Welch Group LLC Acquires 7,347 Shares of Chevron Corporation $CVX

Welch Group LLC raised its holdings in Chevron Corporation (NYSE:CVX) by 1.7% during the third quarter, HoldingsChannel reports. The firm owned 427,227 shares of the oil and gas company’s stock after acquiring an additional 7,347 shares during the quarter. Chevron accounts for 2.6% of Welch Group LLC’s holdings, making the stock its 12th largest position. Welch Group LLC’s holdings in Chevron were worth $66,344,000 at the end of the most recent quarter.

A number of other institutional investors also recently modified their holdings of the business. White Pine Investment CO boosted its stake in Chevron by 0.8% in the third quarter. White Pine Investment CO now owns 40,023 shares of the oil and gas company’s stock valued at $6,215,000 after buying an additional 337 shares in the last quarter. True North Advisors LLC raised its stake in Chevron by 42.6% during the third quarter. True North Advisors LLC now owns 13,948 shares of the oil and gas company’s stock worth $2,166,000 after acquiring an additional 4,169 shares in the last quarter. OLD National Bancorp IN lifted its holdings in shares of Chevron by 54.2% in the third quarter. OLD National Bancorp IN now owns 61,167 shares of the oil and gas company’s stock worth $9,499,000 after acquiring an additional 21,509 shares during the last quarter. Yousif Capital Management LLC boosted its stake in shares of Chevron by 6.4% in the 3rd quarter. Yousif Capital Management LLC now owns 301,445 shares of the oil and gas company’s stock valued at $46,811,000 after purchasing an additional 18,154 shares in the last quarter. Finally, Security National Bank of SO Dak increased its position in Chevron by 24.0% during the 3rd quarter. Security National Bank of SO Dak now owns 2,010 shares of the oil and gas company’s stock worth $312,000 after purchasing an additional 389 shares in the last quarter. Institutional investors and hedge funds own 72.42% of the company’s stock.

Insider Buying and Selling

In other Chevron news, Director John B. Hess sold 275,000 shares of the stock in a transaction that occurred 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 completion of the sale, the director owned 1,128,045 shares of the company’s stock, valued at approximately $170,052,783.75. This represents a 19.60% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 0.20% of the stock is owned by insiders.

Chevron Stock Performance

Shares of Chevron stock opened at $150.47 on Wednesday. The stock has a market cap of $302.97 billion, a price-to-earnings ratio of 21.16, a P/E/G ratio of 8.90 and a beta of 0.68. Chevron Corporation has a twelve month low of $132.04 and a twelve month high of $168.96. The company’s fifty day moving average is $152.23 and its 200 day moving average is $152.73. The company has a quick ratio of 0.86, a current ratio of 1.15 and a debt-to-equity ratio of 0.19.

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

Chevron Dividend Announcement

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

Analysts Set New Price Targets

A number of analysts have weighed in on the stock. Piper Sandler cut their target price on shares of Chevron from $171.00 to $169.00 and set an “overweight” rating on the stock in a research report on Monday, November 10th. Hsbc Global Res upgraded Chevron from a “hold” rating to a “strong-buy” rating in a research note on Monday, December 1st. UBS Group reissued a “buy” rating on shares of Chevron in a report on Monday, December 1st. Morgan Stanley upped their target price on Chevron from $177.00 to $180.00 and gave the stock an “overweight” rating in a report on Thursday, November 13th. Finally, Wells Fargo & Company increased their target price on Chevron from $190.00 to $196.00 and gave the company an “overweight” rating in a research report on Friday, November 14th. One analyst has rated the stock with a Strong Buy rating, eleven have issued a Buy rating, seven have issued a Hold rating and four have assigned a Sell rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus target price of $166.00.

Chevron 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.