Modern Wealth Management LLC Acquires 4,071 Shares of Chevron Corporation $CVX

Modern Wealth Management LLC grew its holdings in shares of Chevron Corporation (NYSE:CVX) by 3.6% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 116,659 shares of the oil and gas company’s stock after acquiring an additional 4,071 shares during the period. Modern Wealth Management LLC’s holdings in Chevron were worth $16,704,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors also recently bought and sold shares of the stock. Lazard Asset Management LLC raised its stake in shares of Chevron by 35.1% in the second quarter. Lazard Asset Management LLC now owns 247,268 shares of the oil and gas company’s stock worth $35,405,000 after buying an additional 64,177 shares during the period. London Co. of Virginia increased its holdings in Chevron by 27.6% in the 2nd quarter. London Co. of Virginia now owns 2,106,634 shares of the oil and gas company’s stock worth $301,653,000 after acquiring an additional 455,826 shares in the last quarter. Gallagher Fiduciary Advisors LLC raised its stake in Chevron by 3.7% during the 2nd quarter. Gallagher Fiduciary Advisors LLC now owns 10,632 shares of the oil and gas company’s stock worth $1,522,000 after acquiring an additional 379 shares during the period. EP Wealth Advisors LLC lifted its holdings in Chevron by 2.4% during the second quarter. EP Wealth Advisors LLC now owns 150,527 shares of the oil and gas company’s stock valued at $21,554,000 after purchasing an additional 3,492 shares in the last quarter. Finally, Engineers Gate Manager LP boosted its position in shares of Chevron by 2,735.2% in the second quarter. Engineers Gate Manager LP now owns 142,524 shares of the oil and gas company’s stock worth $20,408,000 after purchasing an additional 137,497 shares during the period. 72.42% of the stock is owned by institutional investors.

Insider Activity

In related news, Director John B. Hess sold 275,000 shares of the stock in a transaction dated Thursday, November 20th. The shares were sold at an average price of $150.75, for a total value of $41,456,250.00. Following the completion of the transaction, the director owned 1,128,045 shares of the company’s stock, valued at approximately $170,052,783.75. This trade represents a 19.60% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Corporate insiders own 0.21% of the company’s stock.

Chevron Stock Performance

NYSE:CVX opened at $149.95 on Friday. The company has a market cap of $301.93 billion, a price-to-earnings ratio of 21.09, a PEG ratio of 8.95 and a beta of 0.68. Chevron Corporation has a 1 year low of $132.04 and a 1 year high of $168.96. The stock’s 50 day simple moving average is $152.74 and its two-hundred day simple moving average is $151.98. The company has a debt-to-equity ratio of 0.19, a current ratio of 1.15 and a quick ratio of 0.86.

Chevron (NYSE:CVX) last posted its earnings results on Friday, October 31st. The oil and gas company reported $1.85 earnings per share for the quarter, beating analysts’ consensus estimates of $1.71 by $0.14. Chevron had a net margin of 6.57% and a return on equity of 8.74%. The firm had revenue of $48.17 billion during the quarter, compared to analyst estimates of $46.99 billion. During the same period last year, the firm posted $2.48 earnings per share. Chevron’s revenue for the quarter was down 1.9% compared to the same quarter last year. As a group, equities analysts anticipate that Chevron Corporation will post 10.79 earnings per share for the current fiscal year.

Chevron Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Wednesday, December 10th. Stockholders of record on Tuesday, November 18th were issued a $1.71 dividend. The ex-dividend date was Tuesday, November 18th. This represents a $6.84 dividend on an annualized basis and a dividend yield of 4.6%. Chevron’s payout ratio is 96.20%.

Analysts Set New Price Targets

Several brokerages have recently commented on CVX. Melius initiated coverage on shares of Chevron in a research report on Wednesday, August 20th. They set a “hold” rating and a $155.00 price objective on the stock. Scotiabank raised their price target on Chevron from $160.00 to $165.00 and gave the company a “sector perform” rating in a report on Thursday, October 9th. Zacks Research downgraded Chevron from a “hold” rating to a “strong sell” rating in a research report on Monday, November 24th. Barclays cut their target price on Chevron from $160.00 to $158.00 and set an “equal weight” rating for the company in a research report on Tuesday, October 7th. Finally, Bank of America decreased their target price on Chevron from $183.00 to $180.00 and set a “buy” rating on the stock in a research note on Thursday. One investment analyst has rated the stock with a Strong Buy rating, eleven have issued a Buy rating, seven have given a Hold rating and four have issued a Sell rating to the stock. According to MarketBeat.com, Chevron currently has a consensus rating of “Hold” and an average price target of $166.00.

Chevron 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.