GGM Financials LLC Acquires Shares of 1,646 Chevron Corporation $CVX

GGM Financials LLC acquired a new stake in Chevron Corporation (NYSE:CVX) during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund acquired 1,646 shares of the oil and gas company’s stock, valued at approximately $236,000.

A number of other institutional investors also recently bought and sold shares of the business. Pavion Blue Capital LLC increased its stake in Chevron by 9.5% in the second quarter. Pavion Blue Capital LLC now owns 13,608 shares of the oil and gas company’s stock valued at $1,949,000 after purchasing an additional 1,184 shares during the period. Integral Investment Advisors Inc. increased its stake in Chevron by 7.5% in the second quarter. Integral Investment Advisors Inc. now owns 15,690 shares of the oil and gas company’s stock valued at $2,247,000 after purchasing an additional 1,089 shares during the period. Howard Capital Management Inc. increased its stake in shares of Chevron by 2.0% during the second quarter. Howard Capital Management Inc. now owns 20,206 shares of the oil and gas company’s stock worth $2,893,000 after acquiring an additional 395 shares during the period. Purkiss Capital Advisors LLC increased its stake in shares of Chevron by 57.0% during the second quarter. Purkiss Capital Advisors LLC now owns 7,445 shares of the oil and gas company’s stock worth $1,066,000 after acquiring an additional 2,703 shares during the period. Finally, Tevis Investment Management increased its stake in shares of Chevron by 11.6% during the second quarter. Tevis Investment Management now owns 13,139 shares of the oil and gas company’s stock worth $1,881,000 after acquiring an additional 1,364 shares during the period. 72.42% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity

In other Chevron news, Director John B. Hess sold 375,000 shares of the company’s stock in a transaction dated Friday, August 22nd. The shares were sold at an average price of $158.30, for a total value of $59,362,500.00. Following the sale, the director owned 1,403,045 shares of the company’s stock, valued at $222,102,023.50. This represents a 21.09% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, VP Alana K. Knowles sold 3,978 shares of the company’s stock in a transaction dated Friday, August 29th. The shares were sold at an average price of $160.00, for a total transaction of $636,480.00. Following the completion of the sale, 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. 0.20% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

A number of brokerages have recently issued reports on CVX. TD Cowen boosted their price target on shares of Chevron from $150.00 to $155.00 and gave the stock a “hold” rating in a research note on Monday, August 4th. Piper Sandler boosted their price target on shares of Chevron from $164.00 to $168.00 and gave the stock an “overweight” rating in a research note on Monday, August 18th. Raymond James Financial reiterated an “outperform” rating and set a $160.00 price target (down from $170.00) on shares of Chevron in a research note on Friday, October 17th. Jefferies Financial Group reiterated a “buy” rating on shares of Chevron in a research note on Friday, July 18th. Finally, Morgan Stanley assumed coverage on shares of Chevron in a report on Monday, August 4th. They set an “overweight” rating and a $174.00 price objective on the stock. One equities research analyst has rated the stock with a Strong Buy rating, ten have given a Buy rating, nine have given a Hold rating and three have assigned a Sell rating to the company’s stock. According to data from MarketBeat, Chevron currently has an average rating of “Hold” and a consensus price target of $165.25.

Chevron Stock Down 0.1%

CVX stock opened at $155.38 on Tuesday. The company has a market cap of $268.49 billion, a P/E ratio of 20.00, a P/E/G ratio of 4.42 and a beta of 0.84. Chevron Corporation has a 52 week low of $132.04 and a 52 week high of $168.96. The company’s 50-day moving average price is $156.03 and its 200 day moving average price is $148.55. 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 released its quarterly earnings data on Friday, August 1st. The oil and gas company reported $1.77 EPS for the quarter, topping analysts’ consensus estimates of $1.58 by $0.19. The firm had revenue of $44.82 billion for the quarter, compared to the consensus estimate of $44.59 billion. Chevron had a net margin of 7.02% and a return on equity of 9.90%. The firm’s revenue was down 12.4% on a year-over-year basis. During the same quarter in the previous year, the firm earned $2.55 earnings per share. On average, research analysts expect that Chevron Corporation will post 10.79 earnings per share for the current fiscal year.

Chevron Announces Dividend

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

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.