SteelPeak Wealth LLC Sells 3,131 Shares of Chevron Co. (NYSE:CVX)

SteelPeak Wealth LLC trimmed its position in Chevron Co. (NYSE:CVX) by 4.5% during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 66,386 shares of the oil and gas company’s stock after selling 3,131 shares during the period. SteelPeak Wealth LLC’s holdings in Chevron were worth $10,472,000 at the end of the most recent quarter.

Other institutional investors also recently modified their holdings of the company. Bare Financial Services Inc bought a new stake in Chevron during the fourth quarter worth about $27,000. Frank Rimerman Advisors LLC bought a new stake in Chevron during the fourth quarter worth about $30,000. Valued Wealth Advisors LLC bought a new stake in Chevron during the fourth quarter worth about $33,000. Cooksen Wealth LLC bought a new stake in Chevron during the fourth quarter worth about $40,000. Finally, Clear Investment Research LLC raised its holdings in Chevron by 264.9% during the fourth quarter. Clear Investment Research LLC now owns 281 shares of the oil and gas company’s stock worth $42,000 after acquiring an additional 204 shares in the last quarter. 72.42% of the stock is currently owned by institutional investors.

Insider Activity

In other news, Director Enrique Hernandez, Jr. sold 5,098 shares of the business’s stock in a transaction that occurred on Monday, May 6th. The stock was sold at an average price of $163.50, for a total transaction of $833,523.00. Following the completion of the sale, the director now owns 2,549 shares in the company, valued at $416,761.50. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. In other Chevron news, Director Enrique Hernandez, Jr. sold 5,098 shares of the business’s stock in a transaction on Monday, May 6th. The stock was sold at an average price of $163.50, for a total value of $833,523.00. Following the transaction, the director now owns 2,549 shares of the company’s stock, valued at $416,761.50. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, VP Alana K. Knowles sold 2,800 shares of the business’s stock in a transaction on Tuesday, April 2nd. The stock was sold at an average price of $160.09, for a total value of $448,252.00. Following the completion of the transaction, the vice president now directly owns 276 shares in the company, valued at approximately $44,184.84. The disclosure for this sale can be found here. Insiders sold a total of 19,546 shares of company stock worth $3,176,223 over the last quarter. 0.20% of the stock is currently owned by corporate insiders.

Chevron Stock Performance

Shares of CVX stock opened at $156.42 on Monday. The firm has a market capitalization of $288.28 billion, a price-to-earnings ratio of 14.39, a PEG ratio of 2.38 and a beta of 1.10. The business’s 50-day moving average price is $159.22 and its 200-day moving average price is $154.78. The company has a current ratio of 1.23, a quick ratio of 0.93 and a debt-to-equity ratio of 0.13. Chevron Co. has a 12 month low of $139.62 and a 12 month high of $171.70.

Chevron (NYSE:CVX) last issued its earnings results on Friday, April 26th. The oil and gas company reported $2.93 earnings per share for the quarter, topping analysts’ consensus estimates of $2.84 by $0.09. The business had revenue of $48.72 billion during the quarter, compared to the consensus estimate of $48.42 billion. Chevron had a return on equity of 14.40% and a net margin of 10.21%. The firm’s revenue for the quarter was down 4.1% on a year-over-year basis. During the same period in the previous year, the company posted $3.55 earnings per share. Equities research analysts forecast that Chevron Co. will post 13.15 EPS for the current year.

Chevron Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Monday, June 10th. Stockholders of record on Friday, May 17th were issued a dividend of $1.63 per share. The ex-dividend date was Thursday, May 16th. This represents a $6.52 annualized dividend and a dividend yield of 4.17%. Chevron’s dividend payout ratio is 59.98%.

Analysts Set New Price Targets

A number of brokerages have weighed in on CVX. Truist Financial boosted their price target on Chevron from $156.00 to $166.00 and gave the stock a “hold” rating in a research report on Friday, May 10th. Scotiabank raised Chevron from a “sector perform” rating to a “sector outperform” rating and boosted their price target for the stock from $170.00 to $195.00 in a research report on Thursday, April 11th. UBS Group boosted their price target on Chevron from $185.00 to $197.00 and gave the stock a “buy” rating in a research report on Tuesday, April 9th. Piper Sandler upped their target price on Chevron from $180.00 to $204.00 and gave the company an “overweight” rating in a research report on Thursday, April 18th. Finally, Mizuho upped their target price on Chevron from $200.00 to $205.00 and gave the company a “buy” rating in a research report on Monday, May 13th. Five equities research analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $186.95.

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.