Fruth Investment Management Raises Stock Position in Chevron Corporation $CVX

Fruth Investment Management lifted its stake in shares of Chevron Corporation (NYSE:CVX) by 14.8% in the third quarter, according to its most recent filing with the SEC. The fund owned 51,493 shares of the oil and gas company’s stock after acquiring an additional 6,652 shares during the period. Chevron makes up 2.2% of Fruth Investment Management’s investment portfolio, making the stock its 8th biggest position. Fruth Investment Management’s holdings in Chevron were worth $7,996,000 as of its most recent filing with the SEC.

A number of other institutional investors have also added to or reduced their stakes in CVX. Kingstone Capital Partners Texas LLC lifted its stake in Chevron by 652,139.5% during the second quarter. Kingstone Capital Partners Texas LLC now owns 83,714,936 shares of the oil and gas company’s stock worth $13,214,757,000 after purchasing an additional 83,702,101 shares during the last quarter. Norges Bank bought a new position in shares of Chevron during the 2nd quarter valued at about $2,721,477,000. Laurel Wealth Advisors LLC raised its holdings in shares of Chevron by 14,194.2% during the 2nd quarter. Laurel Wealth Advisors LLC now owns 3,722,217 shares of the oil and gas company’s stock valued at $532,984,000 after buying an additional 3,696,177 shares in the last quarter. Berkshire Hathaway Inc lifted its position in Chevron by 2.9% in the 2nd quarter. Berkshire Hathaway Inc now owns 122,064,792 shares of the oil and gas company’s stock worth $17,478,458,000 after buying an additional 3,454,258 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. lifted its position in Chevron by 4.0% in the 2nd quarter. Charles Schwab Investment Management Inc. now owns 34,772,753 shares of the oil and gas company’s stock worth $4,979,255,000 after buying an additional 1,342,723 shares during the last quarter. Institutional investors own 72.42% of the company’s stock.

Insider Transactions at Chevron

In other Chevron news, Director John B. Hess sold 275,000 shares of the business’s stock in a transaction on Thursday, November 20th. The shares were sold at an average price of $150.75, for a total transaction of $41,456,250.00. Following the transaction, the director directly owned 1,128,045 shares of the company’s stock, valued at approximately $170,052,783.75. The trade was a 19.60% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders own 0.20% of the company’s stock.

Analysts Set New Price Targets

Several research analysts have commented on CVX shares. Zacks Research raised shares of Chevron from a “strong sell” rating to a “hold” rating in a research note on Tuesday, December 23rd. Wall Street Zen upgraded shares of Chevron from a “sell” rating to a “hold” rating in a research report on Saturday, November 8th. UBS Group reissued a “buy” rating on shares of Chevron in a research note on Monday, December 1st. HSBC set a $169.00 price objective on Chevron and gave the company a “buy” rating in a research note on Monday, December 1st. Finally, Piper Sandler lowered their target price on Chevron from $171.00 to $169.00 and set an “overweight” rating for the company in a research note on Monday, November 10th. One equities research analyst has rated the stock with a Strong Buy rating, eleven have given a Buy rating, eight have issued a Hold rating and three have assigned a Sell rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Hold” and an average target price of $166.00.

Chevron Stock Performance

Chevron stock opened at $150.95 on Tuesday. The company has a current ratio of 1.15, a quick ratio of 0.86 and a debt-to-equity ratio of 0.19. The firm has a market cap of $303.93 billion, a P/E ratio of 21.23, a P/E/G ratio of 9.00 and a beta of 0.68. Chevron Corporation has a 1-year low of $132.04 and a 1-year high of $168.96. The firm has a 50-day moving average of $152.04 and a 200-day moving average of $152.92.

Chevron (NYSE:CVX) last released its quarterly earnings results on Friday, October 31st. The oil and gas company reported $1.85 EPS for the quarter, beating analysts’ consensus estimates of $1.71 by $0.14. Chevron had a return on equity of 8.74% and a net margin of 6.57%.The business had revenue of $48.17 billion during the quarter, compared to analyst estimates of $46.99 billion. During the same quarter in the prior year, the company posted $2.48 EPS. Chevron’s quarterly revenue was down 1.9% compared to the same quarter last year. Sell-side analysts expect that Chevron Corporation will post 10.79 EPS for the current year.

Chevron Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Wednesday, December 10th. Investors of record on Tuesday, November 18th were issued a $1.71 dividend. The ex-dividend date was Tuesday, November 18th. This represents a $6.84 annualized dividend and a yield of 4.5%. Chevron’s payout ratio is 96.20%.

Chevron Company Profile

Chevron Corporation (NYSE: CVX) is an American multinational energy company engaged in virtually all aspects of the oil and gas industry. As an integrated energy firm, Chevron’s core activities include upstream oil and natural gas exploration and production, midstream transportation and storage, downstream refining and marketing of fuels and lubricants, and petrochemical manufacturing through joint ventures and subsidiaries. The company markets fuels under brands such as Chevron, Texaco and Caltex and supplies a range of products and services to retail customers, industrial users and commercial fleets worldwide.

Chevron traces its corporate lineage to the early petroleum companies that eventually became Standard Oil of California and has evolved through significant mergers and restructurings, including the acquisitions of Gulf Oil and Texaco.