EP Wealth Advisors LLC Acquires New Position in Chevron Co. (NYSE:CVX)

EP Wealth Advisors LLC purchased a new stake in Chevron Co. (NYSE:CVX) in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor purchased 395,268 shares of the oil and gas company’s stock, valued at approximately $29,372,000.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Cantor Fitzgerald Investment Advisor L.P boosted its holdings in shares of Chevron by 85.1% in the first quarter. Cantor Fitzgerald Investment Advisor L.P now owns 159,115 shares of the oil and gas company’s stock valued at $25,908,000 after buying an additional 73,141 shares during the period. Axiom Financial Strategies LLC grew its stake in shares of Chevron by 25.2% during the 1st quarter. Axiom Financial Strategies LLC now owns 7,335 shares of the oil and gas company’s stock worth $1,155,000 after acquiring an additional 1,476 shares in the last quarter. GQG Partners LLC grew its position in Chevron by 4.7% in the first quarter. GQG Partners LLC now owns 40,538 shares of the oil and gas company’s stock valued at $6,598,000 after purchasing an additional 1,813 shares in the last quarter. Lumature Wealth Partners LLC increased its stake in Chevron by 43.5% in the 1st quarter. Lumature Wealth Partners LLC now owns 5,837 shares of the oil and gas company’s stock valued at $950,000 after buying an additional 1,770 shares during the last quarter. Finally, First Trust Advisors LP lifted its position in Chevron by 13.8% during the 1st quarter. First Trust Advisors LP now owns 2,068,600 shares of the oil and gas company’s stock worth $336,830,000 after buying an additional 250,840 shares in the last quarter. Institutional investors own 68.87% of the company’s stock.

Analyst Upgrades and Downgrades

CVX has been the subject of several analyst reports. Mizuho upgraded Chevron from a “neutral” rating to a “buy” rating and raised their price objective for the company from $205.00 to $209.00 in a report on Wednesday, August 16th. Royal Bank of Canada upgraded Chevron from a “sector perform” rating to an “outperform” rating and raised their price target for the company from $165.00 to $180.00 in a research note on Thursday, June 1st. JPMorgan Chase & Co. upgraded Chevron from an “underweight” rating to a “neutral” rating and upped their price objective for the stock from $161.00 to $170.00 in a research note on Wednesday, May 31st. Citigroup lowered their target price on shares of Chevron from $180.00 to $170.00 in a report on Tuesday, July 11th. Finally, StockNews.com began coverage on shares of Chevron in a research report on Thursday, August 17th. They issued a “hold” rating for the company. Seven analysts have rated the stock with a hold rating and twelve have given a buy rating to the company. Based on data from MarketBeat, Chevron currently has an average rating of “Moderate Buy” and a consensus target price of $190.28.

Chevron Trading Down 0.3 %

CVX opened at $166.23 on Thursday. The company has a quick ratio of 1.13, a current ratio of 1.43 and a debt-to-equity ratio of 0.13. Chevron Co. has a twelve month low of $140.46 and a twelve month high of $189.68. The stock has a market capitalization of $310.39 billion, a price-to-earnings ratio of 10.54, a P/E/G ratio of 0.89 and a beta of 1.18. The company has a 50-day simple moving average of $160.07 and a 200 day simple moving average of $160.05.

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

Chevron Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Monday, September 11th. Stockholders of record on Friday, August 18th were issued a dividend of $1.51 per share. The ex-dividend date was Thursday, August 17th. This represents a $6.04 dividend on an annualized basis and a dividend yield of 3.63%. Chevron’s dividend payout ratio (DPR) is currently 38.30%.

Insider Activity at Chevron

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

Chevron Profile

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.