Keating Investment Counselors Inc. Boosts Stake in Chevron Corporation $CVX

Keating Investment Counselors Inc. boosted its holdings in shares of Chevron Corporation (NYSE:CVX) by 47.2% in the 3rd quarter, Holdings Channel reports. The fund owned 10,556 shares of the oil and gas company’s stock after acquiring an additional 3,385 shares during the quarter. Keating Investment Counselors Inc.’s holdings in Chevron were worth $1,639,000 at the end of the most recent reporting period.

A number of other hedge funds also recently bought and sold shares of CVX. Kingstone Capital Partners Texas LLC grew its position in shares of Chevron by 652,139.5% in the second quarter. Kingstone Capital Partners Texas LLC now owns 83,714,936 shares of the oil and gas company’s stock valued at $13,214,757,000 after purchasing an additional 83,702,101 shares in the last quarter. Norges Bank purchased a new position in Chevron during the second quarter worth approximately $2,721,477,000. Laurel Wealth Advisors LLC boosted its stake in Chevron by 14,194.2% during the second quarter. Laurel Wealth Advisors LLC now owns 3,722,217 shares of the oil and gas company’s stock worth $532,984,000 after buying an additional 3,696,177 shares during the last quarter. Berkshire Hathaway Inc boosted its stake in Chevron by 2.9% during the second 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. grew its holdings 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 valued at $4,979,255,000 after buying an additional 1,342,723 shares in the last quarter. Institutional investors and hedge funds own 72.42% of the company’s stock.

Chevron Stock Up 0.8%

Shares of CVX opened at $163.66 on Wednesday. The company’s 50-day moving average price is $152.68 and its 200 day moving average price is $153.82. Chevron Corporation has a 12-month low of $132.04 and a 12-month high of $168.96. 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 $329.53 billion, a P/E ratio of 23.02, a price-to-earnings-growth ratio of 10.20 and a beta of 0.70.

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

Chevron Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Wednesday, December 10th. Investors of record on Tuesday, November 18th were issued a $1.71 dividend. This represents a $6.84 annualized dividend and a yield of 4.2%. The ex-dividend date was Tuesday, November 18th. Chevron’s dividend payout ratio (DPR) is 96.20%.

Wall Street Analysts Forecast Growth

Several research analysts have recently commented on the company. Wall Street Zen lowered Chevron from a “hold” rating to a “sell” rating in a report on Saturday. UBS Group reissued a “buy” rating on shares of Chevron in a report on Monday, December 1st. Citigroup reduced their target price on shares of Chevron from $185.00 to $179.00 and set a “buy” rating on the stock in a research note on Monday, January 5th. Wells Fargo & Company boosted their target price on shares of Chevron from $190.00 to $196.00 and gave the company an “overweight” rating in a report on Friday, November 14th. Finally, Piper Sandler dropped their price target on shares of Chevron from $178.00 to $174.00 and set an “overweight” rating for the company in a research note on Thursday, January 8th. One equities research analyst has rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating, nine have assigned a Hold rating and four have issued a Sell rating to the company. Based on data from MarketBeat, Chevron has an average rating of “Hold” and an average price target of $167.14.

Insider Transactions at Chevron

In other Chevron news, Director John B. Hess sold 275,000 shares of the company’s stock in a transaction on Thursday, November 20th. The stock was 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 in the company, valued at $170,052,783.75. This represents a 19.60% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Alana K. Knowles sold 7,956 shares of the firm’s stock in a transaction on Monday, January 5th. The stock was sold at an average price of $165.05, for a total value of $1,313,137.80. Following the transaction, the insider owned 1,207 shares of the company’s stock, valued at approximately $199,215.35. This represents a 86.83% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold 631,990 shares of company stock worth $99,716,808 in the last ninety days. 0.20% of the stock is owned by company insiders.

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.