Abacus Wealth Partners LLC Invests $331,000 in Chevron Co. (NYSE:CVX)

Abacus Wealth Partners LLC bought a new stake in Chevron Co. (NYSE:CVX) during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor bought 2,065 shares of the oil and gas company’s stock, valued at approximately $331,000.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Rebalance LLC acquired a new stake in Chevron during the fourth quarter valued at $26,000. NewSquare Capital LLC lifted its stake in Chevron by 52.3% in the 1st quarter. NewSquare Capital LLC now owns 195 shares of the oil and gas company’s stock valued at $32,000 after buying an additional 67 shares in the last quarter. Artemis Wealth Advisors LLC purchased a new stake in Chevron during the 1st quarter worth approximately $33,000. HBC Financial Services PLLC purchased a new position in shares of Chevron in the first quarter valued at approximately $37,000. Finally, Worth Asset Management LLC purchased a new position in shares of Chevron in the first quarter valued at approximately $36,000. Hedge funds and other institutional investors own 68.87% of the company’s stock.

Analysts Set New Price Targets

A number of research analysts have weighed in on CVX shares. UBS Group raised their price objective on Chevron from $202.00 to $209.00 and gave the company a “buy” rating in a report on Thursday, August 17th. Morgan Stanley raised their price target on shares of Chevron from $197.00 to $198.00 and gave the stock an “equal weight” rating in a research note on Friday, August 18th. The Goldman Sachs Group raised shares of Chevron from a “neutral” rating to a “buy” rating and upped their price objective for the company from $166.00 to $187.00 in a research note on Monday, July 31st. Mizuho upgraded Chevron from a “neutral” rating to a “buy” rating and boosted their target price for the stock from $205.00 to $209.00 in a report on Wednesday, August 16th. Finally, HSBC upped their price target on Chevron from $180.00 to $184.00 in a research report on Wednesday, August 9th. Seven equities research analysts have rated the stock with a hold rating and twelve have issued a buy rating to the stock. According to MarketBeat.com, Chevron currently has an average rating of “Moderate Buy” and an average target price of $190.28.

Insider Buying and Selling at Chevron

In other news, VP Jeff B. Gustavson sold 3,750 shares of the business’s stock in a transaction that occurred on Thursday, August 3rd. The shares were sold at an average price of $160.88, for a total transaction of $603,300.00. Following the completion of the sale, the vice president now owns 1,718 shares in the company, valued at approximately $276,391.84. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. In related news, CFO Pierre R. Breber sold 25,000 shares of the firm’s stock in a transaction that occurred on Friday, August 11th. The stock was sold at an average price of $164.00, for a total transaction of $4,100,000.00. Following the transaction, the chief financial officer now owns 6,021 shares in the company, valued at approximately $987,444. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, VP Jeff B. Gustavson sold 3,750 shares of Chevron stock in a transaction that occurred on Thursday, August 3rd. The stock was sold at an average price of $160.88, for a total value of $603,300.00. Following the transaction, the vice president now directly owns 1,718 shares in the company, valued at approximately $276,391.84. The disclosure for this sale can be found here. 0.18% of the stock is currently owned by insiders.

Chevron Trading Up 1.9 %

CVX opened at $166.81 on Wednesday. Chevron Co. has a 52 week low of $140.46 and a 52 week high of $189.68. The company has a quick ratio of 1.13, a current ratio of 1.43 and a debt-to-equity ratio of 0.13. The business has a fifty day simple moving average of $160.07 and a 200-day simple moving average of $160.05. The firm has a market cap of $311.48 billion, a P/E ratio of 10.58, a P/E/G ratio of 0.89 and a beta of 1.18.

Chevron (NYSE:CVX) last posted its quarterly earnings results on Friday, July 28th. The oil and gas company reported $3.08 EPS for the quarter, topping the consensus estimate of $2.95 by $0.13. The company had revenue of $48.90 billion during the quarter, compared to analysts’ expectations of $48 billion. Chevron had a net margin of 13.54% and a return on equity of 19.48%. The firm’s revenue was down 28.9% on a year-over-year basis. During the same quarter in the previous year, the business posted $5.82 EPS. On average, equities analysts expect that Chevron Co. will post 13.19 earnings per share for the current year.

Chevron Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Monday, September 11th. Investors of record on Friday, August 18th were issued a $1.51 dividend. This represents a $6.04 dividend on an annualized basis and a yield of 3.62%. The ex-dividend date was Thursday, August 17th. Chevron’s dividend payout ratio (DPR) is 38.30%.

About Chevron

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; liquefaction, transportation, and regasification associated with liquefied natural gas; transportation of crude oil through pipelines; and processing, transportation, storage, and marketing of natural gas, as well as a gas-to-liquids plant.