Confluence Investment Management LLC Buys 111,302 Shares of Chevron Corporation $CVX

Confluence Investment Management LLC grew its stake in shares of Chevron Corporation (NYSE:CVX) by 15.2% during the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 845,635 shares of the oil and gas company’s stock after buying an additional 111,302 shares during the period. Chevron makes up 1.7% of Confluence Investment Management LLC’s portfolio, making the stock its 19th biggest position. Confluence Investment Management LLC’s holdings in Chevron were worth $121,087,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the stock. Harbor Investment Advisory LLC boosted its holdings in Chevron by 9.9% during the second quarter. Harbor Investment Advisory LLC now owns 19,402 shares of the oil and gas company’s stock worth $2,778,000 after buying an additional 1,753 shares during the last quarter. Kera Capital Partners Inc. boosted its holdings in Chevron by 37.7% during the second quarter. Kera Capital Partners Inc. now owns 1,680 shares of the oil and gas company’s stock worth $241,000 after buying an additional 460 shares during the last quarter. Private Client Services LLC boosted its holdings in Chevron by 53.5% during the second quarter. Private Client Services LLC now owns 2,966 shares of the oil and gas company’s stock worth $425,000 after buying an additional 1,034 shares during the last quarter. Rowlandmiller & PARTNERS.ADV boosted its holdings in Chevron by 4.1% during the second quarter. Rowlandmiller & PARTNERS.ADV now owns 49,850 shares of the oil and gas company’s stock worth $7,138,000 after buying an additional 1,944 shares during the last quarter. Finally, Real Talk Capital LLC boosted its holdings in Chevron by 3.2% during the first quarter. Real Talk Capital LLC now owns 4,077 shares of the oil and gas company’s stock worth $682,000 after buying an additional 125 shares during the last quarter. Institutional investors own 72.42% of the company’s stock.

Analysts Set New Price Targets

A number of equities analysts have issued reports on the company. Wells Fargo & Company restated an “overweight” rating and set a $178.00 target price on shares of Chevron in a report on Friday, August 1st. Jefferies Financial Group reiterated a “buy” rating on shares of Chevron in a report on Friday, July 18th. TD Cowen lifted their price objective on Chevron from $150.00 to $155.00 and gave the company a “hold” rating in a report on Monday, August 4th. Morgan Stanley started coverage on Chevron in a report on Monday, August 4th. They set an “overweight” rating and a $174.00 price objective on the stock. Finally, Evercore ISI reiterated an “outperform” rating and set a $180.00 price objective on shares of Chevron in a report on Thursday, July 31st. Eleven investment analysts have rated the stock with a Buy rating, eight have issued a Hold rating and three have assigned a Sell rating to the company’s stock. According to data from MarketBeat, Chevron currently has a consensus rating of “Hold” and an average price target of $164.80.

Insider Activity at Chevron

In other Chevron news, Director John B. Hess sold 375,000 shares of the business’s stock in a transaction that occurred on Friday, August 22nd. The stock was sold at an average price of $158.30, for a total transaction of $59,362,500.00. Following the transaction, the director owned 1,403,045 shares of the company’s stock, valued at $222,102,023.50. The trade was a 21.09% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, VP Alana K. Knowles sold 3,978 shares of the business’s stock in a transaction that occurred on Friday, August 29th. The stock was sold at an average price of $160.00, for a total value of $636,480.00. Following the transaction, the vice president directly owned 1,181 shares in the company, valued at $188,960. This trade represents a 77.11% decrease in their position. The disclosure for this sale can be found here. 0.21% of the stock is owned by insiders.

Chevron Stock Performance

Shares of CVX opened at $157.23 on Friday. Chevron Corporation has a 12 month low of $132.04 and a 12 month high of $168.96. The firm has a fifty day simple moving average of $154.67 and a 200 day simple moving average of $148.89. The stock has a market capitalization of $271.69 billion, a price-to-earnings ratio of 20.24, a PEG ratio of 2.00 and a beta of 0.90. The company has a current ratio of 1.00, a quick ratio of 0.74 and a debt-to-equity ratio of 0.16.

Chevron (NYSE:CVX) last announced its earnings results on Friday, August 1st. The oil and gas company reported $1.77 EPS for the quarter, topping the consensus estimate of $1.58 by $0.19. Chevron had a net margin of 7.02% and a return on equity of 9.90%. The business had revenue of $44.82 billion during the quarter, compared to analysts’ expectations of $44.59 billion. During the same quarter in the prior year, the company posted $2.55 earnings per share. The firm’s revenue was down 12.4% on a year-over-year basis. Research analysts forecast that Chevron Corporation will post 10.79 EPS for the current fiscal year.

Chevron Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Wednesday, September 10th. Investors of record on Tuesday, August 19th were issued a dividend of $1.71 per share. The ex-dividend date was Tuesday, August 19th. This represents a $6.84 annualized dividend and a yield of 4.4%. Chevron’s dividend payout ratio is presently 88.03%.

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.