Sheets Smith Wealth Management Cuts Stake in Chevron Co. (NYSE:CVX)

Sheets Smith Wealth Management reduced its holdings in shares of Chevron Co. (NYSE:CVX) by 97.6% during the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 163 shares of the oil and gas company’s stock after selling 6,565 shares during the period. Sheets Smith Wealth Management’s holdings in Chevron were worth $1,100,000 at the end of the most recent quarter.

Several other large investors have also recently added to or reduced their stakes in the business. Rebalance LLC purchased a new stake in shares of Chevron in the 4th quarter valued at approximately $26,000. NewSquare Capital LLC increased its position in shares of Chevron by 52.3% in the 1st quarter. NewSquare Capital LLC now owns 195 shares of the oil and gas company’s stock valued at $32,000 after purchasing an additional 67 shares during the last quarter. Artemis Wealth Advisors LLC purchased a new stake in shares of Chevron in the 1st quarter valued at approximately $33,000. Worth Asset Management LLC purchased a new stake in shares of Chevron in the 1st quarter valued at approximately $36,000. Finally, HBC Financial Services PLLC purchased a new stake in shares of Chevron in the 1st quarter valued at approximately $37,000. 68.87% of the stock is owned by hedge funds and other institutional investors.

Chevron Stock Up 0.3 %

CVX stock opened at $167.21 on Friday. Chevron Co. has a one year low of $140.46 and a one year high of $189.68. The stock has a market capitalization of $312.22 billion, a PE ratio of 10.60, a price-to-earnings-growth ratio of 0.89 and a beta of 1.18. The company has a debt-to-equity ratio of 0.13, a quick ratio of 1.13 and a current ratio of 1.43. The company has a fifty day moving average of $159.75 and a 200-day moving average of $160.01.

Chevron (NYSE:CVX) last released its earnings results on Friday, July 28th. The oil and gas company reported $3.08 EPS for the quarter, topping the consensus estimate of $2.95 by $0.13. The company had revenue of $48.90 billion during the quarter, compared to analysts’ expectations of $48 billion. Chevron had a net margin of 13.54% and a return on equity of 19.48%. The business’s revenue was down 28.9% on a year-over-year basis. During the same quarter last year, the business earned $5.82 EPS. As a group, analysts expect that Chevron Co. will post 13.19 EPS for the current year.

Chevron Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Monday, September 11th. Stockholders of record on Friday, August 18th will be issued a $1.51 dividend. The ex-dividend date is Thursday, August 17th. This represents a $6.04 dividend on an annualized basis and a dividend yield of 3.61%. Chevron’s dividend payout ratio is presently 38.30%.

Insider Activity

In other news, VP Jeff B. Gustavson sold 3,750 shares of the stock in a transaction dated Thursday, August 3rd. The shares were sold at an average price of $160.88, for a total value of $603,300.00. Following the completion of the transaction, the vice president now owns 1,718 shares in the company, valued at approximately $276,391.84. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other news, VP Jeff B. Gustavson sold 3,750 shares of the stock in a transaction dated Thursday, August 3rd. The shares were sold at an average price of $160.88, for a total value of $603,300.00. Following the completion of the transaction, the vice president now owns 1,718 shares in the company, valued at approximately $276,391.84. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Pierre R. Breber sold 25,000 shares of the firm’s stock in a transaction dated Friday, August 11th. The shares were sold at an average price of $164.00, for a total transaction of $4,100,000.00. Following the transaction, the chief financial officer now owns 6,021 shares of the company’s stock, valued at $987,444. The disclosure for this sale can be found here. Insiders own 0.18% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research firms recently commented on CVX. JPMorgan Chase & Co. raised shares of Chevron from an “underweight” rating to a “neutral” rating and increased their target price for the company from $161.00 to $170.00 in a research report on Wednesday, May 31st. Mizuho raised shares of Chevron from a “neutral” rating to a “buy” rating and increased their target price for the company from $205.00 to $209.00 in a research report on Wednesday, August 16th. The Goldman Sachs Group raised shares of Chevron from a “neutral” rating to a “buy” rating and increased their target price for the company from $166.00 to $187.00 in a research report on Monday, July 31st. Morgan Stanley increased their target price on shares of Chevron from $197.00 to $198.00 and gave the company an “equal weight” rating in a research report on Friday, August 18th. Finally, Piper Sandler dropped their target price on shares of Chevron from $196.00 to $188.00 in a research report on Tuesday, June 13th. Seven investment analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company. Based on data from MarketBeat.com, Chevron presently has an average rating of “Moderate Buy” and a consensus price target of $190.28.

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; liquefaction, transportation, and regasification associated with liquefied natural gas; transportation of crude oil through pipelines; and processing, transportation, storage, and marketing of natural gas, as well as a gas-to-liquids plant.