943 shares of the oil and gas company’s stock after buying an additional 409 shares during the quarter. Chevron accounts for approximately 0.9% of Bingham Private Wealth LLC’s investment portfolio, making the stock its 29th biggest holding. Bingham Private Wealth LLC’s holdings in Chevron were worth $994,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently made changes to their positions in CVX. Harvest Fund Management Co. Ltd lifted its stake in shares of Chevron by 420.7% during the 1st quarter. Harvest Fund Management Co. Ltd now owns 151 shares of the oil and gas company’s stock valued at $25,000 after buying an additional 122 shares in the last quarter. Elequin Capital LP purchased a new stake in shares of Chevron during the 1st quarter valued at $31,000. Cloud Capital Management LLC bought a new stake in Chevron during the first quarter worth about $39,000. Investment Management Corp VA ADV lifted its position in Chevron by 171.3% in the 1st 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, Cooksen Wealth LLC bought a new position in shares of Chevron during the 1st quarter valued at $43,000. 72.42% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of equities research analysts recently commented on the stock. Morgan Stanley started coverage on shares of Chevron in a report on Monday, August 4th. They set an “overweight” rating and a $174.00 price target for the company. Weiss Ratings reissued a “hold (c)” rating on shares of Chevron in a research report on Saturday, September 27th. Scotiabank restated a “sector perform” rating and set a $160.00 price objective (up from $143.00) on shares of Chevron in a research note on Friday, July 11th. Barclays reaffirmed an “equal weight” rating on shares of Chevron in a report on Tuesday, July 15th. Finally, Raymond James Financial restated an “outperform” rating on shares of Chevron in a report on Friday, August 1st. Eleven research analysts have rated the stock with a Buy rating, nine have assigned a Hold rating and three have assigned a Sell rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus price target of $165.05.

Chevron Price Performance

Shares of NYSE CVX opened at $153.99 on Tuesday. The business’s 50 day moving average price is $156.19 and its 200 day moving average price is $148.80. The firm has a market cap of $266.09 billion, a P/E ratio of 19.82, 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 Corporation has a 52 week low of $132.04 and a 52 week high of $168.96.

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

Chevron Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, September 10th. Stockholders of record on Tuesday, August 19th were given a dividend of $1.71 per share. 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 currently 88.03%.

Insider Transactions at Chevron

In other 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 owned 1,181 shares in the company, valued at approximately $188,960. The trade was a 77.11% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director John B. Hess sold 375,000 shares of the company’s stock in a transaction dated 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 sale, the director directly owned 1,403,045 shares of the company’s stock, valued at approximately $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. 0.20% of the stock is owned by company insiders.

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.