WealthPLAN Partners LLC Decreases Position in Chevron Corporation $CVX

by · The Markets Daily

WealthPLAN Partners LLC lessened its holdings in Chevron Corporation (NYSE:CVX – Free Report) by 23.0% during the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 28,286 shares of the oil and gas company’s stock after selling 8,440 shares during the quarter. WealthPLAN Partners LLC’s holdings in Chevron were worth $4,050,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other large investors have also added to or reduced their stakes in the company. Turtle Creek Wealth Advisors LLC grew its holdings in Chevron by 19.9% in the 2nd quarter. Turtle Creek Wealth Advisors LLC now owns 16,816 shares of the oil and gas company’s stock worth $2,408,000 after acquiring an additional 2,787 shares during the last quarter. WealthPlan Investment Management LLC grew 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 worth $13,880,000 after acquiring an additional 15,324 shares during the last quarter. Alta Capital Management LLC grew 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 worth $6,202,000 after acquiring an additional 3,303 shares during the last quarter. Pettinga Financial Advisors LLC grew 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 worth $448,000 after acquiring an additional 101 shares during the last quarter. Finally, Bridges Investment Management Inc. grew 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 worth $21,256,000 after acquiring an additional 441 shares during the last quarter. Institutional investors own 72.42% of the company’s stock.

Chevron Trading Down 0.3%

Shares of NYSE CVX opened at $151.99 on Thursday. Chevron Corporation has a 1 year low of $132.04 and a 1 year high of $168.96. The stock has a market cap 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 firm has a 50-day moving average of $156.10 and a 200 day moving average of $148.36. The company has a debt-to-equity ratio of 0.16, a current ratio of 1.00 and a quick ratio of 0.74.

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

Chevron Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Wednesday, September 10th. Shareholders of record on Tuesday, August 19th were issued a $1.71 dividend. The ex-dividend date of this dividend was Tuesday, August 19th. This represents a $6.84 annualized dividend and a yield of 4.5%. Chevron’s payout ratio is 88.03%.

Analysts Set New Price Targets

A number of brokerages have issued reports on CVX. Melius Research began coverage on shares of Chevron in a report on Wednesday, August 20th. They issued a “hold” rating and a $155.00 price target on the stock. Bank of America raised their price target on shares of Chevron from $170.00 to $185.00 and gave the stock a “buy” rating in a report on Wednesday, September 10th. Jefferies Financial Group reissued a “buy” rating on shares of Chevron in a report on Friday, July 18th. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Chevron in a research note on Wednesday, October 8th. Finally, Wells Fargo & Company reaffirmed an “overweight” rating and set a $178.00 target price on shares of Chevron in a research note on Friday, August 1st. Eleven equities research analysts have rated the stock with a Buy rating, nine have issued a Hold rating and three have issued a Sell rating to the company. Based on data from MarketBeat, the stock has an average rating of “Hold” and an average target price of $165.40.

Get Our Latest Analysis on Chevron

Insider Activity

In other Chevron news, VP Alana K. Knowles sold 3,978 shares of Chevron stock in a transaction dated Friday, August 29th. The shares were sold at an average price of $160.00, for a total value of $636,480.00. Following the completion of the transaction, the vice president directly owned 1,181 shares of the company’s stock, valued at approximately $188,960. The trade was a 77.11% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director John B. Hess sold 375,000 shares of Chevron stock in a transaction dated 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 completion of the transaction, the director directly owned 1,403,045 shares of the company’s stock, valued at $222,102,023.50. This trade represents a 21.09% decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.21% of the stock is currently owned by insiders.

Chevron Profile

(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.

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