Edgestream Partners L.P. Boosts Stock Position in Chevron Corporation $CVX

Edgestream Partners L.P. raised its position in shares of Chevron Corporation (NYSE:CVX) by 84.6% in the 2nd quarter, according to the company in its most recent disclosure with the SEC. The fund owned 35,829 shares of the oil and gas company’s stock after buying an additional 16,417 shares during the quarter. Edgestream Partners L.P.’s holdings in Chevron were worth $5,130,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently modified their holdings of CVX. Elequin Capital LP purchased a new position in Chevron in the first quarter worth $31,000. Quaker Wealth Management LLC grew its stake in Chevron by 197.7% during the 2nd quarter. Quaker Wealth Management LLC now owns 217 shares of the oil and gas company’s stock worth $31,000 after buying an additional 439 shares during the last quarter. Vermillion & White Wealth Management Group LLC increased its position in 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 valued at $37,000 after buying an additional 118 shares in the last quarter. IMG Wealth Management Inc. increased its position in Chevron by 52.3% during the 2nd quarter. IMG Wealth Management Inc. now owns 265 shares of the oil and gas company’s stock valued at $38,000 after buying an additional 91 shares in the last quarter. Finally, GFG Capital LLC purchased a new stake in Chevron in the second quarter valued at about $42,000. Hedge funds and other institutional investors own 72.42% of the company’s stock.

Chevron Stock Down 1.5%

CVX stock opened at $150.24 on Wednesday. The company has a market capitalization of $302.52 billion, a P/E ratio of 21.13, a price-to-earnings-growth ratio of 9.02 and a beta of 0.68. Chevron Corporation has a 12 month low of $132.04 and a 12 month high of $168.96. The firm’s fifty day simple moving average is $153.76 and its 200-day simple moving average is $151.42. 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 issued its earnings results on Friday, October 31st. The oil and gas company reported $1.85 earnings per share (EPS) for the quarter, topping the consensus estimate 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 analysts’ expectations of $46.99 billion. During the same quarter last year, the company posted $2.48 earnings per share. The firm’s revenue was down 1.9% compared to the same quarter last year. As a group, equities research analysts forecast 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 will be paid on Wednesday, December 10th. Stockholders of record on Tuesday, November 18th will be paid a $1.71 dividend. The ex-dividend date is Tuesday, November 18th. This represents a $6.84 dividend on an annualized basis and a dividend yield of 4.6%. Chevron’s dividend payout ratio is presently 96.20%.

Insider Buying and Selling

In other Chevron news, Director John B. Hess sold 275,000 shares of the business’s stock in a transaction that occurred on 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 directly owned 1,128,045 shares of the company’s stock, valued at approximately $170,052,783.75. The trade was a 19.60% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. 0.20% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

A number of equities research analysts have recently weighed in on the company. Weiss Ratings restated a “hold (c)” rating on shares of Chevron in a research note on Wednesday, October 8th. Bank of America boosted their target price on shares of Chevron from $170.00 to $185.00 and gave the stock a “buy” rating in a research report on Wednesday, September 10th. Wells Fargo & Company raised their price target on shares of Chevron from $190.00 to $196.00 and gave the stock an “overweight” rating in a report on Friday, November 14th. Mizuho lifted their price objective on shares of Chevron from $191.00 to $204.00 and gave the stock an “outperform” rating in a research note on Thursday, November 13th. Finally, Hsbc Global Res raised Chevron from a “hold” rating to a “strong-buy” rating in a research report on Monday. One research analyst has rated the stock with a Strong Buy rating, eleven have given a Buy rating, seven have issued a Hold rating and four have assigned a Sell rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus price target of $166.16.

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.