Turtle Creek Wealth Advisors LLC Has $2.41 Million Position in Chevron Corporation $CVX

by · The Cerbat Gem

Turtle Creek Wealth Advisors LLC increased its position in shares of Chevron Corporation (NYSE:CVX – Free Report) by 19.9% in the 2nd quarter, HoldingsChannel.com reports. The firm owned 16,816 shares of the oil and gas company’s stock after purchasing an additional 2,787 shares during the quarter. Turtle Creek Wealth Advisors LLC’s holdings in Chevron were worth $2,408,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in the stock. WealthPlan Investment Management LLC raised its holdings in Chevron by 18.8% in the 2nd quarter. WealthPlan Investment Management LLC now owns 96,934 shares of the oil and gas company’s stock valued at $13,880,000 after acquiring an additional 15,324 shares in the last quarter. Alta Capital Management LLC raised its holdings in Chevron by 8.3% in the 2nd quarter. Alta Capital Management LLC now owns 43,316 shares of the oil and gas company’s stock valued at $6,202,000 after acquiring an additional 3,303 shares in the last quarter. Pettinga Financial Advisors LLC raised its holdings in Chevron by 3.3% in the 2nd quarter. Pettinga Financial Advisors LLC now owns 3,126 shares of the oil and gas company’s stock valued at $448,000 after acquiring an additional 101 shares in the last quarter. Bridges Investment Management Inc. raised its holdings in Chevron by 0.3% in the 2nd quarter. Bridges Investment Management Inc. now owns 148,448 shares of the oil and gas company’s stock valued at $21,256,000 after acquiring an additional 441 shares in the last quarter. Finally, Davidson Investment Advisors raised its holdings in Chevron by 0.3% in the 2nd quarter. Davidson Investment Advisors now owns 215,495 shares of the oil and gas company’s stock valued at $30,857,000 after acquiring an additional 644 shares in the last quarter. 72.42% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several equities analysts have weighed in on the company. Scotiabank lifted their price objective on Chevron from $160.00 to $165.00 and gave the company a “sector perform” rating in a report on Thursday, October 9th. Mizuho dropped their price objective on Chevron from $192.00 to $191.00 and set an “outperform” rating for the company in a report on Monday, September 15th. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Chevron in a report on Wednesday, October 8th. Piper Sandler boosted their price target on Chevron from $164.00 to $168.00 and gave the stock an “overweight” rating in a report on Monday, August 18th. Finally, Wells Fargo & Company reissued an “overweight” rating and set a $178.00 price target on shares of Chevron in a report on Friday, August 1st. Eleven research analysts have rated the stock with a Buy rating, nine have given a Hold rating and three have given a Sell rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Hold” and an average target price of $165.40.

Check Out Our Latest Stock Report on CVX

Insiders Place Their Bets

In related news, Director John B. Hess sold 375,000 shares of the business’s stock in a transaction on Friday, August 22nd. The stock was sold at an average price of $158.30, for a total transaction of $59,362,500.00. Following the sale, the director owned 1,403,045 shares in the company, valued at $222,102,023.50. The trade was a 21.09% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, VP Alana K. Knowles sold 3,978 shares of the business’s stock in a transaction on Friday, August 29th. The stock was sold at an average price of $160.00, for a total value of $636,480.00. Following the sale, the vice president owned 1,181 shares in the company, valued at $188,960. This represents a 77.11% decrease in their position. The disclosure for this sale can be found here. Insiders own 0.21% of the company’s stock.

Chevron Price Performance

Chevron stock opened at $151.99 on Thursday. The company has a debt-to-equity ratio of 0.16, a quick ratio of 0.74 and a current ratio of 1.00. Chevron Corporation has a 52 week low of $132.04 and a 52 week high of $168.96. The stock has a market capitalization of $262.63 billion, a P/E ratio of 19.56, a price-to-earnings-growth ratio of 1.99 and a beta of 0.84. The stock has a fifty day moving average of $156.10 and a 200-day moving average of $148.36.

Chevron (NYSE:CVX – Get Free Report) last posted its quarterly earnings results on Friday, August 1st. The oil and gas company reported $1.77 EPS for the quarter, topping analysts’ consensus estimates of $1.58 by $0.19. The company had revenue of $44.82 billion during the quarter, compared to analysts’ expectations of $44.59 billion. Chevron had a return on equity of 9.90% and a net margin of 7.02%.Chevron’s revenue was down 12.4% on a year-over-year basis. During the same quarter in the previous year, the firm earned $2.55 EPS. On average, sell-side analysts expect that Chevron Corporation will post 10.79 earnings per share for the current fiscal year.

Chevron Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, September 10th. Investors of record on Tuesday, August 19th were given a dividend of $1.71 per share. The ex-dividend date was Tuesday, August 19th. This represents a $6.84 dividend on an annualized basis and a yield of 4.5%. Chevron’s payout ratio is currently 88.03%.

About Chevron

(Free Report)

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

Further Reading

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