Pacific Heights Asset Management LLC Boosts Stock Position in Chevron Corporation $CVX

Pacific Heights Asset Management LLC boosted its stake in shares of Chevron Corporation (NYSE:CVX) by 5.0% in the third quarter, Holdings Channel reports. The institutional investor owned 210,000 shares of the oil and gas company’s stock after purchasing an additional 10,000 shares during the period. Chevron accounts for approximately 1.4% of Pacific Heights Asset Management LLC’s portfolio, making the stock its 13th biggest position. Pacific Heights Asset Management LLC’s holdings in Chevron were worth $32,611,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds have also added to or reduced their stakes in CVX. Scott & Selber Inc. grew its stake in shares of Chevron by 0.5% in the third quarter. Scott & Selber Inc. now owns 13,397 shares of the oil and gas company’s stock worth $2,080,000 after acquiring an additional 71 shares during the last quarter. Providence First Trust Co boosted its stake in Chevron by 7.7% in the 3rd quarter. Providence First Trust Co now owns 5,041 shares of the oil and gas company’s stock worth $783,000 after purchasing an additional 360 shares in the last quarter. William B. Walkup & Associates Inc. grew its position in Chevron by 1.0% during the 3rd quarter. William B. Walkup & Associates Inc. now owns 6,356 shares of the oil and gas company’s stock valued at $987,000 after purchasing an additional 66 shares during the last quarter. Dynamic Wealth Strategies LLC increased its stake in Chevron by 9.0% during the 3rd quarter. Dynamic Wealth Strategies LLC now owns 1,646 shares of the oil and gas company’s stock valued at $256,000 after purchasing an additional 136 shares in the last quarter. Finally, Element Wealth LLC raised its holdings in Chevron by 38.1% in the third quarter. Element Wealth LLC now owns 10,871 shares of the oil and gas company’s stock worth $1,688,000 after buying an additional 2,997 shares during the last quarter. 72.42% of the stock is owned by institutional investors.

Analysts Set New Price Targets

A number of equities research analysts have recently commented on CVX shares. Weiss Ratings reiterated a “hold (c)” rating on shares of Chevron in a report on Wednesday, October 8th. Citigroup cut their target price on Chevron from $185.00 to $179.00 and set a “buy” rating on the stock in a research note on Monday, January 5th. HSBC set a $169.00 target price on Chevron and gave the stock a “buy” rating in a report on Monday, December 1st. Hsbc Global Res raised Chevron from a “hold” rating to a “strong-buy” rating in a research report on Monday, December 1st. Finally, Raymond James Financial reiterated an “outperform” rating and issued a $160.00 price objective (down from $170.00) on shares of Chevron in a report on Friday, October 17th. One analyst has rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating, nine have issued a Hold rating and four have assigned a Sell rating to the company’s stock. According to MarketBeat.com, Chevron currently has an average rating of “Hold” and a consensus price target of $168.61.

Insider Buying and Selling

In other news, insider Alana K. Knowles sold 7,956 shares of Chevron stock in a transaction dated Monday, January 5th. The stock was sold at an average price of $165.05, for a total transaction of $1,313,137.80. Following the transaction, the insider directly owned 1,207 shares of the company’s stock, valued at $199,215.35. The trade was a 86.83% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director John B. Hess sold 275,000 shares of the business’s stock in a transaction that occurred on 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 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 ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold a total of 635,190 shares of company stock valued at $100,254,408 over the last three months. 0.20% of the stock is currently owned by company insiders.

Chevron Price Performance

NYSE CVX opened at $166.27 on Tuesday. The company has a 50-day moving average price of $153.67 and a 200-day moving average price of $154.39. Chevron Corporation has a 52 week low of $132.04 and a 52 week high of $169.37. The company has a quick ratio of 0.86, a current ratio of 1.15 and a debt-to-equity ratio of 0.19. The firm has a market capitalization of $334.79 billion, a P/E ratio of 23.39, a PEG ratio of 10.29 and a beta of 0.70.

Chevron (NYSE:CVX) last announced its earnings results on Friday, October 31st. The oil and gas company reported $1.85 EPS 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 business had revenue of $48.17 billion during the quarter, compared to analysts’ expectations of $46.99 billion. During the same period in the prior year, the company earned $2.48 earnings per share. The firm’s revenue was down 1.9% on a year-over-year basis. Equities research analysts anticipate that Chevron Corporation will post 10.79 earnings per share for the current year.

Chevron Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Wednesday, December 10th. Investors of record on Tuesday, November 18th were issued a $1.71 dividend. This represents a $6.84 dividend on an annualized basis and a yield of 4.1%. The ex-dividend date of this dividend was Tuesday, November 18th. Chevron’s dividend payout ratio (DPR) is currently 96.20%.

About Chevron

Chevron Corporation (NYSE: CVX) is an American multinational energy company engaged in virtually all aspects of the oil and gas industry. As an integrated energy firm, Chevron’s core activities include upstream oil and natural gas exploration and production, midstream transportation and storage, downstream refining and marketing of fuels and lubricants, and petrochemical manufacturing through joint ventures and subsidiaries. The company markets fuels under brands such as Chevron, Texaco and Caltex and supplies a range of products and services to retail customers, industrial users and commercial fleets worldwide.

Chevron traces its corporate lineage to the early petroleum companies that eventually became Standard Oil of California and has evolved through significant mergers and restructurings, including the acquisitions of Gulf Oil and Texaco.