Balanced Wealth Group LLC Cuts Stock Holdings in Chevron Corporation $CVX

Balanced Wealth Group LLC lowered its stake in shares of Chevron Corporation (NYSE:CVX) by 21.6% in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 2,216 shares of the oil and gas company’s stock after selling 610 shares during the quarter. Balanced Wealth Group LLC’s holdings in Chevron were worth $336,000 at the end of the most recent quarter.

Other large investors have also bought and sold shares of the company. Harvest Fund Management Co. Ltd lifted its position in shares of Chevron by 420.7% during the first quarter. Harvest Fund Management Co. Ltd now owns 151 shares of the oil and gas company’s stock valued at $25,000 after purchasing an additional 122 shares in the last quarter. Elequin Capital LP purchased a new stake in Chevron in the 1st quarter valued at about $31,000. Quaker Wealth Management LLC increased its stake in Chevron by 197.7% in the 2nd quarter. Quaker Wealth Management LLC now owns 217 shares of the oil and gas company’s stock valued at $31,000 after buying an additional 439 shares during the last quarter. Vermillion & White Wealth Management Group LLC lifted its position in shares of Chevron by 86.1% during the 2nd quarter. Vermillion & White Wealth Management Group LLC now owns 255 shares of the oil and gas company’s stock worth $37,000 after buying an additional 118 shares in the last quarter. Finally, IMG Wealth Management Inc. lifted its position in shares of Chevron by 52.3% during the 2nd quarter. IMG Wealth Management Inc. now owns 265 shares of the oil and gas company’s stock worth $38,000 after buying an additional 91 shares in the last quarter. 72.42% of the stock is currently owned by institutional investors.

Insider Transactions at Chevron

In other Chevron news, Director John B. Hess sold 275,000 shares of the firm’s stock in a transaction dated Thursday, November 20th. The stock was 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 in the company, valued at $170,052,783.75. This trade represents a 19.60% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Company insiders own 0.21% of the company’s stock.

Wall Street Analyst Weigh In

Several research firms have recently issued reports on CVX. Zacks Research lowered Chevron from a “hold” rating to a “strong sell” rating in a report on Monday, November 24th. Wells Fargo & Company upped their price objective on Chevron from $190.00 to $196.00 and gave the company an “overweight” rating in a research note on Friday, November 14th. Melius initiated coverage on Chevron in a research report on Wednesday, August 20th. They set a “hold” rating and a $155.00 target price for the company. Piper Sandler lowered their target price on Chevron from $171.00 to $169.00 and set an “overweight” rating on the stock in a research note on Monday, November 10th. Finally, Raymond James Financial restated an “outperform” rating and set a $160.00 price target (down previously from $170.00) on shares of Chevron in a research report on Friday, October 17th. Ten equities research analysts have rated the stock with a Buy rating, nine have assigned a Hold rating and four have assigned a Sell rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and an average price target of $165.58.

Chevron Stock Performance

NYSE CVX opened at $151.21 on Friday. The firm has a market cap of $304.46 billion, a P/E ratio of 19.46, a price-to-earnings-growth ratio of 4.40 and a beta of 0.83. The company has a quick ratio of 0.74, a current ratio of 1.00 and a debt-to-equity ratio of 0.16. The company’s 50 day moving average is $153.97 and its 200-day moving average is $151.16. Chevron Corporation has a 12-month low of $132.04 and a 12-month high of $168.96.

Chevron (NYSE:CVX) last released its quarterly earnings data 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 7.02% and a return on equity of 9.90%. The business had revenue of $48.17 billion during the quarter, compared to analyst estimates of $46.99 billion. During the same period in the previous year, the business earned $2.48 EPS. Chevron’s revenue was down 1.9% compared to the same quarter last year. Sell-side analysts predict that Chevron Corporation will post 10.79 earnings per share for the current year.

Chevron Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, December 10th. Investors of record on Tuesday, November 18th will be paid a dividend of $1.71 per share. This represents a $6.84 dividend on an annualized basis and a dividend yield of 4.5%. The ex-dividend date is Tuesday, November 18th. Chevron’s payout ratio is presently 96.20%.

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.