1248 Management LLC Purchases 5,700 Shares of Chevron Corporation $CVX

1248 Management LLC increased its position in Chevron Corporation (NYSE:CVX) by 56.5% in the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 15,795 shares of the oil and gas company’s stock after purchasing an additional 5,700 shares during the quarter. Chevron makes up about 0.8% of 1248 Management LLC’s investment portfolio, making the stock its 21st largest holding. 1248 Management LLC’s holdings in Chevron were worth $2,262,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Ethic Inc. increased its holdings in shares of Chevron by 23.3% during the first quarter. Ethic Inc. now owns 27,929 shares of the oil and gas company’s stock valued at $4,706,000 after acquiring an additional 5,283 shares in the last quarter. Tocqueville Asset Management L.P. grew its position in Chevron by 0.5% during the 1st quarter. Tocqueville Asset Management L.P. now owns 228,238 shares of the oil and gas company’s stock valued at $38,182,000 after purchasing an additional 1,076 shares during the last quarter. Forvis Mazars Wealth Advisors LLC increased its stake in Chevron by 5.0% during the 1st quarter. Forvis Mazars Wealth Advisors LLC now owns 49,351 shares of the oil and gas company’s stock valued at $8,256,000 after purchasing an additional 2,349 shares in the last quarter. Weik Capital Management raised its holdings in Chevron by 0.7% in the first quarter. Weik Capital Management now owns 13,905 shares of the oil and gas company’s stock worth $2,326,000 after buying an additional 95 shares during the last quarter. Finally, Alliance Wealth Advisors LLC UT lifted its stake in shares of Chevron by 27.4% in the first quarter. Alliance Wealth Advisors LLC UT now owns 3,518 shares of the oil and gas company’s stock worth $588,000 after buying an additional 757 shares in the last quarter. 72.42% of the stock is owned by hedge funds and other institutional investors.

Chevron Price Performance

Shares of NYSE:CVX opened at $149.95 on Friday. The company has a market capitalization of $301.93 billion, a P/E ratio of 21.09, a P/E/G ratio of 8.91 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 firm’s 50 day simple moving average is $152.74 and its two-hundred day simple moving average is $152.08. 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 announced its quarterly earnings data on Friday, October 31st. The oil and gas company reported $1.85 EPS for the quarter, beating 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 for the quarter, compared to the consensus estimate of $46.99 billion. During the same period last year, the firm earned $2.48 EPS. The company’s revenue was down 1.9% on a year-over-year basis. Research analysts expect that Chevron Corporation will post 10.79 EPS for the current fiscal year.

Chevron Dividend Announcement

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

Insider Buying and Selling at Chevron

In other news, Director John B. Hess sold 275,000 shares of the company’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 of the company’s stock, valued at $170,052,783.75. This represents a 19.60% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. 0.21% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

A number of equities analysts recently weighed in on CVX shares. Piper Sandler decreased their price objective on shares of Chevron from $171.00 to $169.00 and set an “overweight” rating for the company in a report on Monday, November 10th. Weiss Ratings restated a “hold (c)” rating on shares of Chevron in a research note on Wednesday, October 8th. Mizuho lifted their price objective on Chevron from $204.00 to $206.00 and gave the stock an “outperform” rating in a report on Friday. Wells Fargo & Company upped their target price on shares of Chevron from $190.00 to $196.00 and gave the company an “overweight” rating in a research note on Friday, November 14th. Finally, Melius initiated coverage on shares of Chevron in a report on Wednesday, August 20th. They set a “hold” rating and a $155.00 price target on the stock. One equities research analyst has rated the stock with a Strong Buy rating, eleven have given a Buy rating, seven have assigned a Hold rating and four have given a Sell rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average target price 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.