Clearstead Advisors LLC Increases Holdings in Chevron Corporation $CVX

Clearstead Advisors LLC raised its holdings in Chevron Corporation (NYSE:CVX) by 4.8% during the fourth quarter, Holdings Channel.com reports. The firm owned 170,540 shares of the oil and gas company’s stock after purchasing an additional 7,764 shares during the period. Clearstead Advisors LLC’s holdings in Chevron were worth $25,992,000 at the end of the most recent quarter.

Several other large investors have also modified their holdings of the business. D.B. Root & Company LLC lifted its stake in shares of Chevron by 1.0% in the 4th quarter. D.B. Root & Company LLC now owns 5,552 shares of the oil and gas company’s stock valued at $846,000 after purchasing an additional 57 shares during the last quarter. Cornerstone Planning Group LLC lifted its stake in shares of Chevron by 6.8% in the 4th quarter. Cornerstone Planning Group LLC now owns 930 shares of the oil and gas company’s stock valued at $142,000 after purchasing an additional 59 shares during the last quarter. MMA Asset Management LLC lifted its stake in shares of Chevron by 3.4% in the 4th quarter. MMA Asset Management LLC now owns 1,820 shares of the oil and gas company’s stock valued at $277,000 after purchasing an additional 59 shares during the last quarter. EWA LLC lifted its stake in shares of Chevron by 2.8% in the 4th quarter. EWA LLC now owns 2,182 shares of the oil and gas company’s stock valued at $333,000 after purchasing an additional 59 shares during the last quarter. Finally, Hantz Financial Services Inc. lifted its stake in shares of Chevron by 0.5% in the 4th quarter. Hantz Financial Services Inc. now owns 12,916 shares of the oil and gas company’s stock valued at $1,969,000 after purchasing an additional 59 shares during the last quarter. Institutional investors and hedge funds own 72.42% of the company’s stock.

Key Stories Impacting Chevron

Here are the key news stories impacting Chevron this week:

• Positive Sentiment: WTI crude above $95 per barrel is lifting Permian oil and associated gas economics, which should be a tailwind for Chevron’s upstream earnings and cash flow. More Gas Per Barrel of Oil: A Growth Lever for Permian Operators
• Positive Sentiment: Morgan Stanley raised its price target on Chevron to $214 from $212 and reiterated an overweight rating, signaling continued Wall Street confidence in the stock’s upside. Benzinga / The Fly analyst update
• Positive Sentiment: Chevron’s planned participation in a Bernstein conference next week keeps investor attention on management commentary and strategic updates. Chevron to Participate in Fireside Q&A at Bernstein 42nd Annual Strategic Decisions Conference
• Positive Sentiment: Chevron’s new next-generation Techron gasoline additive may help support brand strength and retail fuel performance over time. Chevron Introduces Next-gen Techron in U.S. Chevron and Texaco Gasolines
• Positive Sentiment: Chevron stands to receive about $2.17 billion from the sale of several Asia Pacific refining and retail assets to Eneos, which supports balance-sheet flexibility and portfolio simplification. Chevron Corporation (CVX) Poised for $2.17B Boost from Asia Pacific Asset Sale

Analysts Set New Price Targets

Several equities research analysts recently issued reports on the company. Sanford C. Bernstein cut their price objective on Chevron from $216.00 to $204.00 and set a “market perform” rating on the stock in a report on Monday, May 11th. BMO Capital Markets reiterated an “outperform” rating and issued a $190.00 price objective on shares of Chevron in a report on Monday, February 2nd. Barclays boosted their price objective on Chevron from $180.00 to $192.00 and gave the company an “equal weight” rating in a report on Monday, May 4th. Piper Sandler boosted their price objective on Chevron from $179.00 to $242.00 and gave the company an “overweight” rating in a report on Thursday, March 12th. Finally, Argus set a $203.00 price objective on Chevron in a report on Tuesday, February 3rd. One equities research analyst has rated the stock with a Strong Buy rating, eighteen have assigned a Buy rating, five have assigned a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $204.22.

Insider Activity at Chevron

In other Chevron news, insider Andrew Benjamin Walz sold 11,600 shares of the company’s stock in a transaction dated Monday, March 2nd. The stock was sold at an average price of $188.58, for a total transaction of $2,187,528.00. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, CEO Michael K. Wirth sold 272,624 shares of the company’s stock in a transaction dated Monday, March 2nd. The stock was sold at an average price of $189.35, for a total value of $51,621,354.40. Following the sale, the chief executive officer owned 31,266 shares in the company, valued at approximately $5,920,217.10. This trade represents a 89.71% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 1,179,699 shares of company stock worth $224,675,517 over the last quarter. 0.56% of the stock is currently owned by insiders.

Chevron Price Performance

Shares of NYSE CVX opened at $191.51 on Monday. The stock’s 50-day moving average is $193.54 and its two-hundred day moving average is $174.75. The company has a debt-to-equity ratio of 0.21, a current ratio of 1.09 and a quick ratio of 0.84. Chevron Corporation has a 1-year low of $134.06 and a 1-year high of $214.71. The company has a market cap of $381.42 billion, a price-to-earnings ratio of 33.19, a price-to-earnings-growth ratio of 0.64 and a beta of 0.51.

Chevron (NYSE:CVX) last issued its quarterly earnings results on Friday, May 1st. The oil and gas company reported $1.41 earnings per share for the quarter, topping the consensus estimate of $1.00 by $0.41. Chevron had a return on equity of 6.90% and a net margin of 5.79%.The company had revenue of $47.56 billion for the quarter, compared to the consensus estimate of $51.86 billion. During the same quarter in the prior year, the business earned $2.18 EPS. Chevron’s revenue was up 2.1% on a year-over-year basis. Analysts forecast that Chevron Corporation will post 15.74 EPS for the current fiscal year.

Chevron Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Wednesday, June 10th. Shareholders of record on Tuesday, May 19th will be issued a dividend of $1.78 per share. The ex-dividend date is Tuesday, May 19th. This represents a $7.12 annualized dividend and a yield of 3.7%. Chevron’s dividend payout ratio is 123.40%.

About Chevron

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.