Texas Capital Bank Wealth Management Services Inc Increases Stake in Chevron Co. (NYSE:CVX)

Texas Capital Bank Wealth Management Services Inc boosted its stake in Chevron Co. (NYSE:CVX) by 87.7% in the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 5,708 shares of the oil and gas company’s stock after buying an additional 2,667 shares during the period. Texas Capital Bank Wealth Management Services Inc’s holdings in Chevron were worth $841,000 at the end of the most recent reporting period.

Several other large investors have also bought and sold shares of the company. Marietta Wealth Management LLC boosted its position in shares of Chevron by 10.9% in the 3rd quarter. Marietta Wealth Management LLC now owns 40,484 shares of the oil and gas company’s stock worth $5,962,000 after purchasing an additional 3,965 shares in the last quarter. Leo Wealth LLC grew its stake in shares of Chevron by 19.6% in the third quarter. Leo Wealth LLC now owns 8,246 shares of the oil and gas company’s stock worth $1,214,000 after acquiring an additional 1,354 shares during the last quarter. Charles Schwab Investment Management Inc. increased its holdings in shares of Chevron by 11.5% during the third quarter. Charles Schwab Investment Management Inc. now owns 31,108,760 shares of the oil and gas company’s stock valued at $4,581,137,000 after acquiring an additional 3,203,899 shares in the last quarter. RPG Investment Advisory LLC increased its holdings in shares of Chevron by 3.4% during the third quarter. RPG Investment Advisory LLC now owns 121,167 shares of the oil and gas company’s stock valued at $17,844,000 after acquiring an additional 3,933 shares in the last quarter. Finally, Garner Asset Management Corp boosted its stake in Chevron by 14.5% in the 2nd quarter. Garner Asset Management Corp now owns 19,997 shares of the oil and gas company’s stock worth $3,128,000 after purchasing an additional 2,530 shares in the last quarter. 72.42% of the stock is owned by institutional investors.

Chevron Price Performance

NYSE CVX opened at $159.36 on Friday. Chevron Co. has a 12-month low of $135.37 and a 12-month high of $167.11. The firm’s fifty day simple moving average is $154.57 and its two-hundred day simple moving average is $152.55. The company has a current ratio of 1.07, a quick ratio of 0.80 and a debt-to-equity ratio of 0.13. The firm has a market capitalization of $286.38 billion, a P/E ratio of 17.51, a P/E/G ratio of 3.57 and a beta of 1.10.

Chevron (NYSE:CVX) last announced its earnings results on Friday, November 1st. The oil and gas company reported $2.51 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.47 by $0.04. Chevron had a return on equity of 13.15% and a net margin of 8.44%. The company had revenue of $50.67 billion for the quarter, compared to analyst estimates of $48.86 billion. During the same period in the prior year, the company posted $3.05 EPS. The firm’s quarterly revenue was down 6.3% compared to the same quarter last year. Analysts forecast that Chevron Co. will post 10.53 EPS for the current fiscal year.

Chevron Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, December 10th. Shareholders of record on Monday, November 18th will be issued a $1.63 dividend. This represents a $6.52 dividend on an annualized basis and a yield of 4.09%. The ex-dividend date is Monday, November 18th. Chevron’s payout ratio is presently 71.65%.

Analyst Ratings Changes

Several brokerages have issued reports on CVX. Wells Fargo & Company decreased their target price on shares of Chevron from $196.00 to $169.00 and set an “overweight” rating for the company in a report on Friday, September 27th. DZ Bank upgraded Chevron from a “hold” rating to a “buy” rating and set a $170.00 target price on the stock in a research note on Tuesday, November 5th. UBS Group boosted their price target on Chevron from $194.00 to $195.00 and gave the stock a “buy” rating in a research note on Tuesday. Barclays increased their price objective on Chevron from $168.00 to $174.00 and gave the company an “overweight” rating in a research report on Monday, November 4th. Finally, Truist Financial upped their target price on shares of Chevron from $150.00 to $155.00 and gave the company a “hold” rating in a research note on Monday, November 4th. Four equities research analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the company. According to MarketBeat, Chevron presently has an average rating of “Moderate Buy” and a consensus target price of $175.63.

Insider Activity at Chevron

In other Chevron news, CEO Michael K. Wirth sold 164,600 shares of the firm’s stock in a transaction on Thursday, November 14th. The stock was sold at an average price of $160.13, for a total transaction of $26,357,398.00. Following the completion of the sale, the chief executive officer now owns 4,280 shares of the company’s stock, valued at $685,356.40. This trade represents a 97.47 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Company insiders own 0.20% of the company’s stock.

Chevron Company 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; 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.