Tower Wealth Partners Inc. Grows Holdings in Chevron Co. (NYSE:CVX)

Tower Wealth Partners Inc. increased its position in shares of Chevron Co. (NYSE:CVX) by 3.5% during the 1st quarter, Holdings Channel reports. The firm owned 3,727 shares of the oil and gas company’s stock after purchasing an additional 126 shares during the quarter. Chevron makes up approximately 0.4% of Tower Wealth Partners Inc.’s holdings, making the stock its 29th largest holding. Tower Wealth Partners Inc.’s holdings in Chevron were worth $588,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Renaissance Investment Group LLC raised its position in Chevron by 12.7% in the fourth quarter. Renaissance Investment Group LLC now owns 6,187 shares of the oil and gas company’s stock worth $923,000 after acquiring an additional 697 shares during the period. Camelot Portfolios LLC bought a new stake in Chevron in the fourth quarter worth about $254,000. Kapstone Financial Advisors LLC raised its position in Chevron by 5.3% in the fourth quarter. Kapstone Financial Advisors LLC now owns 4,216 shares of the oil and gas company’s stock worth $626,000 after acquiring an additional 211 shares during the period. Lane & Associates LLC bought a new stake in Chevron in the first quarter worth about $345,000. Finally, Guyasuta Investment Advisors Inc. raised its position in Chevron by 1.7% in the fourth quarter. Guyasuta Investment Advisors Inc. now owns 216,593 shares of the oil and gas company’s stock worth $32,307,000 after acquiring an additional 3,603 shares during the period. 72.42% of the stock is currently owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other Chevron news, VP Jeff B. Gustavson sold 3,750 shares of the business’s stock in a transaction that occurred on Tuesday, May 21st. The shares were sold at an average price of $160.23, for a total value of $600,862.50. Following the completion of 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 SEC, which is available through this link. In other news, Director Enrique Hernandez, Jr. sold 2,549 shares of the company’s stock in a transaction on Friday, May 10th. The shares were sold at an average price of $165.24, for a total value of $421,196.76. Following the completion of the sale, the director now owns 27,725 shares of the company’s stock, valued at approximately $4,581,279. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, VP Jeff B. Gustavson sold 3,750 shares of the company’s stock in a transaction on Tuesday, May 21st. The shares were sold at an average price of $160.23, for a total transaction of $600,862.50. Following the completion of the sale, the vice president now directly owns 477 shares of the company’s stock, valued at approximately $76,429.71. The disclosure for this sale can be found here. Insiders sold a total of 16,746 shares of company stock valued at $2,727,971 in the last quarter. Corporate insiders own 0.20% of the company’s stock.

Analyst Ratings Changes

Several analysts have commented on CVX shares. Scotiabank raised shares of Chevron from a “sector perform” rating to a “sector outperform” rating and lifted their price objective for the stock from $170.00 to $195.00 in a research report on Thursday, April 11th. Piper Sandler boosted their price target on shares of Chevron from $180.00 to $204.00 and gave the company an “overweight” rating in a research report on Thursday, April 18th. Raymond James boosted their price target on shares of Chevron from $170.00 to $174.00 and gave the company an “outperform” rating in a research report on Monday, April 15th. Mizuho boosted their price target on shares of Chevron from $200.00 to $205.00 and gave the company a “buy” rating in a research report on Monday, May 13th. Finally, The Goldman Sachs Group reissued a “buy” rating on shares of Chevron in a research report on Monday, April 1st. Five analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $186.95.

Chevron Price Performance

CVX stock opened at $156.75 on Thursday. The company has a debt-to-equity ratio of 0.13, a current ratio of 1.23 and a quick ratio of 0.93. Chevron Co. has a one year low of $139.62 and a one year high of $171.70. The stock has a market cap of $288.89 billion, a PE ratio of 14.42, a P/E/G ratio of 2.38 and a beta of 1.10. The firm has a 50 day simple moving average of $158.99 and a two-hundred day simple moving average of $154.88.

Chevron (NYSE:CVX) last released its quarterly earnings results on Friday, April 26th. The oil and gas company reported $2.93 EPS for the quarter, topping analysts’ consensus estimates of $2.84 by $0.09. Chevron had a net margin of 10.21% and a return on equity of 14.40%. The business had revenue of $48.72 billion during the quarter, compared to analysts’ expectations of $48.42 billion. During the same quarter in the previous year, the company earned $3.55 EPS. The business’s quarterly revenue was down 4.1% compared to the same quarter last year. On average, analysts predict that Chevron Co. will post 13.15 EPS for the current fiscal year.

Chevron Announces Dividend

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

Chevron Company 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.