Breakwater Capital Group Grows Stock Position in Chevron Corporation $CVX

Breakwater Capital Group increased its stake in shares of Chevron Corporation (NYSE:CVX) by 91.8% in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 5,740 shares of the oil and gas company’s stock after purchasing an additional 2,747 shares during the quarter. Breakwater Capital Group’s holdings in Chevron were worth $891,000 at the end of the most recent quarter.

A number of other hedge funds also recently bought and sold shares of the stock. Legacy Financial Strategies LLC raised its position in Chevron by 10.4% in the 3rd quarter. Legacy Financial Strategies LLC now owns 1,970 shares of the oil and gas company’s stock valued at $306,000 after purchasing an additional 186 shares in the last quarter. MA Private Wealth grew its holdings in Chevron by 5.1% during the 3rd quarter. MA Private Wealth now owns 3,590 shares of the oil and gas company’s stock worth $557,000 after acquiring an additional 175 shares in the last quarter. Oppenheimer Asset Management Inc. grew its holdings in Chevron by 0.9% during the 3rd quarter. Oppenheimer Asset Management Inc. now owns 701,579 shares of the oil and gas company’s stock worth $108,948,000 after acquiring an additional 5,982 shares in the last quarter. Francis Financial Inc. purchased a new stake in shares of Chevron in the 3rd quarter valued at approximately $194,000. Finally, Gruss & Co. LLC acquired a new stake in shares of Chevron in the 3rd quarter valued at $311,000. Institutional investors and hedge funds own 72.42% of the company’s stock.

Wall Street Analyst Weigh In

CVX has been the subject of several recent analyst reports. Bank of America lowered their target price on shares of Chevron from $183.00 to $180.00 and set a “buy” rating for the company in a research note on Thursday, December 11th. TD Cowen raised their price target on Chevron from $160.00 to $168.00 and gave the company a “hold” rating in a research note on Monday, February 2nd. Jefferies Financial Group upped their price objective on Chevron from $174.00 to $189.00 and gave the stock a “buy” rating in a research report on Wednesday, January 14th. Morgan Stanley dropped their price objective on Chevron from $180.00 to $174.00 and set an “overweight” rating on the stock in a report on Friday, January 23rd. Finally, UBS Group reaffirmed a “buy” rating and issued a $212.00 price target on shares of Chevron in a report on Monday, February 2nd. Twelve analysts have rated the stock with a Buy rating, seven have given a Hold rating and four have given a Sell rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus target price of $175.00.

Chevron Stock Up 1.0%

CVX opened at $182.70 on Tuesday. Chevron Corporation has a one year low of $132.04 and a one year high of $182.82. The company has a debt-to-equity ratio of 0.19, a quick ratio of 0.86 and a current ratio of 1.15. The stock has a market capitalization of $367.87 billion, a P/E ratio of 27.43, a price-to-earnings-growth ratio of 12.11 and a beta of 0.70. The business’s 50-day simple moving average is $159.90 and its 200-day simple moving average is $156.66.

Chevron (NYSE:CVX) last released its quarterly earnings results on Friday, January 30th. The oil and gas company reported $1.52 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.44 by $0.08. The firm had revenue of $45.79 billion for the quarter, compared to the consensus estimate of $48.18 billion. Chevron had a return on equity of 8.23% and a net margin of 6.51%.The firm’s quarterly revenue was down 10.2% compared to the same quarter last year. During the same quarter last year, the business posted $2.06 EPS. Analysts anticipate that Chevron Corporation will post 10.79 EPS for the current year.

Chevron Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, March 10th. Investors of record on Tuesday, February 17th will be given a $1.78 dividend. This is a positive change from Chevron’s previous quarterly dividend of $1.71. The ex-dividend date is Tuesday, February 17th. This represents a $7.12 annualized dividend and a yield of 3.9%. Chevron’s payout ratio is currently 102.70%.

Insider Activity

In other Chevron news, Vice Chairman Mark A. Nelson sold 45,800 shares of the firm’s stock in a transaction on Monday, February 2nd. The shares were sold at an average price of $174.17, for a total transaction of $7,976,986.00. Following the transaction, the insider directly owned 7,161 shares of the company’s stock, valued at approximately $1,247,231.37. This trade represents a 86.48% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CFO Eimear P. Bonner sold 32,100 shares of the stock in a transaction dated Friday, January 30th. The stock was sold at an average price of $175.01, for a total transaction of $5,617,821.00. Following the sale, the chief financial officer owned 4,366 shares of the company’s stock, valued at $764,093.66. This trade represents a 88.03% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold 793,158 shares of company stock worth $127,919,578 over the last 90 days. 0.20% of the stock is owned by corporate insiders.

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.