Naviter Wealth LLC Buys 7,089 Shares of Chevron Co. (NYSE:CVX)

Naviter Wealth LLC lifted its stake in shares of Chevron Co. (NYSE:CVX) by 74.6% in the first quarter, HoldingsChannel reports. The fund owned 16,593 shares of the oil and gas company’s stock after acquiring an additional 7,089 shares during the period. Naviter Wealth LLC’s holdings in Chevron were worth $2,617,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds also recently made changes to their positions in CVX. Nvest Financial LLC lifted its holdings in Chevron by 3.9% in the 1st quarter. Nvest Financial LLC now owns 16,338 shares of the oil and gas company’s stock worth $2,577,000 after purchasing an additional 612 shares in the last quarter. West Oak Capital LLC lifted its holdings in Chevron by 0.8% in the 1st quarter. West Oak Capital LLC now owns 18,083 shares of the oil and gas company’s stock worth $2,852,000 after purchasing an additional 140 shares in the last quarter. Verum Partners LLC lifted its holdings in Chevron by 3.0% in the 1st quarter. Verum Partners LLC now owns 2,236 shares of the oil and gas company’s stock worth $353,000 after purchasing an additional 65 shares in the last quarter. InTrack Investment Management Inc lifted its holdings in Chevron by 2.0% in the 1st quarter. InTrack Investment Management Inc now owns 12,981 shares of the oil and gas company’s stock worth $2,048,000 after purchasing an additional 249 shares in the last quarter. Finally, Dixon Mitchell Investment Counsel Inc. purchased a new position in Chevron in the 1st quarter worth approximately $55,000. 72.42% of the stock is currently owned by institutional investors.

Insider Buying and Selling at Chevron

In other Chevron news, Director Enrique Hernandez, Jr. sold 2,549 shares of the company’s stock in a transaction on Thursday, May 2nd. The stock was sold at an average price of $161.00, for a total value of $410,389.00. Following the transaction, the director now owns 7,647 shares of the company’s stock, valued at approximately $1,231,167. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other news, VP Jeff B. Gustavson sold 3,750 shares of the stock in a transaction on Tuesday, May 21st. The stock was sold at an average price of $160.23, for a total transaction of $600,862.50. Following the transaction, the vice president now owns 477 shares of the company’s stock, valued at approximately $76,429.71. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, Director Enrique Hernandez, Jr. sold 2,549 shares of the stock in a transaction on Thursday, May 2nd. The stock was sold at an average price of $161.00, for a total value of $410,389.00. Following the transaction, the director now directly owns 7,647 shares in the company, valued at approximately $1,231,167. The disclosure for this sale can be found here. Insiders have sold 16,746 shares of company stock valued at $2,727,971 in the last quarter. 0.20% of the stock is owned by insiders.

Chevron Stock Performance

NYSE CVX opened at $156.75 on Wednesday. The company has a market cap of $288.89 billion, a P/E ratio of 14.42, a P/E/G ratio of 2.38 and a beta of 1.10. The company has a debt-to-equity ratio of 0.13, a quick ratio of 0.93 and a current ratio of 1.23. The business’s 50 day moving average price is $159.11 and its 200-day moving average price is $154.82. Chevron Co. has a fifty-two week low of $139.62 and a fifty-two week high of $171.70.

Chevron (NYSE:CVX) last released its earnings results on Friday, April 26th. The oil and gas company reported $2.93 earnings per share for the quarter, beating the consensus estimate of $2.84 by $0.09. The firm had revenue of $48.72 billion for 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 company’s revenue for the quarter was down 4.1% compared to the same quarter last year. During the same quarter in the previous year, the company posted $3.55 EPS. Sell-side analysts predict that Chevron Co. will post 13.15 earnings per share for the current year.

Chevron Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Monday, June 10th. Shareholders of record on Friday, May 17th were given a $1.63 dividend. This represents a $6.52 annualized dividend and a yield of 4.16%. The ex-dividend date was Thursday, May 16th. Chevron’s dividend payout ratio (DPR) is presently 59.98%.

Analyst Upgrades and Downgrades

A number of research firms recently commented on CVX. Wells Fargo & Company boosted their price target on Chevron from $198.00 to $206.00 and gave the stock an “overweight” rating in a report on Tuesday, April 30th. HSBC boosted their price target on Chevron from $175.00 to $178.00 and gave the stock a “buy” rating in a report on Tuesday, April 30th. Mizuho upped their price objective on Chevron from $200.00 to $205.00 and gave the stock a “buy” rating in a report on Monday, May 13th. Truist Financial upped their price objective on Chevron from $156.00 to $166.00 and gave the stock a “hold” rating in a report on Friday, May 10th. Finally, Piper Sandler upped their price objective on Chevron from $180.00 to $204.00 and gave the stock an “overweight” rating in a report on Thursday, April 18th. Five analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $186.95.

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.